Bank of China Says Profit Strong; Subprime Covered

Bank of China, the Chinese bank hardest hit by the subprime mortgage crisis, has made sufficient provisions to cover all its exposure to that market and will report "marked" profit growth for 2007, its chairman said on Monday.

"We have noticed the subprime market is worsening, but I want to say that our subprime portfolio has improved greatly," Xiao Gang told reporters. "Under the precondition of prudent accounting, we have set aside sufficient provisions for all our subprime holdings."

China's largest foreign exchange lender said last August it held $9.65 billion in U.S. subprime-related securities. It later said its exposure dropped to $7.95 billion by end-September.

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- Posted: 2008-02-18 09:33:37

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