On the evening of August 19, BOC held the release conference for 2014 interim results. In the first half of 2014, BOC realized after-tax profits of RMB93.409 billion, up 10.97% year on year; after-tax profits attributable to shareholders amounted to RMB89.724 billion, up 11.15% year on year. At the conference, President Chen Siqing mentioned the issue of "agriculture, rural areas and farmers" many times.
According to its interim report, as of the end of June, BOC extended agriculture-related loans of RMB1,129.8 billion, up 6.1% over the end of last year. President Chen Siqing revealed that BOC has strengthened its presence in counties in terms of financial services for agriculture, rural areas and farmers, by relocating some of its outlets to county areas, and establishing community banks ever since 2011. So far, it has established 54 community banks open for business. It is the major bank with the most community banks covering 74 villages in 54 counties across 10 provinces and cities, among which counties in the middle and west part account for 72% and state-designated poor counties accounted for 22%.
BOC community banks have been adhering to the approach of "supporting the development of agriculture, and small and micro enterprises by taking root in communities". As of the end of June, loans granted by these community banks increased by 56.6% comparing with the beginning of the year. The development of community banks has strongly supported the development of county economy.
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