Bank of China (HKG:3988)

QUOTE AND NEWS
The Hindu Business Line  Apr 26  Comment 
Bank of China (BoC), the country’s fourth-biggest lender by assets, posted a 1.7 per cent rise in first-quarter net profit on Tuesday, even as bad loans weighed on its balance sheet. Profit rose t...
Financial Times  Apr 20  Comment 
Move comes as Beijing aims to expand influence in Southeast Asia
The Economic Times  Apr 20  Comment 
The People's Bank of China set the midpoint rate at 6.4579 per dollar prior to market open, 0.19% firmer than the previous fix 6.4700.
The Economic Times  Apr 19  Comment 
The People's Bank of China set the midpoint rate at 6.4700 per dollar prior to market open, 0.13 percent firmer than the previous fix of 6.4787.
Yahoo  Apr 13  Comment 
The Office of Financial Research, a financial stability watchdog housed within the U.S. Treasury Department, studied the systemic importance of the world's largest banks using 2014 data from the Basel Committee on Banking Supervision. Regulators...
Mondo Visione  Apr 13  Comment 
The Dubai Gold & Commodities Exchange (DGCX) today announced that it has inked a pact with the Agricultural Bank of China (ABC)-DIFC Branch, one of China's biggest state-owned commercial banks. This development further cements the strategic intent...
Yahoo  Apr 11  Comment 
The Bank of Italy is carrying out an on-site inspection at the Italian offices of Bank of China Ltd , a Chinese state-owned bank already facing accusations of aiding illicit money flows from Italy to China, a source familiar with the situation...
Clusterstock  Apr 10  Comment 
By Lisa Jucca HONG KONG (Reuters) - The Bank of Italy is carrying out an on-site inspection at the Italian offices of Bank of China, a Chinese state-owned bank already facing accusations of aiding illicit money flows from Italy to China, a source...
The Economic Times  Mar 30  Comment 
The People's Bank of China set the yuan's midpoint rate at 6.4841 per dollar prior to market opening, the strongest in a week and 0.34% firmer than the previous fix of 6.506.
The Economic Times  Mar 21  Comment 
The People's Bank of China set the midpoint rate at 6.4824 per dollar prior to market open, 0.3 percent weaker than the previous fix of 6.4628.




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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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