Bank of China (HKG:3988)

QUOTE AND NEWS
Wall Street Journal  8 hrs ago  Comment 
Bank of China reported a jump in bad loans in the first half of this year even as its profit rose, sounding a cautious note for big Chinese banks as they report results amid slowing economic growth.
Benzinga  9 hrs ago  Comment 
Bank of China (OTC: BACHY) reported an 11% rise in its first-half net profit. The bank's net profit for the period climbed to 89.72 billion yuan ($14.5 billion), versus a year-ago profit of 80.72 billion yuan. Analysts were expecting a profit of...
Financial Times  11 hrs ago  Comment 
Intervention in the country’s currency by the People’s Bank of China has subsided, allowing market forces to reassert themselves
SeekingAlpha  Aug 11  Comment 
If you read most media reports on People's Bank of China's latest monetary policy direction, it would seem that the central bank has only been focused on some targeted stimulus initiatives. Want China Times: - China's central bank said on...
The Economic Times  Aug 11  Comment 
The People's Bank of China set the midpoint rate at 6.1522 per dollar prior to market open, up 0.06 per cent from the previous fix.
Reuters  Aug 1  Comment 
People's Bank of China owns 2 percent of Fiat Chrysler, the carmaker's chairman John Elkann told shareholders at the start of a shareholder meeting, making the Chinese...
Finance Asia  Jul 25  Comment 
Export-Import Bank of China completed fifth largest Asia ex-Japan G3 bond in 2014 year-to-date.
Reuters  Jul 23  Comment 
Bank of China Ltd, the fourth largest lender in China, has revived talks to become the anchor tenant at 7 Bryant Park boutique office tower in New York, Crain's New York Business reported on Wednesday.
newratings.com  Jul 22  Comment 
BEIJING (dpa-AFX) - China's central bank on Tuesday refrained from absorbing liquidity ahead of several initial public offerings. The People's Bank of China suspended the operation as it will again increase money market rates and strain...




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Bank of China Limited (BOC) (SSE:601988, SEHK:3988) is one of the "Big Four" state-owned commercial banks (SOCBs) in China. Though heavily state-owned, the Bank of China should not be confused with the People's Bank of China, the country's central bank.

BOC is China's most international and diversified bank, offering financial services to clients in the Chinese mainland, Hong Kong, Macau, and 29 other countries. Through numerous subsidiaries, Bank of China offers a full range of financial services including commercial and investment banking, insurance, fund management and investment management.

While competitors were left reeling from the financial crisis of 2008, BOC was relatively unaffected, with operating profits falling only 3.3% in 2008 from a year earlier.[1] Operating profits rebounded sharply in 2009, up 27.94% as Bank of China's performance was buoyed by booming economic growth in the PRC (8.7%) and fiscal stimulus from Beijing.[2] Encouraged by the central government to inject capital into the economy, lending across the banking industry in China measured RMB9.6 trillion in 2009, up from RMB4.9 trillion in 2008.[3] Officially in 2009, the Nonperforming Loans (NPLs) of domestic commercial banks totalled RMB497.33 billion, a decrease of RMB62.98 billion compared with the prior year-end figure.[4] The official NPL ratio was 1.58%, down by 0.84 percentage point compared with the prior year-end.[5] Allowances for loan impairment losses to NPLs reached 155.02%, a significant increase of 38.57 percentage points from the prior year's end.[6] In 2010, the central government reversed course, establishing a ceiling on bank lending of RMB7.5 trillion.[7] Compounding the fears of an overheating economy is evidence that the official govenrment statistics understate both the amount of loans and the percentage of loans that are non-performing, suggesting that the Chinese financial system is not as stable as many believe.[8][9]


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References

  1. Bank of China 2009 Annual Report, p.2
  2. Bank of China 2009 Annual Report, pp.2,16
  3. Bank of China 2009 Annual Report, p.17
  4. Bank of China 2009 Annual Report, p.17
  5. Bank of China 2009 Annual Report, p.17
  6. Bank of China 2009 Annual Report, p.17
  7. "China Stocks Drop Most in Three Weeks Amid Bank Loan Restriction Concerns." Bloomberg News 09/16/2010
  8. "China Special Report: Informal Securitisation Increasingly Distorting Credit Data," Fitch Ratings July 14, 2010
  9. Barboza, David. "Report Warns of Risks to China’s Bank System." The New York Times. July 14, 2010
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