Bank of China (HKG:3988)

QUOTE AND NEWS
Wall Street Journal  Sep 25  Comment 
The possible change in leadership at the People's Bank of China isn't a setback for reform. A new leader might even have better luck getting things done.
The Economic Times  Sep 24  Comment 
The People's Bank of China set the midpoint at 6.1462 per dollar, up 0.01 per cent from the previous fix.
Yahoo  Sep 22  Comment 
The underwriters bought an additional 48 million American depositary shares from the company at the IPO price of $68 each, according to a statement from Alibaba today. Including the "greenshoe," Alibaba was able to surpass the current IPO record...
The Economic Times  Sep 22  Comment 
The People's Bank of China set the midpoint at 6.1485 per dollar prior to market open, down 0.05 per cent from the previous fix.
Channel News Asia  Sep 19  Comment 
Singapore is now the second-largest international offshore centre for transactions involving the renminbi, according to the Singapore Exchange.
The Hindu Business Line  Sep 18  Comment 
State Bank of India and The Export Import Bank of China have signed a framework agreement for a Line of Credit (LOC) of $1.8 billion to be offered by the latter.   The LOC w...
The Straits Times  Sep 17  Comment 
September 18, 2014 1:40 AM BANK of China's Singapore branch will leverage on its long-standing advantage in the yuan business, as well as its in-depth knowledge of Singapore market, to participate actively in the development of Singapore as a key...
Wall Street Journal  Sep 17  Comment 
The People's Bank of China is pushing big, state-owned banks to lend more, but some businesses don't want the money, complicating the central bank's efforts to aid the economy.




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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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