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Bank of China Group's 2000 Pre-tax Profit Up 17.05%
The Bank of China Group's commercial banking business amounted to 6.763 billion HK dollars (US$867 million) in 2000, or 17.05 percent up from 1999, according to the group's annual results released Wednesday.
"This was the first year that the group's profit increased after two successive significant declines caused by the Asian financial turmoil in 1998 and 1999," said Liu Jinbao, chief executive of the Bank of China Hong Kong-Macau Regional Office.
The net interest income totaled 17.096 billion HK dollars (US$2.192 billion), an increase of 4.43 percent from 1999, mainly as a result of increases in interest-earning assets and improvement in the asset-liability structure.
By the end of 2000, the total assets stood at 910.6 billion HK dollars (US$116.7 billion), 7.82 percent more than the previous year, marking a turnaround of the trend of asset contraction since the financial crisis, said Liu.
Customer deposits of the group totaled 679 billion HK dollars (US$87 billion) by the end of 2000, increasing by 6.15 percent over the preceding year.
Total loans and advances to customers were 358.1 billion HK dollars (US$45.9 billion), up 1.38 percent compared to 1999.
During the year, the provisions were 9.485 billion HK dollars (US$1.216 billion), dropping by 14.35 percent from the previous year. At the end of 2000, the outstanding provisions for bad and doubtful were 20.28 billion HK dollars (US$2.6 billion), representing 5.66 percent of total loans.
Outstanding non-performing loans totaled 41.671 billion HK dollars (US$5.342 billion), a reduction of 15.8 billion HK dollars (US$2 billion) or 27.54 percent compared to last year.
This meant a drop of 4.64 percentage points in the ratio of non- performing loans to total loans, falling from the previous year's 16.28 percent to 11.64 percent.
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