Govt policies to aid banking sector, BOC says

The central government's supportive policies are expected to gradually improve business sentiment, boosting domestic demand and laying a solid foundation for the steady development of the banking industry, Bank of China said.

The bank's operating income reached 624.14 billion yuan ($86.26 billion) in 2023, a year-on-year increase of 6.42 percent, the mainland-based lender said during a briefing on its annual financial performance, in Hong Kong on Tuesday.

Net interest income and net fee income both rose, while profit after tax reached 246.37 billion yuan, up 4.07 percent on a yearly basis, it said.