Bank of China reports 5.02% increase in net profit for 2022

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1st April 2023 – (Beijing) Bank of China (BOC), one of the country’s four big state-owned lenders, has reported a net profit increase of 5.02% year on year for 2022. According to the bank’s report filed with the Shanghai Stock Exchange, BOC’s net profit attributable to shareholders of its parent company amounted to 227.44 billion yuan (about 33.1 billion U.S. dollars) in 2022.

The report also noted that BOC’s revenue rose by 2.06% from a year ago. Meanwhile, the bank’s assets increased by 8.2% from the beginning of 2022 to 28.91 trillion yuan as of year-end. This growth in assets can be attributed to the bank’s expansion of its lending and investment operations.

By the end of 2022, BOC’s non-performing loan ratio stood at 1.32%, down 0.01 percentage points from the end of 2021. This decrease in the bank’s non-performing loan ratio is a positive sign, indicating that the bank’s risk management strategies are effective and that it has been able to manage its loan portfolio well.

BOC’s focus on risk management has been particularly important in the wake of the COVID-19 pandemic, which has led to increased economic uncertainty and volatility. The bank’s strong risk management practices have allowed it to weather the storm and emerge as a stable and profitable institution.

Looking ahead, BOC is well-positioned to continue its growth trajectory in the coming years. The bank has a strong capital base, a diversified business portfolio, and a deep understanding of the Chinese market. These factors will enable BOC to capitalize on new opportunities and navigate challenges as they arise.

In addition, BOC is committed to innovation and digitalization, which will help it stay competitive in an increasingly crowded marketplace. The bank has invested heavily in technology and is developing new products and services to meet the evolving needs of its customers.