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by Staff Writers
Hong Kong (AFP) March 26, 2014
Bank of China said Wednesday its 2013 net profit rose 12 percent on the back of recovering global markets and stable growth in the Chinese economy.
China's fourth-largest lender by assets recorded net profit of 156.91 billion yuan ($25.27 billion) last year, up 12.4 percent from 139.66 billion yuan in 2012, it said in a filing to the Hong Kong Stock Exchange.
"In 2013, the global economy shambled towards recovery... with stronger momentum on the US economy, the European economy out of recession pulled by various factors, and slower growth of Japan's economy after a robust revival," it said.
China's economy grew 7.7 percent last year, the same as in 2012 -- which was the slowest rate since 1999.
The majority state-owned bank also saw net interest income rise 10.4 percent to 283.59 billion yuan.
Non-interest income from credit cards, wealth management sales, and international trade-related settlement and clearing was up 13.5 percent at 123.92 billion yuan.
"The time is ripe with opportunity for the Bank, but the road ahead is long and tough," said Bank of China president Chen Siqing in the filing.
Chen also said he expects 2014 to bring "greater hope" for the recovery of the world economy.
The bank's domestic commercial banking business recorded an operating income increase of 10.50 percent compared with 2012, at 332.84 billion yuan for the year, led by its corporate banking business which saw an increase of almost six percent compared to 2012.
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