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The China Construction Bank (CCB) announced Monday that its net income from intermediate businesses in 2002 reached 4.37 billion yuan (about US$528.42 million), 128.17 percent of the target it set at the beginning of the year.
A CCB spokesman said that according to international accounting standards, the bank's non-interest income accounted for 12.05 percent of its total income, demonstrating that the bank's income structure is gradually shifting away from heavy dependence on interest profits.
He said that intermediate businesses are a significant source of income growth for Chinese banks, and they are also a main target for competition from foreign banks after China's entry into the World Trade Organization. The CCB has made the intermediate businesses one of its pillars for development, and has made intensive efforts in financial services and product innovation.
The spokesman said that in 2002 the bank's insurance agent business exceeded 20 billion yuan, for the first time providing price valuing and consultation services for Chinese enterprises engaged in construction projects in the United States, Brazil and other countries, earning a commission of 294 million yuan, up 82.5percent from the previous year.
The bank's other intermediate businesses included loans on commission, advisory services, banking cards, fund trusts and clearing.
(Xinhua News Agency January 21, 2003)
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