Bank of China Hong Kong, one of the city’s three currency issuing banks, doubled its profits in 2016, thanks to the one-off gains it made from the sale of its stake in Nanyang Commercial Bank in May last year….
Bank of China Hong Kong, one of the city’s three currency issuing banks, doubled its profits in 2016, thanks to the one-off gains it made from the sale of its stake in Nanyang Commercial Bank in May last year. BoC HK reported 2016 profit of HK$55 billion yuan (US$7.98 billion), more than double last year’s total. When the HK$30 billion gain from the sale of its stake in Nanyang Commercial Bank was excluded and other one off adjustments made, the profit result represented a 6.8 per cent rise to HK$23.7 billion yuan. Despite the rise, Tian Guoli, chairman of Bank of China and its subsidiary Bank of China Hong Kong, said that last year had been a challenging one. “In 2016, we witnessed another year of sustained low growth in the global economy, characterised by depressed international investment and trade.
