Bank of Nanjing net profit grows 49.53%
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Bank of Nanjing (stock code: 601009.SH), a Nanjing-based municipal commercial bank, reported a 49.53 percent increase in net profit to 1.197 billion yuan (US$176 million) for the first six months of 2010.
The mid-sized lender's operating income was 2.563 billion yuan (US$378 million), according to the interim report filed to the Shanghai Stock Exchange.
In the first six months, Bank of Nanjing extended more loans. The lender’s branches outside Nanjing City netted 35.54 billion yuan (US$5.24 billion) in loans, up 6.75 billion yuan from last year, and contributed 46.6 percent of the loan balance.
Till June 30, the lender’s total deposits reached 126.6 billion yuan (US$18.68 billion), up 2.45 billion yuan from the beginning of 2010. The bank’s capital adequacy ratio was 11.59 percent, 2.48 percentage points lower compared with last year.
By the end of June, the lender’s non-performing loan ratio was 1.05 percent, down 0.17 percentage points from the beginning of the year.
China's business press carried the story above on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
