President Zhang Enzhao of China Construction Bank (CCB) said Tuesday his bank was working earnestly to introduce a joint-stock system in preparation for public listing.

The time, place and scale of the listing, however, could only be known after "internal and external conditions have matured," he told the press.

CCB's capital adequacy ratio and asset quality would reach "quite ideal levels" prior to the listing and the bank would definitely usher in overseas and domestic "strategic investors" to help increase capital and optimize its capital structure and most importantly, bring in advanced management, he said.

The bank's non-performing loan (NPL) ratio remained the lowest among China's big four wholly state-owned banks -- standing at 8.77 percent by the end of March in compliance with the internationally accepted five-category loan classification system.

CCB posted operating profits as having jumped 32.4 percent year-on-year to 15.97 billion yuan (1.9 billion US dollars) in the first quarter of the year, part of which would be used to dispose of and make provisions for bad loans, Zhang said.

At the end of last year the State Council, China's cabinet, injected a combined 45 billion dollars in foreign exchange reserve into CCB and the Bank of China to replenish their capital. The latter has said it hopes to go public in 2005.

Zhang said a number of reputed international agencies had been invited to conduct auditing, legal and consulting work in his bank when its joint-stock reform was under way.

The bank doled out 57 billion yuan (6.9 billion dollars) in new loans in the first three months, representing 21 percent of its annual target. Zhang said such growth of loans was "stable", amid repeated government calls for reining in money and credit increase in order to cool down the economy.

Tuesday's press conference was 2004's first one introducing the China Construction Bank's joint-stock renovation, while the Bank of China has established a regular mechanism to brief reporters on its business and reform progress.

China is in the midst of overhauling its banks, especially the big four, to sharpen their competitive edge before it grants unrestricted market access to foreign banks by 2006 under a commitment to the World Trade Organization.