Mar 30 - Net Profit of Five State-Owned Banks at CNY 674.5 Billion in 2011, Up 25% YoY

 Source: ICBC, BOC, ABC, CCB, BOCOMM, ChinaScope Financial (Data)

+       The net profit of China’s five state-owned banks (ICBC, BOC, ABC, CCB, BOCOMM) totaled CNY 674.5 billion in 2011, a 25% year-on-year increase. Net fee and commission income in the five banks grew to CNY 351.51 billion.

+       The Industrial and Commercial Bank of China (ICBC) (601398.SH, 1398.HK) 2011 annual report released on March 29 shows net profit increasing 25.6% year-on-year to CNY 208.45 billion.

+       Bank of China’s (BOC) (601988.SH, 3988.HK) annual report, released today, reports net profit at CNY 124.18 billion, an 18.93% year-on-year increase.

Non-interest income is making up an increasing share of the banks’ total revenue, with fee and commission income being a major component of non-interest income.

Trading Comparable

Other News Headlines:

n PBOC’s Foreign Exchange Reserves at CNY 23.48 Trillion in Feb.

n Net Profit of Five State-Owned Banks at CNY 674.5 Billion in 2011, Up 25% YoY

n PetroChina Net Profit Falls 4.9% to CNY 132.98 Billion in 2011

n 45 Land Plots in Beijing Sold at Starting Price in Q1

n Tsingtao Brewery: Net Profit CNY 1.74 Billion in 2011, 14.3% Growth

If you'd like to receive a daily e-mail update of ChinaScope Daily Dim Sum Newsletter, please contact us:newsletter@chinascopefinancial.com. If you'd like to try out ChinaScope Database, apply for a trial here