Monday, March 31, 2008

Chong Hing Bank posts net profit of HK$505 mln in 2007

Hong Kong-based Chong Hing Bank Limited<1111>, partly owned by the Bank of Tokyo-Mitsubishi UFI Ltd, posted net profit has amounted to HK$505 million by the end of 2007, with a slight increase of 0.38% from the year earlier, based on the audited financial results of 2007.

The family-run lender also said in the annual report to the Hong Kong Stock Exchange that the customers' deposit has reached HK$60.3 billion, up 10.34% year-on-year, while the loans amounted to HK$31.8 billion, up 18.03% year-on-year.

The bank's capital adequacy ratio fell 8.79% year-on-year to 14.22% by the end of 2007, while its 2007 average liquidity ratio climbed 0.31% year-on-year to 55.82%.

The total dividend for the whole year of 2007 has reached HK$0.65 per share.

The bank's shareholders include the Bank of Tokyo-Mitsubishi UFJ Ltd, Liu Chong Hing Estate Co. Ltd, COSCO (Hong Kong) Group Limited and other minority investors, which hold 9.66%, 46.76%, 20% and 23.58% stake in the lender respectively.

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