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The Hong Kong-listed Bank of China said on Friday that net profits soared 31 percent last year over 2004 to 27.5 billion yuan (US$3.4 billion).

 

"Each business sphere saw stable growth," the bank said in an annual report.

 

The number two state lender said its non-performing loan ratio dropped half a percentage point to 4.62 percent, and its capital adequacy ratio, a measure of its own capital to outstanding loans, rose 0.38 percentage points to 10.42 percent.

 

The bank raised the equivalent of US$11.2 billion in its initial public offering in Hong Kong on June 1, the world's fourth largest, and since has seen strong market performance.

 

It also raised up to 20 billion yuan by issuing 6.49 billion domestic A shares to be listed on the Shanghai Stock Exchange. Trading is set to begin on July 5.

 

The Shanghai offering will account for 2.56 percent of the bank's expanded 253.84 billion outstanding shares as the lender aims to replenish funds to improve its capital adequacy.

 

The Chinese government must overhaul its "big four" state banks ahead of the full opening of its financial market to foreign competition by the end of this year.

 

The government expects domestic banks, through public listings, to streamline operations.

 

(Xinhua News Agency June 30, 2006)