Construction Bank reports record profits in 2003

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Last updated at: (Beijing Time) Monday, January 12, 2004

Construction Bank reports record profits in 2003

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The China Construction Bank (CCB) on Monday posted record profits of 51.23 billion yuan (6.17 billion US dollars) from all its overseas and domestic outlets in 2003, a rise of 33.9 percent from the previous year.

The CCB -- one of China's four leading state-owned commercial banks -- disposed of 88.4 billion yuan (about 10.65 billion dollars) worth of non-performing loans (NPLs) last year, 58.3 billion yuan (some 7 billion dollars) more than in 2002.

A CCB spokesman said the bank pursued high profit growth by beefing up management, deepening reforms, tightening internal controls and upgrading services and business structures, resultingin stable and sustained growth in all major businesses last year.

The bank attached more importance to the changes in NPL structure and potential losses and made greater efforts to ensure the improvement of asset quality, he added.

The State Council, or the Chinese cabinet, has injected 22.5 billion US dollars of foreign exchange reserves into the CCB, to help it increase cash capital and introduce a joint-stock system.

The CCB aimed to turn itself a modern commercial bank with sufficient capital, rigid internal controls, safe operations and sound services and earning capabilities, the spokesman said.

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China Construction Bank Registers Record Profits

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