Do­mes­tic com­mer­cial banks re­port im­proved profi t dur­ing fi rst half

Global Times - - Biz Overview -

Ten com­mer­cial banks in China have released their in­terim re­sults as of Wed­nes­day, re­port­ing a com­bined net profi t of 551.95 bil­lion yuan ($ 83.72 bil­lion).

In­dus­trial and Com­mer­cial Bank of China ( ICBC), Bank of China ( BOC), China Mer­chants Bank ( CMB) and In­dus­trial Bank Co posted the high­est profi ts.

ICBC re­ported net profi t of 153.7 bil­lion yuan, up by 2 per­cent over the same pe­riod last year.

BOC re­ported the fastest growth of profi t at 11.45 per­cent year- on- year, with fi rst- half profi t of 103.7 bil­lion yuan.

CMB achieved net profi t of 39.25 bil­lion yuan in the fi rst half, up 11.43 per­cent year- onyear. Next came In­dus­trial Bank Co with net profi t of 31.6 bil­lion yuan and Shang­hai Pudong De­vel­op­ment Bank with 28.16 bil­lion yuan.

Ac­cord­ing to ICBC, a deep­ened trans­for­ma­tion and in­no­va­tion to fur­ther en­hance busi­ness vi­tal­ity and de­vel­op­ment mo­men­tum con­trib­uted to its profi t.

Thanks to ICBC’s eff orts in fur­ther im­ple­ment­ing its re­tail, as­set man­age­ment and in­vest­ment bank strate­gies, new sav­ings de­posits in the fi rst half ranked fi rst in the in­dus­try, it said in a statement sent to the Global Times on Wed­nes­day.

The net in­crease in the num­ber of per­sonal clients was 16.86 mil­lion, with ag­gre­gate per­sonal fi nan­cial as­sets of 12.67 tril­lion yuan.

BOC said that the in­creas­ingly rapid de­vel­op­ment of its In­ter­net fi nance busi­ness led to rapid growth in the vol­ume of its mo­bile bank­ing busi­ness and clients’ stick­i­ness.

In the fi rst half of 2017, the bank’s sub­sti­tu­tion ra­tio of ebank­ing chan­nels for out­let­based busi­ness trans­ac­tions reached 94.36 per­cent, while its e- chan­nel trans­ac­tions reached 89.65 tril­lion yuan, an in­crease of 18.88 per­cent year- on- year, it said.

In­ter­na­tional busi­ness also con­trib­uted to these banks’ profi t growth.

For ex­am­ple, CMB launched an en­ter­prise- level on­line set­tle­ment cam­paign to im­ple­ment com­pa­nies’ “go­ing global” strate­gies. As of the end of June, CMB had pro­cessed off shore in­ter­na­tional set­tle­ments of more than $ 155.9 bil­lion and served nearly 40,000 en­ter­prises reg­is­tered in many coun­tries and re­gions around the world, ac­cord­ing to do­mes­tic news web­site peo­ple. com. cn.

Huaxia Bank has set up 731 branches in 48 coun­tries and re­gions along the Belt and Road route.

In the fi rst half, Huaxia Bank pro­cessed $ 33.3 bil­lion in in­ter­na­tional set­tle­ments while trade fi nanc­ing amounted to $ 6.2 bil­lion, ac­cord­ing to a re­cent re­port by sd­jsb. bjd. com. cn.

ICBC said that its net profi t gen­er­ated by over­seas and con­trol­ling in­sti­tu­tions in­creased by 21.4 per­cent year- on- year, which was a higher growth rate com­pared with the bank’s av­er­age.

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