Banking

Industrial Bank profits rise 39% in 2010

(Xinhua)
Updated: 2011-03-29 10:19

BEIJING - Industrial Bank Co, a mid-sized lender in China, reported on Monday that its net profits rose 39.44 percent to 18.52 billion yuan ($2.81 billion) in 2010 due to solid demand for consumer and corporate loans.

The Fujian-based lender joined China Construction Bank and Bank of China in reporting increased annual earnings as demand for credit stayed strong in the world's fastest-growing major economy.

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The bank extended 854.34 billion yuan of loans last year, including 619.6 billion yuan of corporate loans and 225 billion yuan of consumer loans. The figures represented an increase of 22.48 percent and 33.14 percent year on year respectively, the bank said in a statement filed at the Shanghai Stock Exchange.

Also, earnings per share rose to 3.28 yuan from 2.5 yuan one year earlier. By the end of December, the lender's total assets had reached 1.85 trillion yuan, an increase of 38.85 percent year on year.

Its capital adequacy ratio, which measures a bank's ability to deal with risk assets, rose to 11.22 percent at the end of 2010, compared with 10.75 percent from one year earlier.