Bank of China improves asset quality

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Last updated at: (Beijing Time) Tuesday, September 16, 2003

Bank of China improves asset quality

The Bank of China (BOC), one of the country's four major state-owned commercial banks, has succeeded in disposing of almost all of its targeted bad loans in the first eight months of this year.

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The Bank of China (BOC), one of the country's four major state-owned commercial banks, has succeeded in disposing of almost all of its targeted bad loans in the first eight months of this year.

Domestic branches of the bank recovered 19.079 billion yuan (2.3 billion US dollars) in cash from non-performing loans, representing 95.4 percent of the targeted amount for this year, a bank source said Tuesday.

The BOC also disposed of mortgage assets amounting to 5.492 billion yuan (661.45 million dollars) and retreated from 803 investment projects and companies by withdrawing its capital.

By resorting to new, effective measures to cut bad debts, the BOC has upgraded its asset quality and performance, bank authorities said.

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