Bank of China Reports Better Performance in Macao

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Last updated at: (Beijing Time) Tuesday, January 15, 2002

Bank of China Reports Better Performance in Macao

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Overall performance of Bank of China, Macao Branch, has improved slightly in 2001, propelled by the fall of non-performing loans and a series of policies of the special administrative region (SAR) government to stimulate economy.

Bank sources said that at the end of last year, the amount of outstanding deposits stood at 37.3 billion Hong Kong dollars, 1.37 billion more than a year earlier, while that of outstanding credit and loans was 15.98 billion Hong Kong dollars, basically meeting the original target.

The bank has "digested" part of its bad loans, but sustained efforts are needed to solve the problem, General Manager Zhang Hongyi told the press Tuesday.

The bank's capital business and intermediary business developed marginally last year, with the ratio of profits from non-interest business to the total going up 0.23 percent, according to the official.

The continuously sagging global economy will pose a challenge for the bank, so it should further upgrade management, by fully tapping the opportunities brought by overseas investment and opening up of the gambling sector and other markets, Zhang said.

The Macao branch of Bank of China, a leading banking enterprise in the SAR, will take active measures to support the development of local small and medium-sized enterprises, the general manager said.