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China Development Bank (CDB), which has restructured itself into a commercial lender, reported a net profit of CNY 20.8 billion for the fiscal year 2008, down 28 percent from a year ago. Operating revenue hit CNY 84.6 billion, soaring 27 percent year on year. Interest income went up by 35 percent to CNY 202.3 billion and net interest income hit CNY 83.9 billion, accounting for about 99 percent of the operating revenue. Aggregate profit touched CNY 27.94 billion, diving 35.9 percent from CNY 43.57 billion in 2007.
Non-performing loan ratio stood at 0.96 percent as at the end of the year, up 0.37 percentage points from the end of 2007. Total assets hit CNY 3.82 trillion, of which CNY 2.9 trillion was loans and CNY 360.5 billion was deposits. Provision coverage reached 210.12 percent. Capital adequacy ratio was 11.31 percent and core capital adequacy ratio was 10.07 percent.
Return on assets averaged at 0.62 percent and return on equity averaged at 5.97 percent. Return on investment hit CNY 16.3 billion, seven times that of the previous year. Profit on the change in fair value reached CNY 4.3 billion.
The bank gained USD 20 billion from China SAFE Investments Ltd., a wholly-owned subsidiary of China's sovereign wealth fund China Investment Corp., at the end of 2007, which directly led to an exchange loss of CNY 24.6 billion in 2008, representing a yearly rise of 64.3 percent.
Agricultural Development Bank of China (ADBC) booked a net profit of CNY 627 million for 2008, down over 50 percent from CNY 1.47 billion in 2007. Operating profit exceeded CNY 20 billion for the first time. Non-performing loans dropped CNY 17.98 billion from a year earlier, with non-performing loan ratio touching 3.8 percent as at the end of 2008, down 2.49 percentage points from 2007 end. Non-performing loans cleaned up in cash amounted to CNY 3.49 billion.
The Export-Import Bank of China (China Eximbank) had a pre-tax profit of CNY 526 million and an after-tax profit of CNY 200 million last year. Total assets exceeded CNY 700 billion for the first time, of which over CNY 600 billion was loans. Non-performing loan ratio continued falling, standing at 1.52 percent as at the end of last year, less than two percent for the first time.
(USD 1 = CNY 6.83)
Source: www.cnstock.com (June 19, 2009)
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