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Industrial Bank forecasts 37.74% surge in 2011 profit

Jan. 12, 2012 (China Knowledge) - Industrial Bank Co Ltd<601166>, a Fujian Province-based bank partly owned by HSBC Holdings Plc<0005>, announced yesterday that it expected its net profit to grow 37.74% year on year to RMB 25.51 billion in 2011.

The bank said in a statement filed with the Shanghai Stock Exchange that basic earnings per share were estimated at RMB 2.37 last year, up 30.22% year on year.

Gross profit was RMB 33.66 billion in 2011, 40.21% more than that in the previous two years.

The lender's unaudited operating revenue increased 37.51% year on year to RMB 59.76 billion last year.

Another domestic lender Shanghai Pudong Development Bank Co Ltd<600000> said earlier that it expected its net profit to jump 42.02% year on year to RMB 27.24 billion in 2011.

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