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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Bank of China books 3.8 billion dollars in investment losses AFP - 1 hour 36 minutes ago SHANGHAI (AFP) - - Bank of China said it had posted 26.3 billion yuan (3.8 billion dollars) in potential losses on assets at the end of September, partially related to US subprime mortgage-backed securities. China's largest foreign exchange bank also reported a net profit of 17.8 billion yuan in the third quarter, up 11.5 percent from a year earlier, according to a filing with the Hong Kong Stock Exchange late Wednesday. The potential losses on assets for the first nine months of the year more than doubled from 10.8 billion yuan a year earlier due to new paper losses on loans and foreign currency investment securities, the bank said. Bank of China (BoC) said it held US subprime mortgage-related debt securities valued at 3.3 billion dollars at the end of September. The loss on paper was 2.0 billion dollars on those securities. The bank said it also owned 6.2 billion dollars in debt securities issued by troubled US mortgage giants Freddie Mac and Fannie Mae. In addition, it held 1.4 billion dollars of securities backed by Alt-A mortgage, a category of loans with credit risks between prime and subprime loans. The bank added it had booked a 65 million-dollar charge for the holdings of 76 million dollars worth of bonds issued by collapsed US investment bank Lehman Brothers. It also faced a 45 million-dollar charge for 53 million dollars in loans its New York branch had extended to Lehman and its units. Although the exposure accounted for only a small portion of its total assets of 962.8 dollars, analysts said BoC faces a more challenging environment compared to other Chinese banks due to its bigger foreign exchange securities portfolio and overseas operations. Meanwhile, earnings growth in the third quarter slowed from the first half when its net profit grew 42.8 percent from a year earlier as bank profits were hurt by a slowing domestic economy and falling interest rates. China's economic growth weakened to nine percent in the third quarter, the slowest in about five years. The central People's Bank of China cut key interest rates on Wednesday in a bid to spur economic growth, the third such move in six weeks. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Mitsubishi Electric lowers profit forecastAFP - 1 hour 10 minutes ago South Korean stocks rise 11.95 percent, won surgesAP - 1 hour 17 minutes ago Credit crisis delays IPO for Bangladesh's GrameenphoneAFP - 1 hour 20 minutes ago Asian stocks soar on US Fed rate cutAFP - 1 hour 21 minutes ago Hitachi swings to H1 profit but cuts outlookReuters - 1 hour 25 minutes ago Enlarge Photo Bank of China books 3.8 billion dollars in investment losses Most Popular – Business Viewed When men see red, they see hot: study World's fattest man weds friend's widow Obama set for prime-time appeal to voters Global financial woes hit China's 800 million farmers: state media Desperate pleas end in despair as starlet's nephew found dead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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