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Bank of Communications Q4 profit dips 2%

(Agencies)
Updated: 2009-03-18 17:09

Bank of Communications (BoCom), China's fifth-largest lender, on Wednesday posted a 2 percent dip in fourth quarter profits after interest rate cuts squeezed its margins in the second half of 2008 and a dismal equity market crimped fee income.

Related readings:  HSBC aims to up stake in China's BoCom  Bank of Communications expects 2 to 3 rate cuts for 2009  Bank of Communications Q3 net profit up 22%

The lender, in which HSBC Holdings holds a 19 percent stake, is expected to face tighter margins and higher credit costs in 2009 as Chinese banks increase provisions against potential loan defaults.

BoCom posted net profit of 5.67 billion yuan ($830 million) in the fourth quarter, compared with net profit of 5.79 billion yuan a year earlier, beating market forecasts for net profit of 4.98 billion yuan.

For the year, the bank posted a 40 percent rise in net income to 28.39 billion yuan.

China's banks have been spared the worst of the global financial downturn thanks to their domestic focus and the country's comparative economic health, but face a challenging 2009 as the country scrambles to keep its economy growing by 8 percent.

Hong Kong-listed shares of BoCom have lost 35 percent over the 52 weeks through Tuesday, underperforming bigger rivals such as Bank of China and China Construction Bank.