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China's Bank of Communications 2024 profit flat, warns of margin pressure

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China's Bank of Communications Co Ltd (BoCom) , reported a 0.9% rise in 2024 net profit, while warning of margin pressure and bad debt.
Bank of Communications Co Ltd (BoCom), one of China's major state-owned banks, reported that its 2024 net profit remained flat, with a slight increase of 0.7% to 87.5 billion yuan ($12.1 billion). This marginal growth was attributed to a decrease in net interest margins (NIM) due to lower lending rates and a high base from the previous year. Despite the flat profit, BoCom's President, Liu Jun, expressed concerns about ongoing pressure on NIM in 2025, influenced by the need to support the economy through lower rates. The bank also noted a 1.3% rise in net interest income to 197.8 billion yuan, but this was offset by a 1.5% drop in non-interest income to 103.6 billion yuan. Additionally, BoCom's non-performing loan ratio slightly improved to 1.33% from 1.34%, indicating a stable but cautious outlook for the bank's asset quality.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/chinas-bank-communications-2024-profit-flat-warns-margin-pressure-2025-03-21/ ]