Bank of China (HKG:3988)

QUOTE AND NEWS
The Economic Times  Aug 29  Comment 
To curb the yuan's growing momentum the People's Bank of China has fixed a slew of weak midpoints - signalling the government's intention to hold the yuan steady.
The Economic Times  Aug 27  Comment 
The People's Bank of China set the midpoint rate at 6.1658 per dollar prior to market open, only 0.01 per cent stronger from the previous fix.
Wall Street Journal  Aug 26  Comment 
Agricultural Bank of China reported the slowest first-half profit growth since it went public in 2010, while its bad-loan level picked up as the country's economic growth slows.
The Economic Times  Aug 26  Comment 
The People's Bank of China (PBOC) set the midpoint rate at 6.1663 per dollar prior to market open, down 0.02 per cent from the previous fix.
The Economic Times  Aug 25  Comment 
The People's Bank of China set the midpoint at 6.1653 per dollar prior to market open, down 0.06 per cent from the previous fix.
SeekingAlpha  Aug 21  Comment 
By SA Transcripts: Bank of China, Ltd. (OTCPK:BACHY) Q2 2014 Interim Results Conference Call August 19, 2014 6:15 AM ET Executives Mei Feiqi – General Manager, Personal Finance Department Chen Siqing – Vice Chairman and...
Yahoo  Aug 20  Comment 
Bank of China Ltd. more than doubled its money set aside for bad loans as profit growth cooled to the slowest pace in five quarters on weakness in the economy. The nonperforming loans of China's fourth-largest bank surged to 85.9 billion yuan, the...
SeekingAlpha  Aug 19  Comment 
By Sebastien Couvidat: I believe that Bank of China (OTCPK:BACHY) has major catastrophes priced in. As such, it seems to be a good time to start (or add to) a position in this stock, despite the price being up about 20% from a recent bottom...
Wall Street Journal  Aug 19  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.




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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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