State-owned Bank of China’s international factoring transactions increased by more than eight times year-on year while domestic factoring transactions rose 53% on year, the bank said, without providing figures.
The bank recorded a 40% year-on-year rise in intermediate business revenue to 7.6 billion yuan in the first six months of 2003.
The bank's Intermediate banking services, which include non-interest revenue generators such as fund management and financial consultation, accounted for more than 19% of the bank's total net income for the period, according to a statement issued by the bank.
The statement said the bank's domestic branches posted a 35.4% on-year rise in international settlement transactions to US$29.6 billion in the January-to-June period.
China's big four state-owned commercial banks have targeted an increase in non-interest revenues to fund massive pre-profit provisioning for nonperforming loans.
