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The Bank of Communications, the fifth-biggest lender on China's mainland, increased profit 42.7 percent in the first quarter on the strength of loans.

Net income at the bank, 19.9 percent owned by HSBC holdings Plc, increased to 2.9 billion yuan (US$362 million) as of March 31, up from 2.03 billion yuan a year earlier.

Outstanding value of loans climbed 10.72 percent in the quarter to 852.1 billion yuan.

Peng Chun, executive vice president of the lender, said the bank will keep its loan growth at a pace above last year's 18.8 percent this year and boost its loan structure to improve its client pool and reduce reliance on overheated sectors.

"The central bank's lending rate hike on April 28 will cast a positive effect on the market for a long period and will help the lender boost its profit," said Yu Yali, chief financial officer of BoCom.

Peng said the bank is interested in acquiring domestic commercial banks. He declined to disclose any details at this stage.

He also ruled out an immediate plan to issue new shares on the domestic securities market. Peng said BoCom's current capital adequacy ratio can support its development plan in the next two to three years.

Its capital adequacy ratio dipped slightly to 11.02 percent from 11.2 percent in the same period last year.

Its non-performing loan ratio was at 2.14 percent at the end of March, down from a year ago's 2.37 percent.

(Shanghai Daily May 24, 2006)