Banking News
- China Development Bank reports 23% rise in net profits in 2006
Date: 12-Mar-2007 Sources: (Xinhua Online)
The China Development Bank, one of China's three policy banks, said its net profits rose 22.8 percent to 28 billion yuan (3.59 billion U.S. dollars) by the end of 2006.
Total assets of the bank grew 21.9 percent to 2,314.3 billion yuan, but the capital adequacy ratio dropped 1.1 percentage points to 8.05 percent, according to the bank's annual report for 2006.
The bank's loan balance rose 16.5 percent to 2.02 trillion yuan,while its non-performing loan (NPL) ratio dropped to 0.72 percent from 0.96 percent in 2005 and 1.31 percent in 2004.
The report said 78.6 percent of the loans were used to boost the country's infrastructure development and in the basic industries, or the industries of energy, communications, transport and raw materials.
Meanwhile, 30.2 percent went to the western regions and the old industrial bases in the northeast.
Last year the bank strengthened its support for the government's policy of building of new socialist countryside, with loans of 64 billion yuan going to rural areas.
By the end of last year, the bank had given 18.7 billion U.S. dollars in loans to 105 international cooperation projects, mainlyin the infrastructure and resources development sectors.
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