Industrial Bank H1 Earnings Up 39.57%

Date:2011-08-25wangxin  Text Size:

An Industrial Bank branch in Wuhu, Anhui province

August 24 – Industrial Bank (601166.SH) posted a 39.57-percent growth in interim net profits to 12.23 billion yuan, reports, citing a company filing. Earnings per share grew 22.83 percent to 1.13 yuan. Percentage changes cited in this report are year-on-year unless stated otherwise.

The Fuzhou-based bank attributed the growth to the rapid development of various lines of business, the rapid growth in total assets and increase in net interest margin which rose 37 basis points quarter-on-quarter in the second quarter.

Sales revenues grew 54.99 percent to 26.25 billion yuan, of which loan revenues, investment return and commission charges respectively accounted for 52.81 percent, 10.05 percent and 8.04 percent of total.

Revenues generated from inter-bank lending rose 240.54 percent. As of end of June, the bank’s total assets hit 2.09 trillion yuan, an increase of 12.99 percent from the beginning of 2011.

Industrial Bank’s non-performing loans totaled roughly 3.25 billion yuan, down 367 million yuan from the beginning of 2011, while the non-performing loan ratio was down 0.07 percentage points to 0.35 percent.

The provision coverage ratio rose 54.45 percent from the beginning of 2011 to 379.96 percent. The bank issued 10 billion yuan worth of subordinated debt in the inter-bank market during the first half of 2011.

Net assets of Industrial Bank hit 101.17 billion yuan, an increase of 9.98 percent. The capital adequacy ratio and core capital adequacy ratio were 11.22 percent and 8.24 percent respectively.

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