Bank of China won awards of Best Domestic Bank 2003

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Last updated at: (Beijing Time) Monday, December 15, 2003

Bank of China won awards of Best Domestic Bank 2003

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The spokesman for the Bank of China (BOC), Wang Zhaowen informed the media Dec.10 that The Asset magazine has just released its result of AAA appraisal for 2003 and Bank of China won the prize of the best "Domestic Bank of Year 2003". This is the third time that the BOC has won this honor, the last two awards being respectively in 2000 and 2002.

The Bank of China has witnessed a smooth development in all aspects of business in the past 12 months, a period of serious challenge confronted by the Asia capital market, the evaluation committee agreed.

The Asset magazine sponsors AAA appraisal program annually on banking, financial, and capital market. There are ten indices in its evaluation system, such as profitability, capital adequacy, and returns on capital stock, etc. It was widely recognized as one of the most prestigious appraisal activities. As learned, each candidate institution this year has gone through a very strict process of appraisal based on a system called "AAA Scoring Coefficient". The system was used to track the performance record of banks, thereby making the result quite objective and scientific.

The Asset is an authoritative magazine in the international financial field, which mainly covers in-depth reports on economic and financial hot issues in Asia-Pacific region. Most of the readers are institutional investors, financial institutions and managing executives in big companies.

This year, great efforts have been made by Bank of China on business expansion and internal construction with obvious progress achieved on profitability and assets quality. From last January to September, the BOC Group generated 38.902 b yuan operating profit, up 16.09 percent and 19.946 b yuan pretax profit, up 30.24 percent. Both non-performing credit balance and ratio were down. According to the five-grade rating system, the balance of non-performing credit in terms of RMB and forex registered 382.5 b yuan, 26b yuan less than that of last year. The ratio of non-performing credit in terms of RMB and forex was 18.0 percent, 4.30 percentage points down from that by the end of last year and reached the goal ahead of schedule as set for this year

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