THE Bank of China (BOC) announced Tuesday that Euromoney magazine has ranked it first out of 250 banks for shareholder equity in an emerging market.

　　According to the authoritative finance magazine, some emerging market banks achieved rapid growth and profits, despite global gloom, through restructuring, cost-cutting and consolidation, which “sets them apart from stagnant global rivals.”

　　Of the banks with the best equity growth, Chinese, Korean, Southeast Asian and East European banks were the most outstanding. A total of 17 Chinese banks were included in the ranking.

　　By the end of 2001, BOC shareholder equity amounted to US$26.387 billion, an annual growth of 8 percent from the previous year. In the first half of 2002, the bank registered an operating profit of 21.346 billion yuan (US$2.58 billion). (SD-Agencies)