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September 06, 2005

BOC NPLs Going the Wrong Way

Bank of China assistant president Zhu Min, in remarks at the E.U.-China Summit in Beijing, revealed that BOC's NPL ratio rose slightly in July, from 4.38% of loans to 4.83%. A momentary blip?

Perhaps, but why are loans still going bad at BOC even after the extraordinary write-offs taken to prepare the bank for sale? Presumably the RBS/Merrill Lynch consortium was aware of this, but it will be interesting to see what the IPO prospectus has to say about it. If BOC lists in the fourth quarter we may never see anything later than June 30 financials.

Posted by The Banker at September 6, 2005 12:24 AM

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