Mar 27 - Hua Xia Bank: 2011 Net Profit Rises 54% to CNY 9.22 Billion

Source: Shanghai Stock Exchange, ChinaScope Financial (Data)

+       According to the annual report released by Hua Xia Bank Co., Ltd. (600015.SH) today, the bank made CNY 8.22 billion in net profit in 2011, up 53.97% year-on-year, and plans to pay out a cash dividend of CNY 0.25 per share to all shareholders.

+       The bank’s revenue was CNY 33.54 billion, increasing 37.03% year-on-year, in 2011.

+       At the end of 2011, outstanding non-performing loans totaled CNY 5.6 billion, decreasing 10.46%, or CNY 654 million, from 2010. The non-performing loan ratio was 0.92%, provision coverage ratio 308.21%, capital adequacy ratio 11.68%, and core capital adequacy ratio 8.72%.

HXB has been expanding their non-interest income business and so despite lower growth of loans and deposit, net profits increased rapidly in 2011.

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Other News Headlines:

n Net Profit of China Life Insurance Fall 45.5% YoY

n Hua Xia Bank: 2011 Net Profit Rises 54% to CNY 9.22 Billion

n Value of Powerlong’s 2011 Contracted Sales Only Half of Annual Target

n Net Profit of Datang International Power Falls 23% in 2011

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Mar 27 - Net Profit of China Life Insurance Falls 45.5% YoY

Source: Shanghai Stock Exchange, ChinaScope Financial (Data)

+       China Life Insurance Co., Ltd. (CLIC) (601628.SH, 2628.HK, NYSE: LFC) released its 2011 annual report today, showing that net profit increased 45.5% year-on-year to CNY 18.33 billion. The insurer plans to distribute CNY 0.23 cash dividend per share.

+       The company continues to lead the life insurance market in premiums earned, totaling CNY 318.28 billion in 2011, a 0.1% year-on-year increase, and it holds a market share of 33.3%.

+       The report shows further that investment assets increased 11.9% year-on-year to CNY 1.49 trillion. Bond interest income made yields of 4.28%, but total gross investment yield was only 3.51% due to downturn in China’s stock market.

The lower growth rate of GWP along with poor stock market performance resulted in negative net profit growth in 2011. Meanwhile, the solvency ratio is quickly approaching the lower limit of 150%.

Trading Comparable

Other News Headlines:

n Net Profit of China Life Insurance Fall 45.5% YoY

n Hua Xia Bank: 2011 Net Profit Rises 54% to CNY 9.22 Billion

n Value of Powerlong’s 2011 Contracted Sales Only Half of Annual Target

n Net Profit of Datang International Power Falls 23% in 2011

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