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HONG KONG, Apr 12, 2011 - (ACN Newswire) - China Everbright Bank officially published its 2010 annual report on 12 April, producing a brilliant report card for 2010. According to the report, the bank posted a net profit of RMB12.79 billion for 2010, representing a year-on-year growth of 67.4%, and proposed to pay a cash dividend of RMB0.946 (tax inclusive) for every 10 shares, totaling RMB3.825 billion and representing a payout ratio of nearly 30%.
Rapid growth in the results of China Everbright Bank during 2010 was attributable to three factors: first, the bank's business scale kept growing at relatively rapid pace with total loans increasing by 20.18% over last year; second, non-interest income maintained a good growth momentum thanks to a significant improvement in net interest margin as compared with 2009; and third, both the amount and proportion of non-performing loans declined and the credit cost fell, said market analysts.
According to researchers at Guodu Securities, there are potentials for the bank to grow in terms of scale expansion, business structure, risk management and corporate governance, which, coupled with a tradable share capital of only 4 billion shares and a lower absolute share price, is likely to win the bank favor from institutional investors.
In 2010,the bank has been travelling on a fast expansion track with corporate banking business growing rapidly, retail business experiencing steady growth and featured business maintaining good growth momentum. Currently, the bank's assets reached nearly RMB1.5 trillion. General deposits exceeded RMB1 trillion to RMB1,063.2 billion, up 31.63% over last year. In particular, corporate deposits amounted to RMB896.77 billion, up 33.4% over last year and savings deposits amounted to 166.42 billion, up 22.87% over last year. In addition, the commencement of operation of China Everbright Financial Leasing Co., Ltd. represents a new step forward in the bank's pursuit of integrated operation. During 2010, the bank opened 86 new branches, a record setting number since its establishment.
It is said that the bank, which once set a record speed in A-share IPO by taking only 28 days to go through the process from pre-disclosure to listing, has in February 2011 swiftly launched its H-share IPO plan to issue up to 12 billion shares which has been considered and approved by its shareholders' general meeting. The listing of H shares of China Everbright Bank, if successfully completed, will make it the ninth A-and H-share dual-listed bank on the market.
-- Abstracted from news on China Securities Journal and Shanghai Securities News.
Topic: Research / Industry Report
Source: China Everbright Bank Co Ltd
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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