Bank of Communications Reports 2.5 Billion Yuan of ProfitsThe Bank of Communications made a profit of US$2.548 billion yuan (US$307 million) last year.The bank, a pioneer in China's financial reforms, is making preparations to go public on a domestic bourse, according to a general meeting of shareholders of the bank held in Shanghai recently. A bank executive revealed that the bank plans to raise 2.05 billion yuan, or 15 percent of the bank's capital. In recent years, the Bank has focused its operations in major Chinese cities, economically developed areas and set up branches overseas. In 1999, its outstanding Renminbi deposits reached 338.5 billion yuan, up 12 percent over 1998, or a rise of 147 percent over that six years ago. At the same time, its outstanding loans in local currency expanded to 243.5 billion yuan, up 13.4 percent over the previous year and 151 percent over 1994. Meanwhile, the bank had had 4.73 billion US dollars of outstanding deposits in foreign exchange by the end of 1999, a rise of 22.2 percent over the previous year and 58 percent over 1994. Outstanding loans in foreign exchange were 2.41 billion yuan, up 18 percent over 1994. By the end of 1999, the bank handled 23.7 billion US dollars ininternational settlements, increasing 72 percent over 1994. For two years running, the Bank was chosen as the best bank in China by two noted financial magazines respectively. |
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