Briefly

PBOC adds liquidity via reverse repos

China's central bank conducted 250 billion yuan ($35.24 billion) of seven-day reverse repos at an interest rate of 1.8 percent on Thursday. The move aims to keep liquidity in the banking system stable at the end of the quarter, the People's Bank of China said in a statement. A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

ICBC net profit up 0.8% last year

Industrial and Commercial Bank of China, the country's biggest commercial lender, reported a net profit increase of 0.8 percent last year, despite a 3.7 percent drop in business revenue. The bank's net profit attributable to shareholders stood at 365.12 billion yuan ($51.43 billion) in 2023 and its business revenue reached 843.07 billion yuan, according to its financial report filed to the Shanghai Stock Exchange. ICBC's nonperforming loan ratio stood at 1.36 percent at the end of 2023, down 0.02 percentage point from the end of 2022.

BYD net profit soars 81% in 2023

China's leading new energy vehicle manufacturer BYD Co Ltd recorded a net profit of 30.04 billion yuan ($4.23 billion) in 2023, up 80.72 percent year-on-year, the company said. According to its annual report, BYD generated revenue of 602.32 billion yuan in 2023, an increase of 42.04 percent year-on-year. The company's research and development expenses amounted to 39.58 billion yuan in 2023, up 112.15 percent year-on-year.

Xinhua - China Daily