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Industrial Bank reports 37.71% surge in 2011 profit

Mar. 20, 2012 (China Knowledge) - Industrial Bank Co Ltd<601166>, a Fujian Province-based bank partly owned by HSBC Holdings Plc<0005>, said yesterday that its net profit jumped 37.71% year on year to RMB 25.51 billion last year.

Basic earnings per share were RMB 2.36 last year. The bank proposed a final dividend of RMB 3.7 per ten shares.

Operating revenue was RMB 59.87 billion in 2011, up 37.77% year on year. Net interest income accounted for 84.7% of the total revenue.

The bank saw a 68.44% growth in non-interest income last year, which hit RMB 9.14 billion.

At the end of 2011, the lender's capital adequacy ratio had fallen to 11.04% from 11.29% a year earlier and its core capital adequacy ratio had dropped to 8.2% from 8.79% a year ago.

Industrial Bank said earlier this month that it plans to raise up to RMB 26.38 billion via a private placement to replenish its core capital.

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