BOC profits rise in 2006

Bank of China reported a 65% rise in 2006 net profit to US$5.8 billion on operating income, improved credit costs and reduction in taxes. The bank's net interest income was US$15.7 billion for 2006, up from US$13.1 billion a year earlier, while operating income rose 18% to US$19.3 billion, AFP reported. The state bank attributed the growth to the continued increase in the average balances of loans and investment securities, as well as an increase in average yields. Bank of China listed its shares on both the Hong Kong and Shanghai Stock Exchanges in 2006.