Bank of Communications Posts Record Profit Growth in 2021

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Big state-owned lender Bank of Communications (BOCOM) saw a record-breaking rate of profit growth in 2021, as China’s economy recovered from the impacts of the COVID-19 pandemic.

BOCOM saw net profits attributable to shareholders of 87.581 billion yuan in 2021, for year-on-year (YoY) growth of 11.89%, according to the bank’s 2021 annual report released on 25 March.

The bank’s total assets were 11.67 trillion yuan as of the end of 2021, for growth of 9.05% compared to the end of the previous year.

BOCOM’s non-performing loan (NPL) balance was 96.796 billion yuan, for a decline of 902 million yuan compared to the end of the previous year, while the NPL ratio was 1.48%, for a fall of 0.19 percentage points.

As of the end of 2021 BOCOM’s provision coverage ratio was 166.50%, rising by 22.63 percentage points compared to the end of the previous year, and putting it above the “red line” threshold of 150%.