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October 30, 2009

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Home » Business » Economy

BOC bucks downtrend to post 19% rise in profit

THE Bank of China yesterday said its July-September net profit climbed 18.83 percent from a year earlier to 21.11 billion yuan (US$3.1 billion), bucking a downward trend in the first half of this year.

Earnings per share in the first nine months stood at 0.24 yuan, slightly up 0.01 yuan over the same period last year, said BOC in a statement to the Shanghai Stock Exchange.

Net interest income in the three months was 40.9 billion yuan, rising 7.93 percent from that in the second quarter.

Net fee and commission in the July-September period rose 21.97 percent year on year to 11.56 billion yuan.

The bank's loans and advances to customers rose to 4.7 trillion yuan at the end of last month, surging 42.63 percent from the end of last year, as the lender echoed with the government's stimulus plans.

Chinese lenders gave a record 8.67 trillion yuan of new loans in the first nine months, far ahead of this year's target of 5 trillion yuan under the government's relatively loose monetary policies.

At the end of last month, non-performing loans outstanding totaled 75.3 billion yuan, down 2.18 billion yuan from the end of June. The bank's bad loans ratio was 1.6 percent, 0.2 percentage point lower than the end of June.

Its total assets were 8.34 trillion yuan by the end of last month, up 19.94 percent from the end of last year.


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