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Everbright鈥檚 slow growth
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CHINA Everbright Bank, the banking unit of state-owned China Everbright Group, posted a slower 2.5 percent profit growth in the first half of the year.
The bank said net profit was 16.2 billion yuan (US$2.5 billion) by June, up from 15.8 billion yuan a year ago, but slower than a 6.2 percent growth in 2014.
Net interest income, which often contributes the most for Chinese banks, increased 15.3 percent to 32.1 billion yuan. While net non-interest income soared nearly 57 percent to 13.6 billion yuan from a year earlier, to ease the pressure of narrowing interest margin due to interest rate liberalization.
Non-performing loans was 20.1 billion yuan by June, the bank said in report to Shanghai Stock Exchange yesterday, sending its bad loan ratio 0.23 percent higher to 1.42 percent.
The bank blamed the rising bad loan ratio for poor solvency of manufacturing and retailing companies in Yangtze River Delta region.
“A further deterioration on bank’s bad loan is predictable in the second half of the year as economic slowed with structure reform, and certain industries are suffering from overcapacity,” the lender said in a statement yesterday.
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