China's Bank of Communications Co. Ltd announced Tuesday that its net profit in 2005 increased by 7.645 billion yuan (953 million U.S. dollars), or 476.62 percent over the same period of 2004.

Zhang Jianguo, president of the Bank of Communications, said at a press conference that return on average assets was 0.72 percent while return on average shareholders' equity was 13.68 percent.

In June of 2005, the bank successfully listed on the Mainland Board the Hong Kong Stock Exchange and became the first overseas listed commercial bank in the Chinese mainland.

Zhang said over the past year, the bank strived to increase profit earning assets, and effectively controlled the liability costs.

Jiang Chaoliang, chairman of the bank, said 2006 is the year for the bank to accelerate its strategic transition from a new starting point.

He said the bank is to adhere to the target of building a first- class international public bank.

He said the bank will use economic capital as growth adjustment means to achieve the maximization of value and will strengthen retail business management to improve the quality of retail services.

Jiang said the bank will also accelerate the fee-based business and improve revenue structure and expedite the follow-up reforms in a bid to further integrate the operation and management process.

The bank chairman said the bank will also further strengthen product management and support small cooperate clients more strongly by developing more customized products.

Founded in 1908, Bank of Communications Co. Ltd restricted in 1987 and emerged as the first national joint-stock commercial bank in the Chinese mainland.

The bank has 137 branches and sub-branches at present, in addition to over 2,600 business outlets in the Chinese mainland.

It also has branches in Hong Kong, New York, Tokyo, Singapore and Seoul.

Source: Xinhua