• Mon
  • Sep 1, 2014
  • Updated: 11:11pm

Asset lift at China Everbright on $931m earnings

PUBLISHED : Friday, 25 January, 2002, 12:00am
UPDATED : Friday, 25 January, 2002, 12:00am

Unlisted China Everbright Group, a mainland conglomerate controlled by the State Council, made a 994 million yuan profit (about HK$931.58 million) last year.


The conglomerate said the group's divisions achieved an improved performance on the preceding year, according to a report in the Financial News.


During the year, assets rose 25 per cent to 296 billion yuan. Of which, 96 per cent came from its financial business - including China Everbright Bank and China Everbright Securities.


However, it gave no breakdown on profits and assets of its banking and securities divisions.


The conglomerate and the bank were unavailable for comment yesterday.


According to China Everbright Bank's Web site, assets last year grew 29.6 per cent, to 268.89 billion yuan.


However, outstanding loans of 145.67 billion yuan were 44.7 per cent higher from the beginning of last year.


Outstanding deposits rose to 201.29 billion, up 26.4 per cent.


Meanwhile, commercial bank Huaxia Bank also unveiled its financial results for last year, posting a year on year 39.5 per cent growth in profit.


The bank, with assets only half the size of those held by China Everbright Bank, said profits reached 1.05 billion yuan.


'The positive result came from the encouraging performance achieved by its branches in the country,' said an official yesterday.


She gave no further details.


In a bid to enhance its competitiveness, the bank has unveiled an intention to seek a domestic listing.


Last year, its chairman indicated the company was considering letting one or two well-known foreign commercial banks take a minority stake.


Yesterday, the bank official said the listing plan was still under way.


China Everbright Bank also hopes to achieve a domestic listing. Earlier, China Daily Business Weekly said the bank was considering a 1.2 billion yuan initial public offering.


The bank's capital adequacy ratio was 10 per cent, higher than the 8 per cent requirement mandated by Basel-based Bank for International Settlements.


China Everbright Group aimed to boost its assets to 356 billion yuan by the end of the year, the Financial News reported.


It said China Everbright Bank last year reduced its non-performing loan ratio by 5.82 percentage points, as required by the central bank.


However, the report did not give the bank's actual non-performing loan ratio.


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