Bank of China Reaps Record High Profit

Home>>Business

Last updated at: (Beijing Time) Thursday, January 23, 2003

Bank of China Reaps Record High Profit

The Bank of China (BOC) said Wednesday that it realized an operating profit of 52.7 billion yuan (about 6.37 billion US dollars) in 2002, an increase of 27.1 percent from 2001.

DISCUSSION

CHINESE

SEND TO FRIEND

The Bank of China (BOC) said Wednesday that it realized an operating profit of 52.7 billion yuan (about 6.37 billion US dollars) in 2002, an increase of 27.1 percent from 2001.

A spokesman for the bank said that after deducting 5.587 billion yuan of its income from the listing of the Bank of China Hong Kong (Holdings) Ltd., the BOC registered an operating profit of 47.204 billion yuan in the year.

He said that the bank had made provisions and disposed of its bad debts by using prudent accounting principles, leaving a pre-tax profit of 11.175 billion yuan, up 2.39 percent from 2001.

In 2002 the bank reinforced the overall monitoring, analysis and management of asset quality, and its non-performing loans (NPLs) dropped considerably. Its NPL ratio stood at 22.37 percent or 5.14 percentage points lower than a year ago according to the five-tier loan classification standard. The NPL ratio of loans granted after 2000 was restricted to less than 0.5 percent.

The spokesman said that by the end of 2002, the bank's total outstanding deposits exceeded two trillion yuan while that of loans hit 1.392 trillion yuan.

He attributed these achievements to the construction of good corporate governance by the bank since 2000, saying that the bank has set its clear-cut development strategy and scientific decision-making mechanism while drawing on experiences of large international banks.

Questions?Comments? Click here

BOC Tops Chinese Banks in Half-year Profits

BOC Reports $133 Million Pre-tax Overseas Profits

Bush Rejects China Mechanical Device Import Quota ( 4 Messages)

Reason for China's Development of Manned Spacecraft ( 5 Messages)

How's US$52.7bn Foreign Investment Introduced Into China? ( 5 Messages)

Chinese Bid Farewell to Outworn Doctrine of Egalitarianism ( 6 Messages)

Can US Strategic Intention be Realized? ( 3 Messages)