Bank of China reports stable growth in H1, with strong performance in key loan sectors

The Bank of China (BOC) on Thursday released its financial results for the first half of 2024, showing robust growth across several key areas, particularly in loan issuance and asset quality.

During the first half of the year, BOC increased domestic yuan loans by 1.21 trillion yuan (about 169.7 billion U.S. dollars), contributing to the overall growth and optimization of its loan portfolio.

This achievement was accompanied by the bank's efforts on nurturing new quality productivity drivers through various initiatives, including enhanced financial services for technology companies and a strong emphasis on green finance.

By the end of June, the bank had provided comprehensive financial services to 83,500 technology enterprises, with total funding provided through comprehensive financial services for technological innovation exceeding 650 billion yuan.

Green finance also performed well, with the balance of domestic green loans growing by 39.77 percent year on year.

The bank also achieved notable results in its targeted loan issuance to key sectors. Agricultural loans reached a balance of 2.28 trillion yuan. The balance of medium- and long-term loans to the manufacturing sector grew by 13.82 percent compared to the end of last year.

Meanwhile, loans to private enterprises increased by 348.4 billion yuan, representing 9.35 percent growth year on year.

On the financial side, BOC reported an operating income of 317.9 billion yuan and a profit after tax of 126.5 billion yuan for the first half of 2024.

Asset quality remained stable as well, with the non-performing loan (NPL) ratio decreasing by 0.03 percentage points compared to the end of last year, and the NPL provision coverage ratio improving by 10.03 percentage points, indicating an enhanced ability to mitigate risks.