China Everbright Bank released its 2008 annual report recently, showing that it made 7.32 billion yuan(US$1.07bln) of net profit last year--the best performance in its operating history.

According to statistics, the net profit of China Everbright Bank topped 7.32 billion yuan in 2008, an increase of 45.2 percent over the previous year. The bad loan balance totaled 9.36 billion yuan, 9.39 billion yuan less than that of 2007, while the bad loan ratio fell to 2.49 percent, down by 2 percent. The bank's capital adequacy ratio (CAR) reached 9.1 percent.

By the end of 2008, the total assets of China Everbright Bank amounted to 851.8 billion yuan, an increase of 112.6 billion yuan from the beginning of 2008. Its loan balance reached 468.5 billion yuan, an increase of 50.9 billion yuan. The general deposit balance totaled 625.9 billion yuan, an increase of 65.1 billion yuan. Clearly China Everbright Bank reaped a bumper harvest in 2008.

It is also noticeable that executive salaries were cut substantially last year. Board Chairman Tang Shuangning earned a pre-tax income of 1.6 million yuan in 2008, but had made 2.338 million yuan in pre-tax income in the first seven months after he took office in 2007.

The report also announced the bank's targets for 2009: total assets should top 950 billion yuan, an increase of 11.5 percent; loans total 534.5 billion yuan, an increase of 14.1 percent; deposits reach 702.7 billion yuan, an increase of 12.3 percent; net profit equal to last year; bad loan ratio at 2.5 percent; capital adequacy ratio at 10.5 percent.

For more details, please read the full Chinese coverage at: http://paper.cnstock.com/html/2009-06/02/content_70929037.htm

(China.org.cn June 2, 2009)