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Bank of Communications Q3 net profit up 22%

Hua Xia Bank Q3 net profit up 89.70%

(Agencies)
Updated: 2008-10-31 14:22

Hua Xia Bank Co Ltd, in which Deutsche Bank holds a 11.27 percent stake, said third quarter net profit rose 89.70 percent to 1.1784 billion yuan ($172.5 million) on increased interest income and a sharp fall in income tax.

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In a statement filed with Shanghai Stock Exchange, the bank said operating revenue for the third quarter was 4.46 billion yuan, up 21.2 percent year-on-year.

Net interest income stood at 3.49 billion yuan, up 17.1 percent year-on-year, while net fee and commission income rose 69.70 percent to 193.92 million yuan.

Investment income during the quarter rose 37.20 percent to 744.14 million yuan.

Pretax profit was 1.1793 billion yuan, comparing with 1.01 billion yuan the previous year while income tax spending was 906,145 yuan, down sharply from 385.367 million. It gave no reason why tax fell so drastically.

Earnings per share stood at 0.281 yuan for the third quarter, against 0.148 yuan a year earlier.

The company did not provide data on the capital adequacy ratio, non-performing loans and provision coverage.

For the first nine months, the company reported operating revenue of 13.18 billion yuan, up 28.96 percent from the previous year while net profit was 3.11 billion yuan, up 90.8 percent year-on-year.

Net interest income was 10.49 billion yuan against 7.93 billion a year earlier.

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