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Bank of Beijing 2007 net profit up 56%

(Agencies)
Updated: 2008-04-07 16:18

Bank of Beijing Co Ltd said 2007 net profit grew 56.43 percent to 3.35 billion yuan on strong growth in both net interest income and fees.

In its annual report filed with the Shanghai stock exchange, the bank said operating revenue rose 31.13 percent to 7.64 billion yuan ($1.09 billion) in 2007.

Net interest income rose 31.1 percent to 7.2 billion yuan, while net fee and commission income came in at 296.29 million yuan, up 69.3 percent.

Earnings per share stood at 0.63 yuan compared with 0.43 in 2006.

At the end of 2007, the bank had outstanding loans of 157.21 billion yuan, up 21.32 percent, while outstanding deposits were at 259.69 billion yuan, up from 233.09 billion a year earlier.

The bank said non-performing loans (NPL) at the end of 2007 totaled 3.24 billion yuan, down 1.4 billion from the beginning of 2007, with the NPL ratio falling to 2.06 percent from 3.58 percent.

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The capital adequacy ratio (CAR) was at 20.11 percent against 12.76 percent at the end of the previous year, with core CAR of 17.47 percent, against 8.57 percent, the bank said.

At the end of 2007, the bank had 93.122 billion yuan in bond holdings, with bond investment income of 2.546 billion yuan.

For 2007, it plans to pay a cash dividend of 1.2 yuan for every 10 shares held.

ING Bank NV is currently the largest shareholder in Bank of Beijing with a 16.07 percent stake, while the International Finance Corp (IFC), the investment arm of the World Bank, holds 4.04 percent.

The bank said its net profit in 2008 is expected to rise by over 40 percent, with the NPL ratio kept within 2 percent.

Outstanding loans and deposits are expected to pass 180 billion yuan and 290 billion respectively by the end of 2008, the bank said.

Total assets are expected to exceed 400 billion yuan, against 354.22 billion yuan at end-2007.

In a separate statement, the bank said it has signed an agreement to buy a 19.99 percent stake in Langfang City Commercial Bank, based in northern China's Hebei Provincenear Beijing, for 127.5 million yuan.

It expects a return on this investment of over 20 percent in the next three years, the bank added.

Langfang City Commercial Bank booked operating revenue of 518.4 million yuan in 2007, with a net profit of 143.67 million yuan.

The deal is subject to approval by shareholders and the China Banking Regulatory Commission.