China's Industrial Bank profit up 40.92% in Q3

BEIJING -- China's Industrial Bank, headquartered in Fuzhou, capital of southeast Fujian province, said Tuesday that its net profit rose 40.92 percent year-on-year to reach 9.24 billion yuan ($1.47 billion) in the third quarter of this year.

For the January-September period, its net profit amounted to 26.34 billion yuan, up 40.2 percent from the previous year, the regional lender said in a statement filed with the Shanghai Stock Exchange.

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.

The bank's share price added 0.41 percent to close at 12.27 yuan in Shanghai on Tuesday.