BOC Hong Kong Records Net Profit of 3,418 Million HKD for Six Months

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Last updated at: (Beijing Time) Tuesday, August 27, 2002

BOC Hong Kong Records Net Profit of 3,418 Million HKD for Six Months

BOC Hong Kong (Holdings) Limited announced Tuesday its net profit of 3,418 million HK dollars (438 million US dollars) for the first half of 2002.

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BOC Hong Kong (Holdings) Limited announced Tuesday its net profit of 3,418 million HK dollars (438 million US dollars) for the first half of 2002.

The figure represents 54.4 percent of the profit projected for the year 2002 and exceeds its 2001 full year profit of 2,768 million HK dollars (355 million US dollars).

BOC Hong Kong (Holdings) Limited, a subsidiary of Bank of China (BOC), was listed in the Stock Exchange of Hong Kong in July this year. It is the first announcement of its interim results since listing.

Liu Jinbao, vice chairman and chief executive of BOC Hong Kong (Holdings), said, "Our merger and restructuring have strengthened our competitiveness and enabled us to improve our performance. The results for the first half of the year only represent the beginning of our potential to become a stronger bank."

According to Liu, annualized return on average equity increased from 7.3 percent for the full year 2001 to 12.9 percent in the first half of 2002.

"Our first half of 2002 results were in line with our expectations and we are on target to meet our profit forecast as promised to our shareholders," said Liu.

After taking the effect of the share consolidation into account, earnings per share as adjusted for the six months ended June 30, 2002 was 0.323 HK dollars, compared to 0.262 HK dollars in 2001.

The bank's non-performing loan ratio fell to 8.97 percent as at the end of June 2002 from 10.99 percent as at the end of December 2001, Liu added.

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