BOC’s nine month profit up by 27.70%

BOC recorded a profit after tax of US$12.48 billion in the first three quarters of 2010, an increase of 27.48 per cent compared with the same period of 2009. The Bank of China achieved profit attributable to equity holders of US$11.9 billion, an increase of 27.70 per cent compared with the same period of 2009. As at 30 September 2010, The Bank's total assets amounted to US$1.52 trillion, an increase of 15.43 per cent compared with the prior year-end, exceeding US$1.5 trillion for the first time.

Since 2010, the Bank continued to adopt the scientific outlook on development and pushed forward the implementation of its strategic development plan in a complex and volatile operating environment. By earnestly implementing the principles of streamlining structure, scaling up, managing risks and sharpening competitiveness, the Bank achieved sound operating results.

Since 2010, the Bank continued to earnestly implement government policies, maintained a reasonable pace in credit growth, enhanced the credit risk management and accelerated adjustments to its loan structure, promoting the healthy development of its loan business.

As at 30 September 2010, the total balance of loans and advances to customers rose by 13.13 per cent to US$836.8 billion compared with the prior year-end. Domestic RMB-dominated loans amounted to US$610 billion, an increase of US$81.8 billion or 15.48 per cent compared with the prior year-end. Further improvement has been achieved in the optimisation of credit structure.

The proportion of loans granted to key industries including transportation, water conservation and electric power increased, whereas that to the manufacturing, leasing, commerce and service industries dropped. In 2010, the Bank has strengthened its marketing activities and achieved stable growth in customer deposits. As at 30 September 2010, the Bank's total deposits from customers amounted to US$1.119 trillion, representing an increase of 12.36 per cent from the prior year-end, among which, domestic RMB-dominated deposits from customers amounted toUS$895.9 billion, an increase of US$96.57 billion or 12.08 per cent compared with the prior year-end.

In the first three quarters of 2010, BOC has achieved rapid growth in net interest income by expanding interest-earning assets and increasing the proportion of high-yield assets. Net interest income reached US$21.1 billion, an increase of 21.79 per cent compared with the same period of 2009.

In the first three quarters of 2010, the Bank's non-interest income reached US$9.25 billion, an increase of US$1.25 billion or 15.73 per cent compared with the same period of 2009. The proportion of non-interest to the total operating income recorded 30.40 per cent and maintained the leading position among domestic peers.