The Import and Export Bank of China, one of the country's three policy banks, said its 2005 after-tax profits grew 79 percent from 2004 to hit 71.85 million yuan (US$8.98 million).

 

The bank's 2005 financial report published over the weekends attributed the sharp surge in profits to the fast growth of the bank's interest revenues due to increased loans.

 

In 2005, the bank's revenues from interest totaled 6.276 billion yuan, 2.7 billion yuan more than that of 2004.

 

The report said the bank approved loans worth 158.6 billion yuan last year and granted loans worth 118.3 billion yuan, up 75 percent and 71 percent, respectively, from 2004.

 

Besides, the financial report also disclosed the bank's bond issuance plan for 2006, saying that the Import and Export Bank plans to issue 75 billion yuan worth of mid- and long term bonds and 16 billion yuan worth of short-term bonds this year, the least among the country's three policy banks.

 

The other two are the Agricultural Development Bank of China and the State Development Bank.

 

(Xinhua News Agency May 23, 2006)