China Minsheng Bank Announces 1H 2020 Results: Revenue Up, Net Income Down

Financials Author: Skye Lan Editor: Luke Sheehan Aug 29, 2020 04:06 AM (GMT+8)

The bank's revenue rose by 11% and net income went down by 10% during the first half of 2020. 

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China Minsheng Bank released the financial results for the first half of 2020 on August 28. During the six-month period, the company posted revenue of CNY 98.11 billion with a year-over-year increase of 11.16%, net income of CNY 28.45 billion with a decrease of 10.02%. At the end of June 30, the company had total assets of CNY 7.14 trillion and total liabilities of CNY 0.46 trillion. 

It also reported the total credit lending amount rose by 8.91% to CNY 3.80 trillion, the balance of the deposit increased 14.02% to CNY 819.10 billion. At the end of June, the company had a non-performing loan balance of CNY 64.26 billion, which was a run-up of 18.04%. The company explained the drop in net income mainly through the stricter asset disposal policy and the increasing provision recognition. 

China Minsheng Bank, which is the first privately-established commercial bank in China, went public on the Shanghai Stock Exchange under the ticker of 600018 in 2000 and also listed on Hong Kong bourse in 2009 under 4609. After the financial results were released, the stock (600018:SH) of the company ran up by 1%.