China's Bank of Communications sees profits rise in Q1

A branch of the Bank of Communications Ltd in Qiqihar, Heilongjiang province. [Photo provided to China Daily]

BEIJING - Bank of Communications, China's fifth-largest lender, reported slightly higher net profits in the first quarter this year on the back of its business restructuring.

Its net profits reached 19.323 billion yuan ($2.8 billion) in the first three months, up 1.35 percent year on year, according to its quarterly report filed with the Shanghai Stock Exchange Friday.

The bank's spokesperson attributed the profit rise to the bank's efforts in business restructuring and risk control.

Revenues from service charges and commission fees came in at 11.279 billion yuan, rising 4.71 percent year on year.

As of the end of March, the bank's total assets reached 8.7 trillion yuan, up 3.93 percent from the start of the year, while its outstanding loans edged up 5.87 percent to 4.3 trillion yuan.