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Last updated at: (Beijing Time) Tuesday, August 05, 2003

Intermediate Businesses Contribute 19% of BOC's Income

The Bank of China (BOC) said Monday that in the first half of 2003 the bank's net income from intermediate businesses reached 7.553 billion yuan (about 913 million US dollars), accounting for 19 percent of its net income.


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The Bank of China (BOC) said Monday that in the first half of 2003 the bank's net income from intermediate businesses reached 7.553 billion yuan (about 913 million US dollars), accounting for 19 percent of its net income.

Compared with the same period of last year, the bank's intermediate business income rose by 40 percent.

A BOC spokesman said that the global-wide low interest environment posed new challenges to commercial banks, and the banks have been trying to find new profit sources in intermediate businesses. The latest policy of the China Banking Regulatory Commission on financial services has laid a policy base for increasing intermediate business income.

He said that while a major part of the bank's intermediate business income came from international settlement, foreign exchange capital, credit card and other traditional businesses, some new intermediate businesses such as fund trusts were developing faster and were expected to contribute more to the bank's income.


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