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This is the first net profit fall in a decade, according to CDB, ascribing the dim results to the economic slowdown, the exchange loss, as well as the massive Sichuan earthquake in the year.
Total profits stood at CNY 27.938 billion, shrinking 35.9% from CNY 43.571 billion in 2007. Operating revenue climbed 27% to CNY 84.6 billion, 35% of which derived from the increased interest revenue.
Non-performing loan ratio swelled 62.7 percentage points from 0.59% a year ago to 0.96% at the end of 2008, the highest in four years. Capital adequacy ratio, on the other hand, slipped to 11.31% at the yearend from 12.77% a year earlier.
As of December 31, 2008, total assets had amounted to CNY 3.8212 trillion; outstanding loans, CNY 2.9 trillion; and outstanding deposits, CNY 360.5 billion.
Source: www.hexun.com (June 19, 2009)
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