The Zhitong Finance App learned that Bank of America Securities released a research report stating that it maintained the Bank of Communications (03328) “buy” rating, lowered the profit forecast for 2024-25 by 1% to 4%, and raised the target price from HK$5.56 to HK$5.96. The company's performance last year was in line with expectations. The net profit before distribution of AT1 (Emergency Convertible Bonds) rose 0.7% year on year to 92.7 billion yuan, lower than expected. Earnings before provision fell 1.8% year on year, lower than expected. Equity yield fell 0.7 percentage points year on year to 9.7%, dividend rate stabilized at 32.7%, final interest rate of 0.375 yuan per share, good dividend ratio of 7.7%.