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Bank of China net profits up 8 pct in 2014

Xinhua, March 25, 2015 Adjust font size:

Bank of China (BOC), one of China's four major state-owned banks, reported a net rise in profits of 8.1 percent year on year to 169.6 billion yuan (27.6 billion U.S. dollars) in 2014.

The growth rate slowed sharply compared to the more than 12 percent in profit gains recorded in 2013. The slowdown for traditional banks has come amid the rising popularity of Internet finance services offered by companies such as Alibaba and Tencent.

The Agricultural Bank of China, another leading state-owned lender, also announced on Tuesday that its net profit growth had slowed to 7.9 percent in 2014, down from 14.5 percent in 2013.

According to the BOC's annual business report, the bank's net interest income totaled 321.1 billion yuan last year, up 13.2 percent year on year, and non-interest income totalled 135.2 billion yuan, up 9.12 percent. Non-interest income accounted for nearly 30 percent of the bank's total business revenues.

Meanwhile, service charges and commissions totalled 91.24 billion yuan, up 11.1 percent, the bank said.

The bank's total assets hit 15.25 trillion yuan at the end of 2014, up 9.93 percent year on year.

In the Shanghai stock market, Bank of China shares fell 3.15 percent and closed at 4.3 yuan per share on Wednesday. Endi