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Everbright Bank posts 7.32b yuan net profit in 2008

By Zhang Jiawei (chinadaily.com.cn)
Updated: 2009-06-02 15:40

China Everbright Bank, a nationwide commercial lender, saw net profit rose 45.2 percent last year to 7.32 billion yuan despite a slowdown in the economy, Shanghai Securities News said on Tuesday, quoting the bank's annual report.

As of the end of 2008, the bank's balance of non-performing loans was 9.36 billion yuan, 9.39 billion yuan less than that at the beginning of the year, while the non-performing loans ratio was 2 percent, 2.49 percentage points lower compared with the beginning of 2008.

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The capital adequacy ratio of the bank stood at 9.10 percent and the provision coverage ratio surpassed 150 percent at the end of 2008.

Total assets were 851.8 billion yuan at year-end, 112.6 billion more than at the start of the year. Outstanding loans and general deposits were 468.5 billion yuan and 625.9 billion yuan respectively, rising 50.9 billion and 65.1 billion in the year.

The annual report also disclosed the bank's top executives' salary adjustments.

Tang Shuangning, board chairman of the bank, received a pre-tax income of 1.6 million yuan in 2008,while after being on his post for only seven months in 2007 he was paid 2.338 million yuan before tax.

Bank president Guo You got a salary cut of about 60 percent from 3.788 million yuan in 2007 to 1.59 million yuan in 2008. The salary was measured before tax.

All these achievements were reportedly due to the bank's pre-IPO reforms which were completed at the end of 2007. The bank submitted its IPO application to the China Securities Regulatory Commission in June 2008, hoping to get listed in the mainland's A share market. However, the sudden global financial crisis hindered the bank's attempt of going public.

Everbright Bank's 2009 target is to increase total assets by 11.5 percent to 950 billion yuan, total loans by 14.1 percent to 534.5 billion yuan, total deposits by 12.3 percent to 702.7 billion yuan, and keep the net profit equal to or above that of 2008, the non-performing loans ratio under 2.5 percent and the capital adequacy ratio to be 10.5 percent, the bank's report posted.