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China Zheshang Bank FY'19 net profit rises 12.48% YOY

China Zheshang Bank Co. Ltd. logged a 12.48% rise in net profit in 2019 as both its net interest income and net fee and commission income recorded growth.

The bank reported net profit attributable to shareholders of the bank of 12.92 billion yuan in 2019, up from 11.49 billion yuan a year ago. EPS increased to 64 fen per share from 61 fen per share over the same period.

Net interest income grew to 33.87 billion yuan from 26.39 billion yuan in the prior-year period. Net interest margin increased to 2.34% from 1.93%. Net fee and commission income for 2019 was 4.58 billion yuan, an increase from 4.25 billion yuan in the previous year.

The bank's operating income rose to 46.45 billion yuan from 39.02 billion yuan, while its operating expenses inched up to 12.86 billion yuan from 12.14 billion yuan. It reported a nonperforming loan ratio of 1.37% in 2019, compared with 1.20% in 2018.

The lender's capital adequacy ratio as of the end of 2019 was 14.24%, up from 13.38% in the year-ago period. Its Tier 1 capital adequacy ratio rose to 10.94% from 9.83%. Its core Tier 1 capital adequacy ratio came in at 9.64%, rising from 8.38% in 2018.

The bank's board proposed a dividend of 24 fen per share for 2019, subject to shareholder approval.

As of March 27, US$1 was equivalent to 7.10 Chinese yuan.