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Industrial Bank's Q1 net profit surges 58.74%

Apr. 26, 2012 (China Knowledge) - Industrial Bank Co Ltd<601166>, a Fujian Province-based bank partly owned by HSBC Holdings Plc<0005>, announced yesterday that its net profit grew 58.74% year on year to RMB 8.29 billion in the first quarter of this year.

Basic earnings per share were RMB 0.77 in the period, up 58.74% year on year.

The bank's operating revenue grew 65.04% year on year to RMB 19.23 billion in the first three months.

Net interest income jumped 67.46% from the same period of last year to RMB 16.39 billion in the quarter, due to an increase in interest-bearing assets and higher net interest margin.

The lender saw its fee and commission income reached RMB 2.78 billion in the first three months, representing an increase of 61.09% year on year.

The bank's capital adequacy ratio remained unchanged at 11.04% at the end of March, and its core capital adequacy ratio had risen 0.07 percentage points to 8.27%.

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