Bank of China 2008 profit up 14.4 percent

Bank of China Ltd., the third-largest commercial bank by assets, said Tuesday its 2008 profit rose 14.4 percent. However, Chairman Xiao Gang warned that banks' 2009 outlook is uncertain.

"China's economic development still faces significant uncertainties. The impact of the current global financial crisis will continue to worsen and further affect the global real economy," he said. However, he added, "the opportunities faced by the banks still outnumber challenges in 2009.”

Deposits rose 16 percent to 6.9 trillion yuan ($1 trillion), Bank of China said. It trails Industrial & Commercial Bank of China Ltd., the country's biggest lender, and No. 2 China Construction Bank Ltd. in assets.