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China Minsheng Banking: 13Q1 Net Profit Rises 20 Percent YoY

|Includes:CGMBF, China Minsheng Banking Corp., Ltd. ADR (CMAKY)

Prepared by ChinaScope Financial | Source:Company Disclosure

  • China Minsheng Banking Corp. Ltd. (01988: HKG; 600016: SHA) announced last night that company net profit attributable to common shareholders for the first quarter of 2013 increased 20.1 percent year-on-year (YoY) to CNY 11 billion. Basic earnings per share for the first quarter stood at CNY 0.39.
  • Total operating revenue for 13Q1 increased 15.4 percent YoY to CNY 28.9 billion. Of the total, net interest income increased 6 percent YoY to CNY 20.1 billion, and net non-interest income increased 44.5 percent YoY to CNY 8.76 billion. Net interest margin for 13Q1 stood at 2.45 percent, 0.15 percentage points lower than the fourth quarter of 2012. The decrease was primarily due to the changes in interest rates and the higher proportion of interbank businesses.
  • As of the end of the first quarter, the bank's non-performing loan ratio was 0.76 percent, identical to that at the end of 2012. Provision coverage ratio stood at 325 percent, up 0.98 percentage points from the end of 2012.
  • Under the new regulatory requirements, the lender's capital adequacy ratio (NASDAQ:CAR) at the end of March 2013 was 9.87 percent, tier 1 CAR was 7.81 percent, and core tier I CAR was 7.8 percent.