BANK OF CHINA 2013 NET PROFIT UP 12%

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HONG KONG: 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.
AFP

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