Bank of China 2006 net profit up 65 pct on strong opg income, lower tax rate |
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Thu, 22 Mar 2007 10:14
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HONG KONG (XFN-ASIA) - Bank of China reported 65 pct rise in 2006 net profit to 42.83 bln yuan under international accounting standards, citing strong operating income, improved credit costs and reduction in taxes.'The substantial improvement in profit after tax for the year was attributable to robust growth in operating income, improved operating efficiency, effective management of credit costs and a decrease in the effective tax rate,' it said.The bank reported net interest income of 121.27 bln yuan for 2006, up from 101 bln a year earlier, while operating income rose 18 pct to 148.4 bln yuan from the year-earlier 23.3 bln.'This increase was primarily due to the continued increase in the average balances of loans and investment securities, as well as an increase in average yields,' it said.Earnings per share stood at 0.18 yuan, against 0.14 a year earlier.The bank declared a final dividend of 0.04 yuan a share.leonora.walet@xfn.comlw/rc
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