Xiamen Bank to Finance CNY537mn from 3rd Financing

Xiamen Bank on November 17, 2010 started the third round of capital increase.

The commercial lender intends to issue three shares for every ten shares to all shareholders at CNY 2.71 a share or a total of CNY 537 million, which willl increase the capital stock to 858 million shares from current 660 shares.

This March, the lender opened the first branch outside Xiamen in Fuzhou City and at the same time completed issuing CNY 300 million subordinated bonds. Now, the Xiamen-based lender is brewing the establishment of the second branch outside Xiamen in Quanzhou City, Fujian Province, and waiting for approval on the establishment of a branch in Chongqing Municipality.

By the end of 2009, the lender's total assets had reached CNY 28.277 billion, leaping 70.97% over the beginning of this year; outstanding deposits had been CNY 18.888 billion, growing 43.34% over the beginning of this year; net profit had hit CNY 63.07 million; non-performing loan ratio had been 2.39%; provision coverage had hit 158.84%; capital adequacy ratio had hit 12.94%.