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Last updated at: (Beijing Time) Thursday, May 09, 2002

BOC Reports $133 Million Pre-tax Overseas Profits

The Bank of China (BOC) Wednesday revealed that its overseas branches earned pre-tax profits of 133 million U.S. dollars in the first quarter this year.


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The Bank of China (BOC) Wednesday revealed that its overseas branches earned pre-tax profits of 133 million U.S. dollars in the first quarter this year.

BOC domestic branches reported 5.89 billion yuan in profits in the first three months, a year-on-year increase of 60 million yuan.

The bank's business has witnessed stable growth, a spokesman said, noting that loans in foreign currencies rose by 338 million U.S. dollars to 42.12 billion dollars over the end of last year, the first growth in the past two years.

Savings deposits in RMB, the local currency, was nearly 1.23 trillion yuan by the end of March, a rise of 62.3 billion yuan over the end of last year, the bank source said.

Meanwhile, loans in RMB totaled 867.6 billion yuan at the end of March, up 14.6 billion yuan over the end of last year.

With more efforts to reduce loan risks and improve supervision, the BOC cut its non-performing loans rate by 0.59 percent to 23.53 percent by March.

Established 90 years ago, BOC is well known for its overseas business. Now it has total assets worth 3.17 trillion yuan and becomes the first of China's four state-owned commercial banks to announce its non-performing loans rate.


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