Wednesday, December 15, 2010

Performance-than-expected first half net profit of the ICBC Bank of China increased more than half.

<P>: Http:// News, ICBC realized after-tax profit of the first half of 41.2 billion yuan, an increase of 62.0% and achieve earnings per share were 0.12 yuan. .ICBC President Yang Kaisheng said net interest income increased significantly the rate, fees, and the rapid growth in commission income and other factors, is the line in the first half mainly due to strong growth performance. .</ P> <P> Bank of China, achieved a total profit after tax attributable to equity holders 29.543 billion yuan, up 51.7%; earnings per share of 0.12 yuan. .Bank of China Chairman Xiao Gang said that with the internal reform and the Bank of China to gradually put in place the infrastructure, the Bank can still look forward to rapid growth in the future. .</ P> <P> ICBC 41.4 billion in first half profit after tax </ P> <P> "in accordance with International Financial Reporting Standards, ICBC's first half profit after tax of 41.4 billion yuan, an increase of 61.4% (according to Chinese accounting standards .the first half of ICBC profit after tax 41.2 billion yuan, up 62.0%); earnings per share was 0.12 yuan. "yesterday, in the A + H listing of ICBC's first mid-year report after the earnings call, President of ICBC .Mr Yang is proud to announce. .</ P> <P> Clearly, the results exceeded most analysts had expected. .According to a recent Reuters on visits of five analysts, who on average expected net profit this year, ICBC's interim 390 billion yuan. .In addition, financial analysts Wu Yonggang Guotai Junan after learning of the data on the Shanghai Securities News said, "strong growth in the first half of ICBC's profit, performance slightly exceeded our expectations." </ P> <P> Mr Yang also revealed that, net interest income .significantly increased the rate, fees and commission income, rapid growth, cost control is better than the level of income and excellent risk management capabilities and other factors, is the line in the first half mainly due to strong growth performance. .</ P> <P> the line semi-annual report shows that in the first half operating income of the bank a total of 117 billion yuan, an increase of 36.5%. .Among them, the fee and commission income was 149 billion yuan, up 89%, in the proportion of total operating income increased to 12.7%; net interest margin over the same period increased by 28 basis points to 2.65%, to achieve a net .Interest income is 102.2 billion yuan, an increase of 33.4%. .</ P> <P> excellent financial results will undoubtedly create superior shareholder returns. .It is understood that the bank first half of 2007 based on average total assets in the year than in 2006 increased 0.34 percentage points to 1.05%, annualized weighted average return on equity reached 16.93%. .</ P> <P> substantial growth in profit at the same time, ICBC also showed significant economies of scale, cost-income ratio continued to decline, remain at 31% of the lower level. .Compared with the industry, with strong competitiveness. .</ P> <P> semi-annual report data also show that the first half of the bank asset quality improved significantly. .Among them, the proportion of non-performing loan balance and continue to double down, non-performing loan rate of 3.79% in 2006 to six at the end of 3.29%; provision coverage ratio of 70.56% from the end of 2006 increased to 6 at the end of this year, 81.25%, anti- .risks further enhanced. .</ P> <P> According to Mr Yang said at the end of June, according to five classification, ICBC loss loans non-performing loans accounted for 0.2% of doubtful loans accounted for 1.5%. .In addition, he also revealed that the bank personal loans bad rate of less than 1.4%..

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