Bank of China (BOC) Hong Kong ( Holdings) Limited recorded a net profit of 6,522 million Hong Kong dollars (836.15 million US dollars) for the first half of 2005, up 16.9 percent over the same period last year, according to the bank Thursday.

The growth in the group's profit was mainly attributed to higher operating profit, increase in recovery of loans previously written off as well as a property revaluation gain, it said.

The board has declared an interim dividend of 0.328 Hong Kong dollar (0.042 US dollar) per share, up 2.5 percent as compared to the same period last year.

"The business growth and positive development recorded in the first half of this year should be seen as the direct consequence of the effective implementation of an enhanced development strategy, business model, corporate governance and corporate culture in the last couple of years," said He Guangbei, vice chairman and chief executive of the bank.

"Through our commitment and effort, the group has firmly landed on the growth track and is moving forward in the right direction," he added.

The bank is basically optimistic that market sentiments and business prospects would still be favorable in the second half of 2005, he said.

Source: Xinhua