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HONG KONG, May 3, 2011 - (ACN Newswire) - China Everbright Bank (CEB), which will shortly go public in Hong Kong, has recently announced its first 1Q report since listing. As at the end of March, CEB's total assets and total liabilities amounted to RMB1,685.2 billion (hereafter in Renminbi) and RMB1,598.8 billion, respectively, representing an increase of 13.6% and 14.0% as compared with the end of last year, respectively. During the period, its net profit posted RMB4.87 billion, representing an increase of 27.0% over the same period for 2010.
The total deposits of the Bank amounted to RMB1,138.0 billion while additional deposits for the first quarter amounted to RMB74.8 billion, representing an increase of 7.0% over the end of 2010, a remarkable success amidst fierce competitions in deposit taking. Boasting an annual growth of up to 31.6% in deposits throughout 2010, CEB ranked top among joint stock listed banks and sustained its momentum as an industry leader in the first quarter. Leveraging a solid liabilities base, CEB's credit business also witnessed rapid growth in the first quarter whilst ensuring compliance with the regulatory requirements for loan to deposit ratios. As at the end of the first quarter, the Bank's total deposits increased by RMB46.2 billion or 5.9% over the end of 2010 to RMB825.7 billion. Thanks to a widening interest rate spread and the blistering growth in interest-earning assets, CEB recorded net interest income of RMB9.25 billion for the first quarter, representing a year-on-year increase of 36.9%, a testimony to its sound growth momentum.
According to a market source, the Bank's fast-growing deposit business was partly attributable to its principle of "taking deposits as the key foundation of the bank", pursuant to which deposit business has been designated as a strategic focus across the organization and favorable polices have been given to deposits and other general liabilities in terms of resources allocation and assessment system, which encouraged the development of its saving deposit business. The Bank also owed its success to a balanced development of its assets and liabilities business, thanks to the promotion of cross-selling given a widened fundamental customer base under modular operations, as well as greater efforts in networking and coverage, leading to a record high addition of 86 outlets in 2010. All these important measures will inarguably reinforce the core competitiveness of CEB in the future.
Topic: Earnings
Source: China Everbright Bank Co Ltd
Sectors: Daily Finance
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From the Asia Corporate News Network
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