BoCom Profit ‘Good Sign’ in Uncertain Times, KBC-Goldstate Says
Larry Wan, Shanghai-based deputy chief investment officer at KBC-Goldstate Fund Management Co., comments on Bank of Communications Ltd.’s profit growth in 2008. He spoke in an interview with Bloomberg TV today.
On the bank’s earnings:
“In such an uncertain world, it still posts really positive earnings growth, and I think that’s a good sign. For the whole year, we expect China’s loan growth to exceed 6 trillion yuan, somewhere between 6.5 to 7 trillion yuan.”
On other Chinese lenders:
“For other big banks like ICBC and Bank of China, they’ve been state-owned companies for quite a long time. They have a lot of policy driven business and that means they have to support a lot of state-owned enterprises that are losing money. Banks like BoCom are more market oriented.”
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