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BEIJING - Bank of Communications, China's fifth largest lender by assets, said on Thursday its net profit in the first three quarters hit 29.5 billion yuan ($4.4 billion), up 28.23 percent year-on-year.
The bank's total assets topped 3.8 trillion yuan by the end of September, up 14.92 percent compared to the start of the year, the bank said in its third-quarter business report.
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The report also said the bank was steadily pushing forward its global strategy. The bank on Tuesday said it had gained approval to open a branch in Ho Chi Minh city, Vietnam. The branch was expected to open within 12 months.
The Shanghai-based bank currently has seven branches and three representative offices overseas.
By the end of September, total assets of the bank's overseas branches hit more than $38.2 billion, 30 percent more compared to the start of the year, the report said.