Bank of Communications, opens new tab, one of ‌China’s major five state-owned banks, reported on Friday a 2.2% ​rise in net profit ​last year.

Net profit reached 95.622 ⁠billion yuan ($13.84 billion), above the ​93.75 billion yuan median of ​18 analyst estimates compiled by LSEG.

Chinese banks have been struggling with ​record-low levels of profit ​margins amid a slowing economy and rising ‌geopolitical ⁠tensions.

Net interest margin – a gauge of profitability – was 1.2% at the end of December, ​flat ​compared with ⁠the end of September.

The bank’s non-performing loan ​ratio was 1.28% at ​end-December ⁠compared with 1.26% three months earlier.