Bank of Beijing (601169.SH) plans to raise 11.8 billion yuan through a private placement, reports chinanews.com.cn, citing a filing. The bank's shareholders have approved the issue; the placement will be the first time the bank has tapped the equity markets for funding since its listing in 2007.

Hawtai Motor, CITIC Securities (600030.SH), Taikang Life, and State Development Investment Corporation committed to subscribe shares worth 3.5 billion yuan, three billion yuan, two billion yuan, and 800 million yuan. China Hi-tech Group Corporation, Huaneng Capital Services, South Industry Asset Management, Shaanxi Coal and Chemical Industry Group, and Liqin Investment will subscribe to 500 million yuan worth of shares each.

The bank also said that net profit attributable to shareholders increased 20.45 percent year-on-year to 2.52 billion yuan in the first quarter for EPS of 0.4 yuan.

Through end of March, the bank had nonperforming loan balance of 2.35 billion yuan, an increase of 24 million yuan from the beginning of the year. Its NPL ratio dropped 0.03 percentage points to 0.66 percent from the beginning of the year with its provision coverage ratio up by five percentage points to 312.12 percent.