Bank of China Records Sharp Increase in Profits

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Last updated at: (Beijing Time) Monday, May 26, 2003

Bank of China Records Sharp Increase in Profits

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In the first four months of this year, the Bank of China (BOC) Group earned operational profits of 17.221 billion yuan (2.08 billion US dollars), a year-on-year increase of 4.064 billion yuan, or 30.89 percent.

Wang Zhaowen, a spokesman for the BOC, said that thus far this year, the bank has seen steady and fast growth in profits, asset quality and deposit and loan market shares.

During the four month period, he noted, the bank's non-performing loans dropped 12 billion yuan, or 1.81 percentage points, to 20.56 percent.

By the end of April, the bank's outstanding Renminbi deposits had reached 1,524 billion yuan, up 121.3 billion yuan over the endof last year, while outstanding Renminbi loans stood at 1,136 billion yuan, up 91 billion yuan. Outstanding deposits in foreign exchange were the equivalent of 68 billion US dollars, and loans in foreign exchange were 32.6 billion dollars, up 1.09 billion dollars over the end of last year.

He acknowledged that the BOC has made greater efforts to rationalize its loan structure. While increasing loans to electric power, oil, petro-chemicals, post and telecommunications, transport and other key industries, the bank has also reinforced its support for individuals, share-holding companies, foreign-financed enterprises and other major clients.

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