China Construction Bank (CCB), the country's second-largest lender, reported flat growth in net profit last year, as bad loans jumped with economic growth slowing.

The bank's net profit edged up 0.14 percent year-on-year to 228.15 billion yuan ($35 billion) in 2015, slowing from a 6.1 percent annual increase in 2014, according to a statement released late on Wednesday.

CCB, one of the country's "Big Four" state-owned lenders, said it "witnessed a more complex and changing global economic situation" including volatility in global financial markets and commodity prices.

China's economy -- the world's second largest -- grew 6.9 percent in 2015, the slowest pace in a quarter of a century.

The government is seeking to shift its economic drivers away from cheap exports and massive government investment to domestic consumption but has warned of slower growth under what leaders have dubbed the "new normal".

"The growth in net profits of banks has dropped significantly due to fast rises in non-performing loans," Guotai Junan Securities analyst Richard Cao told AFP.

CCB's non-performing loan (NPL) ratio reached 1.58 percent last year, up from 1.19 percent in 2014. The bank's Shanghai-traded shares closed down 1.02 percent on Thursday after the results announcement.

The Agricultural Bank of China (ABC) on Thursday reported the highest NPL ratio among the four major banks, rising to 2.39 percent at end-2015 from 1.54 percent in 2014.

The bank, which has roots lending in rural areas, said net profit rose just 0.62 percent year-on-year to 180.58 billion yuan in 2015, according to a statement.

Its share price closed unchanged ahead of the result.

The other two of the "Big Four", Industrial and Commercial Bank of China (ICBC) and Bank of China (BOC), on Wednesday also reported weak rises in net profit and growing bad loans.

ICBC, China's biggest bank, said that net profit gained 0.48 percent year-on-year to 277.13 billion yuan in 2015.

BOC, the main foreign exchange bank, reported that its net profit rose 0.74 percent to 170.85 billion yuan.

A series of interest rate cuts aimed at supporting economic growth have also hurt banks' earnings, analysts said, and the banking sector will continue to feel the pain with China's economy expected to slow further this year.

"A combination of interest-rate cuts and worsening asset quality will continue to have an impact on profitability in 2016," ratings agency Fitch said in a note last week.

One-pronged strategy: China's Fosun vows to become 'giant unicorn'
Beijing (AFP) March 31, 2016 - One of China's biggest private-sector conglomerates is seeking a magical solution to the horns of a dilemma about its future, pledging to "become a giant 'Unicorn' with enormous power".

Fosun International used the word "unicorn" at least 19 times in its annual report, in which it declared net profits of more than eight billion yuan ($1.2 billion).

"Fosun eventually will become a giant 'Unicorn' with enormous power," chairman Guo Guangchang, dubbed China's Warren Buffett, wrote in his letter to shareholders.

The mythical unicorn -- long a feature of legends and children's cartoons -- has found new life in the business world as a term used to describe tech startups valued at over $1 billion, including companies such as Uber, AirBnb, and Dropbox.

Hong Kong-listed Fosun, which owns Club Med and has a stake in Cirque du Soleil, vowed to pursue a unicorn strategy and "nurture" unicorns.

Guo has sought to reassure investors since he mysteriously vanished for several days in December in connection with an investigation by Chinese authorities, spurring rumours of a corruption crackdown and sending the company's stock tumbling 10 percent.

His loyal support of the ruling Communist Party made his disappearance especially chilling to business leaders in the country.

In the annual report, released late Wednesday, Fosun said creating "a real 'Unicorn'" required "enormous resources" to be "forged step by step with artisan spirit".

But the biology of a non-existent animal was crucial, it said: "First of all, the 'Unicorn' gene is necessary."