The Bank of China (BOC), one ofChina's four state banks, reports a four-fold increase in annual profits last year. The bank's profit in 1999 hit 11.5 billion yuan (1.4 billion U.S.dollars), up from 3.2 billion yuan (386 million USdollars) in 1998, according to the latest figures.

Wang Xuebing, president of the BOC, said the bank performed well in the past year.

The bank had extended loans of 731.5 billion yuan by the end oflast year, surging 12.5 percent on an annual basis.

The BOC has granted huge loans in support of key infrastructure construction in the telecommunications and transportation sectors, Wang said, while at the same time steppingup auditing and training in its grassroots branches.

Wang also pledged continued reform in both domestic and overseas branches this year as steps toward a modern banking system.

The BOC is also committed to promoting credit business and upgrading its bank card, as well as improving financial services to facilitate state enterprise reform and the development of poor regions in western China.