SHANGHAI - China's State-owned Bank of Communications announced Thursday that its net profit rose 4.48 percent in 2017 to 70.2 billion yuan ($11 billion).

The bank said that profits were mainly from the asset trust and management, credit cards and precious metals sectors.

Total assets also rose 7.56 percent to nearly 9.04 trillion yuan in the same period, according to its annual business report.

The bank said its main business indicators had realized steady growth as it worked to serve the real economy, continued reform and innovation and improved risk management.

The bank is listed on both the Shanghai and Hong Kong stock exchanges.