China Construction Bank made a record operating profit of Yn34.3bn in 2002, with a domestic operating profit of Yn34.26bn, 16 per cent more than in the previous year, Xinhua reported. The bank used Yn30.1bn to write off bad debts, Yn5.6bn more than in 2001, to leave a gross profit of Yn4.16bn. Deposits rose by Yn338.1bn during the year to reach a total of Yn2,599bn by the end of December, while loans grew by 17 per cent to reach Yn1,743bn. The bank's total of outstanding non-performing assets was valued at Yn267.8bn at the end of 2002, Yn21bn lower than at the end of 2001.
The Agricultural Bank of China meanwhile reported an operating profit of Yn11.27bn for 2002, Yn9.28bn more than in 2001. The bank said that it had streamlined its system over the past three years by closing or merging over 17,000 inefficient outlets and by laying off 137,000 employees.