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China Everbright Bank raises dividend as FY'17 profit rises YOY

China Everbright Bank Co. Ltd. reported a year-over-year increase in net profit for the year ended Dec. 31, 2017.

The bank said net profit attributable to its equity shareholders rose to 31.55 billion yuan from 30.33 billion yuan in the prior year. EPS stood at 59 fen, compared to 63 fen.

The S&P Capital IQ consensus GAAP and normalized EPS estimates for the bank's Hong Kong-listed shares were both 62 fen, while the GAAP and normalized EPS estimates for its Shanghai-listed shares were 63 fen and 64 fen, respectively.

Net interest income decreased year over year to 60.95 billion yuan from 65.29 billion yuan, while net fee and commission income increased to 30.77 billion yuan from 28.11 billion yuan in 2016. The bank's operating income for 2017 dropped to 92.02 billion yuan from 94.37 billion yuan a year ago.

Impairment losses on assets fell to 20.57 billion yuan from 23.93 billion yuan.

Net interest margin dropped to 1.52% from 1.78% in the prior year. Net interest spread came in at 1.32%, compared to 1.59% for 2016.

The bank reported a nonperforming loan ratio of 1.59%, compared to 1.60% for 2016.

As of Dec. 31, 2017, the bank's capital adequacy ratio was 13.49%, up from 10.80% a year ago. Its common equity Tier 1 capital adequacy ratio rose to 9.56% from 8.21%, while its Tier 1 capital adequacy ratio improved to 10.61% from 9.34%.

The bank's board also approved a cash dividend of 18.1 fen per share for 2017, up from 9.8 fen per share for the prior year.

As of March 27, US$1 was equivalent to 6.28 Chinese yuan.