Bank of Beijing estimates profit up 180% in Q1

Bank of Beijing Co.<601169>, estimated that its net profit in the first quarter of 2008 probably jumped more than 180% from a year earlier, Shanghai Securities News reported.

The company did not provide the final profit figures for the period. Its net income was RMB 550.6 million ($79 million) in the same period last year, or RMB 0.11 per share, according to the company's statement.

A month ago, Bank of Beijing signed strategic cooperation framework agreement with Changping District Municipality at Taoyukou Training Center, to provide a comprehensive credit facility of RMB 2 billion to support economic construction of Changping. .

Its shares closed at RMB 14.90 on Tuesday, up 0.81%.