Bank of China Reports 10.8 bn Yuan Profits in 2001

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Last updated at: (Beijing Time) Saturday, January 19, 2002

Bank of China Reports 10.8 bn Yuan Profits in 2001

The Bank of China (BOC) announced Friday that it had gained profits of 10.8 billion yuan last year.

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The Bank of China (BOC) announced Friday that it had gained profits of 10.8 billion yuan last year.

Its domestic branches made profits of 2.25 billion yuan, up 4.7 percent from 2000, but overseas branches saw a drop of 941 million yuan, or 9.85 percent, in pre-tax profits, a BOC spokesman said.

The bank attributed the profit drop in overseas businesses to the slowdown of the world economy and the cost of the BOC (HK) restructuring.

The bank had a nonperforming assets rate of 24.17 percent last year, down 4.07 percentage points from 2000, the spokesman said.

Last year the bank collected 20 billion yuan in cash through handling nonperforming loans.

Known for its overseas operations, the BOC also made favorable growth in individual deposits in Renminbi, the domestic currency.

The amount topped 600 billion yuan last year and its intermediate business earned 5.79 billion yuan, a rise of 10.6 percent over 2000.

The BOC stepped up its efforts to restructure its overseas branches last year and the newly structured BOC (HK) Hong Kong's second largest banking group began operating last October.

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