Bank of China plays down US exposure
(23 January 2008 – China) Bank of China has hosed down media rumours that its 2007 performance would be impacted by exposure to the US sub prime loans market.
The bank said contrary to an article in the Hong Kong media saying its earnings would drop, post tax profits had in fact grown in 2007.
This was in spite of an expected write down of Bank of China’s US investments in the fourth quarter of 2007, which was widely tipped to eventuate in a loss for the year for the bank.
Bank of China told the Shanghai Stock Exchange that its operational data showed a profit rise for 2007 even when taking into consideration provisions for possible sub prime losses.
This was in spite of an expected write down of Bank of China’s US investments in the fourth quarter of 2007, which was widely tipped to eventuate in a loss for the year for the bank.
Bank of China told the Shanghai Stock Exchange that its operational data showed a profit rise for 2007 even when taking into consideration provisions for possible sub prime losses.
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