China's Industrial Bank enjoys 40.92% profit increase in Q3

Sustained profit growth.

This best describes the performance of Fujian-based Industrial Bank, who reported a net profit increase of 40.92 percent year on year.

This pushed its profit to 9.24 billion yuan or US$1.47 billion in the third quarter of this year.

The third quarter numbers allowed it reach a net profit amounted to 26.34 billion yuan.

This also push up the banks net profit for the January-September period to 40.2 percent from the previous year.

The bank's non-performing loans stood at 5.16 billion yuan at the end of September, while the NPL ratio climbed by 0.05 percentage point from the second quarter to 0.45 percent as of the end of September.

The lender's core capital adequacy ratio, which measures a bank's ability to deal with risky assets, strengthened to 8.27 percent at the end of September, compared with 8.2 percent at the end of last year.

For more.