Bank of Communications third-quarter net profit rose, as a 2015 restructuring spurred its business units to earn more fees and commissions, allowing the lender to reduce its reliance on interest rate spreads for income.
Net profit rose 1.4 per cent to 15 billion yuan in the three months ended September, from last years 14.8 billion yuan. Fees and commissions dipped 1.3 per cent to 7.93 billion yuan, while net interest income fell 11.6 per cent to 32.6 billion yuan, according to its filing.
Bank of Communications was the first lender in mainland China to turn around the old headquarter – local branch model, reorganising its businesses and reporting lines into six standalone units. The head of each unit has individual profit an…
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