BOC Aims at Overall Domestic Listing by 2005

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Last updated at: (Beijing Time) Monday, January 27, 2003

BOC Aims at Overall Domestic Listing by 2005

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At the just concluded 2003 Annual Conference of Branch Managers, the Bank of China (BOC) for the first time put forward a goal for near-term development-to strive for overall listing on the domestic securities market by the year 2005, BOC spokesman Wang Zhaowen announced on January 22.

BOC also mapped out its long-term goals, that is, to achieve remarkably increased strength and profit after 10 to 15 years' construction. And on the basis of 2001 performance, to double the amount of assets, quadruple business profit and octuple after-tax profit in an effort to place itself in the ranks of world first-class banks.

According to the spokesman, the bank realized a business profit (before provision and disposal of historical burdens) of RMB52.7 billion in 2002, an increase of 27.1 percent from 2001. After deducting the net investment income of RMB5.587 billion derived from the listing of Bank of China (Hong Kong) Limited, the Bank registered a business profit of RMB47.204 billion. The bank's book profit stood at RMB11.175 billion, up 2.39 percent from 2001.

By the end of 2002, the Bank's non-performing loans (NPL) ratio dropped to 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 issued after 2000 was strictly controlled under 0.5 percent. On the overdue basis, the NPL ratio of the Bank's domestic operation was 18.79 percent, down 5.34 percentage points.

Acting in compliance with the requirements set in documents such as the "Regulations on Anti-money Laundering" by Financial Institutions" published by the People's Bank of China, the nation's central bank, BOC has decided to launch a massive checkup in all its branches this year. After the joint investigation made by the Comptroller of the Currency (OCC) and the People's Bank of China into the BOC New York Branch's irregular operations, the head office has taken a series of strong measures to rectify these actions. Meanwhile, the New York branch also did much effective rectification work in regard to its internal management, which received recognition from the supervision authorities of both countries. Now the branch's business proceeds in a normal and orderly way, which chalked up business profits totaling US$41.71 million last year.

By PD Online Staff Li Heng

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