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China's financial giant China Everbright Group Co. reported year-on-year growth of 21 percent in its assets in 2002, according to the latest report released by the company.
Without revealing the figure of its assets, the company said financial assets accounted for 97 percent of the total, involving banking, securities and insurance.
The Everbright Bank under the group reported 330 billion yuan (US$40 billion) in total assets by the end of 2002, up 33.2percent year on year with 636 million yuan (US$77 million) in pre-tax profits, up 221 million yuan (US$26.9 million).
Bad loans accounted for 12.5 percent of all its loans, down by 6.1 percentage points, according to the report.
Everbright Securities Company recorded 570 million yuan (US$69 million) worth of business revenue, including 30 million yuan (US$3.65 million) in profits. Its total assets reached 10.2 billion yuan (US$1.24 billion).
Addressing a meeting on the group's annual performance, Wang Mingquan, chairman of the group, said the group would continue to improve corporate governance and control risks in 2003.
(Xinhua News Agency February 4, 2003)
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