Hangzhou City Commercial Bank 07 NPL ratio sharply drops

Hangzhou City Commercial Bank announced today that its non-performing loans (NPL) ratio was 0.82% by the end of 2007, lower from 1.40% in 2006, sources reported.

The lender said its after-tax net profits, citing the Chinese accounting standards, hit RMB 700 million last year, compared with RMB 614 million of 2006 and RMB 452 million of 2005. However, it did not provide other financial data in its report.

The bank witnessed a capital adequacy ratio (CAR) of 9.36% by the end of 2006, higher than 8.84% in 2005. Its outstanding deposits hit RMB 51.18 billion, and outstanding loans climbed to RMB 34.18 billion by the end of 2006.

Hangzhou City Commercial Bank was founded in 1996. Commonwealth Bank of Australia (CBA.AU) and Asian Development Bank (ADB), as its first and fifth shareholders, own 19.99% and 4.99% of its stake respectively.