August 31 – Bank of Beijing (601169) recorded 30.69 percent growth in interim net profits to 5.1 billion yuan, reports yicai.com, citing a company filing. Sales revenues hit 9.75 billion yuan while total profits rose 32.44 percent to 6.6 billion yuan. Percentage changes cited in this report are year-on-year unless specified otherwise.

The bank’s annualized return on assets was 1.32 percent while its return on equity was 23.04 percent, up 0.25 percentage points and six percentage points from the end of 2010.

During the first six months, Bank of Beijing’s assets totaled 815.8 billion yuan, an increase of 11.26 percent from beginning of 2011.

Its deposit balance rose 5.54 percent or 30.91 billion yuan from the beginning of 2011 to 588.64 billion yuan, while its loan balance hit 375.51 billion yuan, up 12.18 percent or 40.78 billion yuan from the beginning of 2011.

Non-performing loans amounted to approximately 2.2 billion yuan, down 123 million yuan from start of 2011 with a non-performing loan ratio of 0.59 percent, down 0.1 percent.

The regional bank generated 894 million yuan in revenues from commissions and fee charges, up 420 million yuan or 88.59 percent. The business now accounts for 9.17 percent of total revenues, rising 2.74 percentage points on yearly basis.

Bank of Beijing earned net interest income of 1.08 billion yuan, an addition of 426 million yuan from same period a year ago or an increase of 65.45 percent. The company realized some 129 million yuan from its investment banking business, up 94.82 percent.

The firm had extended roughly 900,000 credit cards as of June 30, and its average credit card transaction value was the highest among peers.

The bank also earned revenues of 125 million yuan from its settlement business, an increase of 140.04 percent.

Bank of Beijing’s capital adequacy ratio and core capital adequacy ratio were 12.27 percent and 9.68 percent, respectively down 0.35 percentage points and 0.83 percentage points from the end of 2010.

Board secretary Yang Shujian was quoted as saying the company reduced some 40 billion yuan in loans extended to government financing platforms, which account for 18 percent of total loans. Yang predicts that the loans would be further reduced by 50 billion yuan by the end of 2011 to a proportion of 13 percent.