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China Development Bank Operates Well
All indices of China Development Bank (CDB) in 2000 set new records, according to Chen Yuan, president of the CDB.
Statistics released at the CDB's annual working meeting held Tuesday show that by the end of 2000, the bank's period principal and interest recovering rate stood at 99 percent, and the accumulated recovering rate was 91 percent, surpassing the target set at the beginning of the year.
The bank's non-performing loans decreased sharply, Chen said, adding that after extracting special reserves for bad accounts, the bank realized a pre-tax profit of 1.84 billion yuan, with an expense ratio of only 1.02 percent.
The improvement in business operation has largely reinforced the CDB's support to the national economy. In 2000 the bank granted loans of 179.6 billion yuan, with an outstanding amount of 671.5 billion yuan. Some 80 percent of the loans has been channeled to major industries including the electricity, railway, highway, oil and petrochemical industry, urban construction and telecommunications.
Chen stressed that the bank will operate in accordance with international standards and try to become a first-class bank.
He said that in the new year the bank will focus its efforts on recovering principal and interests, building a broad credit structure, promoting the connection of credit businesses with capital markets, deepening reforms and the advancing science and technology.
Key attention will be paid to controlling financial risks and improving asset quality, he said. In two to three years, when the bank's assets reach one trillion yuan in value, the ratio of non-performing loans will be controlled under three percent.
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