Bank of China (HKG:3988)

QUOTE AND NEWS
Financial Times  9 hrs ago  Comment 
Largest deal by a Chinese lender to raise regulatory capital in US dollars
Reuters  12 hrs ago  Comment 
Bank of China (BoC) on Thursday sold $6.5 billion worth of contingent capital, launching a landmark wave of fundraising by China's biggest banks as they strengthen their balance...
Reuters  Oct 14  Comment 
Italy's biggest utility Enel on Tuesday inked a memorandum of understanding with Bank of China potentially making available up to 1 billion euros ($1.26 billion) of financing to the...
Mondo Visione  Oct 13  Comment 
Moscow Exchange and Bank of China have signed a cooperation agreement aimed at expanding collaboration between the Russian and Chinese financial markets. Bank of China President Chen Siqing and Moscow Exchange CEO Alexander Afanasiev signed the...
The Economic Times  Oct 9  Comment 
The People's Bank of China set the midpoint rate at 6.1461 per dollar prior to market open, slightly stronger from the previous fix.
SeekingAlpha  Oct 7  Comment 
By Gloves Off Investing: China is taking action to stimulate its residential property market after prices fell for a fifth straight month in September. Weak demand and soft prices have slowed new residential construction in China. Real estate...




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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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