Money

Huaxia Bank Q1 profits up 30.7%

(Xinhua)
Updated: 2011-04-29 17:17

BEIJING - Huaxia Bank, a mid-sized lender in China, said on Friday that its first-quarter net profits rose 30.7 percent year-on-year to 1.71 billion yuan ($263 million)

Earnings per share stood at 0.34 yuan, according to a statement filed with the Shanghai Stock Exchange.

Related readings:  Banks off to a strong 2011 start  ICBC's Q1 net profits up nearly 30%  CCB's profits up 34.23% in Q1  Huaxia Bank Q3 profit up 56%

The lender attributed its profit gains to higher net interest incomes and commissions.

Net interest income, or revenue from borrowers minus interest paid to depositors, climbed 30.8 percent to 6.63 billion yuan during the first three months, while commission and income from fee-based services gained 84.4 percent to 697 million yuan, the statement said.

Shares of the bank fell 5.3 percent to 12.52 yuan on Friday.