Bank of Beijing's net profit hits RMB 2.92 bln in

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Post time:2009-08-27Source:www.chinaknowledge.comAuthor:reprintEditor:jinxiaomei
Bank of Beijing Co Ltd<601169>,[link widoczny dla zalogowanych], China‘s largest city commercial bank by assets, announced today that its net profit climbed 0.75% year on year to RMB 2.92 billion in the first half of this year.

Basic earnings per share were RMB 0.47, according to the bank‘s interim report.

The lender‘s gross profit in the first six months was RMB 3.73 billion, up 1.04% from a year earlier.

Bank of Beijing attributed the increase in profit to an increase in loans during the same period,[link widoczny dla zalogowanych], which offset a decline in net interest margins.

The bank extended RMB 56.7 billion in new loans in the first half, which brought its outstanding loans to RMB 249.8 billion at the end of June,[link widoczny dla zalogowanych], 29.39% more than at the beginning of this year.

The bank‘s income from intermediate business surged 29.64% from a year earlier to RMB 323 million during the period from January to June.

By the end of June,[link widoczny dla zalogowanych], the lender‘s capital adequacy ratio and core capital adequacy ratio were 16.12% and 13.48%,[link widoczny dla zalogowanych], down from 19.66% and 16.42% at the start of this year, respectively.

Bank of Beijing also said that its board of directors has approved plans to set up a consumer finance firm that will be based in Beijing and have a registered capital of RMB 300 million.