China Construction Bank Registers Record Profits

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

China Construction Bank Registers Record Profits

The China Construction Bank (CCB) earned a record high operating profit of 34.43 billion yuan (about4.16 billion US dollars) in 2002.

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The China Construction Bank (CCB) earned a record high operating profit of 34.43 billion yuan (about4.16 billion US dollars) in 2002.

Zhang Enzhao, president of the CCB, said at the bank's annual working meeting, that its 2002 domestic operating profit reached 34.26 billion yuan, an increase of 16.3 percent over the previous year.

The bank used 30.1 billion yuan of the profit to write off bad debts, an increase of 5.6 billion yuan over the figure of the previous year, leaving a gross profit of 4.16 billion yuan.

Zhang said that in 2002, the bank experienced sound development characterized by improvements in service quality and competitiveness. By the end of the year, its total deposits had reached 2.5914 trillion yuan, up 338.1 billion yuan from the beginning of the year, while its loans had reached 1.7433 trillion yuan, up 16.82 percent.

The bank's intermediate businesses also enjoyed rapid growth, with 4.4 billion yuan in revenue in 2002, up 35.5 percent.

He said the bank's outstanding non-performing assets were valued at 267.8 billion yuan, a drop of 21 billion yuan from the beginning of 2002. The non-performing ratio stood at 15.36 percent,down 3.99 percentage points from the beginning of 2002.

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