Hua Xia Bank expects its Q1 net profit up 80%
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Hua Xia Bank, a medium-sized Chinese commercial lender, said Thursday its net profits for the first quarter of 2010 are expected to jump more than 80 percent year on year.
Bank sources said that the expected strong performance for 2010's first three months mainly stemmed from expanding assets, declining capital cost, rising net interest rate income and growing revenues from intermediary services.
The lender's net profits for the same period in 2009 hit 702 million yuan (103 million U.S. dollars), said the company in Thursday's statement filed with the Shanghai Stock Exchange.
Earnings per share for the first quarter of 2009 were 0.14 yuan, according to the statement.
The bank said in a statement to the exchange last Wednesday it would suspend trading of its shares for five working days as it had yet to iron out the details of its fundraising plans.
On Wednesday, the day the stock was supposed to resume trading, the company said in another statement that the suspension would be extended to April 27 to protect investors' interest regarding uncertainties in the ongoing fundraising plans.
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