Bank of Beijing Co. Ltd (601169) revealed its 1Q 2008 Report on 30 Apr 2008. The company posted a surge of 189.8% YOY growth in net profit, which was RMB 1.59 bln.

As of 31 Mar 2008, the bank had assets of RMB 363.45 bln. The bank had RMB 268.08 bln in deposits and had RMB 163.59 bln in loans. Thanks to growth in lending return rate and growing net interest margin, net interest margin increased by 73.28% YOY, showing stronger profitability.

In addition, the bank also saw rapid growth in intermediate businesses. From Jan to Mar 2008, the company generated RMB 110 mln in net income from fees and commissions, which were 140.5% over that in 1Q 2007.

Source: China Securities Journal

Date: 30 Apr 2008

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