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The Bank of China is China’s oldest and most globalized bank, operating across 62 countries and regions. The majority state-owned bank saw $152.4 billion in 2021 revenue, for 13.7% year-over-year growth. Its net income jumped 12.3% from the year prior, to $34 billion, marking its fastest profit growth in nearly a decade. The Bank of China also reported a 1.33% ratio of nonperforming loans, a decrease from the year prior, though its nonperforming property loans increased sevenfold, to 34.7 billion yuan. BOC became the first Chinese bank to pledge to cease financing new coal-mining and coal-fired power projects outside China’s mainland, and it signed on to the UN’s Principles for Responsible Banking. BOC was also the official banking partner of the 2022 Beijing Winter Olympics, making it the only bank to sponsor both the Summer and Winter Games. Though a mortgage payment crisis hit China in mid-2022, as of July, BOC maintained that its risk from payment delinquency remained manageable.
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