Industrial Bank net profits up 5.9% in 2018

SHANGHAI - Industrial Bank Co Ltd, one of the first batch of joint-stock commercial banks in the Chinese mainland, posted a 5.93 percent annual growth in its net profits for 2018.

Its net income attributed to shareholders reached 60.59 billion yuan ($8.94 billion) last year, Industrial Bank said in its unaudited preliminary earnings estimate filed to the Shanghai Stock Exchange late Thursday.

The lender, headquartered in the southeastern Chinese city of Fuzhou, took in revenues of 158.26 billion yuan last year, up 13.06 percent year-on-year.

Its total assets reached 6.71 trillion yuan by the end of 2018, an annual increase of 4.63 percent, the bank said.

In addition, its non-performing loan ratio stood at 1.57 percent at the end of last year, down by 0.02 percentage points from previous year.