Hua Xia Bank reports 59% surge in net profit

Hua Xia Bank's net profits in 2010 hit US$907.6 million, representing an increase of 59 percent from the previous year.

The bank said in its annual business report that revenues last year went up 42.9 per cent to hit US$3.7 billion.

The Beijing-headquartered bank's total assets amounted to US$158.5 billion by the end of 2010, compared to US$128.9 billion by the end of 2009.

As of the end of 2010, the bank's total outstanding loans stood at US$80.49 billion, up 22.7 per cent compared to the same period in 2009. The company's non-performing loan ratio decreased to 1.18 per cent, down 0.32 percentage points compared to the end of 2009.