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Industrial Bank delays release of annual report

By Yang Zhen (chinadaily.com.cn)
Updated: 2009-03-17 11:15

Chinese investors will have to wait three more days to see the first annual report from a domestic bank after Industrial Bank pushed back the release of its annual report for 2008 to April 28.

Related readings:  Industrial Bank net profit up 32% in 2008  Industrial Bank promotes green credit program  Banks may suffer, but not too badly Bank lendings decline in February

The mid-sized Chinese lender had scheduled its annual report for March 16, but delayed the issue at the last minute, citing the need for further revision on the section regarding senior executive payments.

Shares of Industrial Bank closed 6.98 percent higher on Monday as investors were expecting a drastic net profit increase in 2008 from the lender. The bank said in a statement in January that its net profit in 2008 is expected to reach 11.4 billion yuan ($1.67 billion), up 32.34 percent from the 8.6 billion yuan in 2007.

Bank of Communications will be the first domestic bank to release its annual report for 2008 if it makes its announcement on Thursday as scheduled.

Strong lending growth in the first two months of this year has driven up most bank shares in China since the beginning of March. But stricter requirements on bad loan reserves from China's banking regulator dipped investors' expectations on Chinese banks' profit. Shenzhen Development Bank said in January that it expected a 77 percent profit drop in 2008 due to large write-offs to comply with the new regulations.