Bank of Communications Q3 net up 22%, growth slows

SHANGHAI: Bank of Communications, in which Europe's biggest bank HSBC owns a 18.6 percent stake, said yesterday its third-quarter net profit rose 21.7 percent on strong loan demand and higher fee income.

The growth, shrinking sharply from the 81 percent recorded in the first half of this year due to the global financial crisis, resulted in a net profit of 7.21 billion yuan for the nation's fifth-largest lender between July and September.

So far about a dozen listed banks have released their third-quarter results, showing diminished growth because of mounting economic uncertainty, a narrowing interest margin and rising loan defaults.