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Bank of Beijing H1 net profit up 121.4%

(Agencies)
Updated: 2008-08-26 17:06

Bank of Beijing Co Ltd said first half net profit rose 121.4 percent to 2.9 billion yuan ($423.19 million) on strong growth in interest income and fees.

In its interim report filed with the Shanghai Stock Exchange, the bank said net interest income was 5.30 billion yuan, up 78.2 percent year-on-year; while net fee and commission income was 249.1 million yuan, up 92.2 percent.

The bank said a fall in the tax rate to 25 percent from 33 percent also provided a boost.

At the end of June, the bank had outstanding loans of 176.11 billion yuan, up 12.7 percent from the end of 2007. Outstanding deposits stood at 281.25 billion yuan, up 6.3 percent.

Outstanding loans to the real estate sector stood at 21.1 billion yuan, accounting for 12 percent of the total.

Non-performing loans totaled 3.06 billion yuan at the end of June, with the NPL ratio at 1.74 percent, down 0.32 percentage points from a year earlier.

The capital adequacy ratio (CAR) was 19.14 percent at the end of June, down from 20.11 percent at the end of 2007, with core CAR at 16.18 percent, down from 17.47 percent.

Provision coverage stood at 140.92 percent at the end of June, up 21.04 percentage points from the end of 2007.

Earnings per share stood at 0.47 yuan, against 0.26 yuan a year earlier.

At the end of June, the bank had investment in government-backed bonds worth 40.91 billion yuan while investment in central bank papers, bonds issued by policy banks and other financial institutions and subordinated bonds totaled 10.17 billion yuan.

The bank said in a separate statement that it plans to set up a fund management company with Canada's Scotiabank.

According to the statement, the fund management company will have registered capital of 300 million yuan. Scotiabank will hold 33 percent while Bank of Beijing and a third-party investor will hold a combined 67 percent.