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Commercial banks achieve profits
By Xu Dashan (China Daily)
Updated: 2004-07-15 09:11

Two of China's "Big Four" State-owned commercial banks yesterday reported healthy operating profits during the first half of this year.

The Bank of China (BOC), the country's largest foreign exchange bank, said its operating profits were around 30 billion yuan (US$3.6 billion) between January and June.

Its operating profits stood at 27 billion yuan (US$3.3 billion) during the first half of last year.

The country's largest bank, the Industrial and Commercial Bank of China (ICBC), said its operating profits came in at 38.8 billion yuan (US$4.7 billion) during the first six months, an increase of 5.4 billion yuan (US$650 million) compared with the same period a year ago.

"The continuing improvement in asset quality lays good foundations for strong profit growth," an ICBC spokesman said.

The bank's outstanding amount of non-performing assets declined by 47.5 billion yuan (US$5.7 billion) during the first half of this year.

The bank's non-performing loan (NPL) rate, based on the international standard, was 19.2 per cent by the end of June, a drop of 2.04 percentage points compared with the beginning of this year.

The BOC's NPL rate dropped to under 6 per cent in the same period.

The bank has met part of the 2004 goals ahead of the schedule. Bank spokesman Zhu Min said earlier this year that the BOC aimed to meet international standards for capital adequacy, bad loan provisions and bank liquidity by the end of 2004.

Last week, the bank also successfully sold 14.07 billion yuan (US$1.7 billion) worth of subordinated bonds on the inter-bank bond market in an aim to replenish its capital base.

The bonds were part of the 60 billion yuan (US$7.2 billion) such bonds the bank was approved to issue before an initial public offering.

China Securities senior analyst Dong Chen said Chinese commercial banks will have to sharpen their competitive edge before the end of 2006, when foreign banks will have unfettered market access under China's World Trade Organization commitments.

Commercial banks will have to lower the rate of non-performing loans, rid themselves of historical financial burdens and raise their capital adequacy to international standards, he said.

Commercial banks' capital adequacy ratio will have to reach 8 per cent, the minimum required by the Basel Capital Accord reached by international banking managers, according to the nation's commercial bank law.

"This means China's commercial banks, especially the State-owned banks, will have to achieve the goal before they get listed," Dong said.

The ICBC said it aimed to finish its preparation for a stock listing before the end of 2006, while the BOC said it has not yet decided where and when it would get listed.

Earlier reports said the two banks are expected to make big progress in their comprehensive reforms in the near future.

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