On August 22, the China Insurance Regulatory Commission (CIRC) released performance of insurance sector from January to July. During this period, direct written premium income totaled CNY 958.658 billion, up 5.87% year-on-year. Premium income from property insurance stood at CNY 312.351 billion, rising by 14.56% year-on-year. That from life insurance was CNY 646.307 billion, down [...]

10 July 2012 – Industrial Bank Co Ltd (SHA:601166) has been hired to act as lead underwriter and book-runner for the planned debt offer of vehicle manufacturer China South Industries Group Corp, the company said on Tuesday. Industrial Bank will underwrite the issue jointly with China Everbright Bank Co Ltd (SHA:601818). The transaction is China [...]

10 July 2012 – United Arab Emirates-based National Bank of Fujairah (NBF) said on Tuesday it would start offering insurance products under a strategic alliance signed with Oman Insurance Co (OIC). As part of the agreement, the bank will launch the sale of a number of products through its distribution network over the next few [...]

10 July 2012 – China Construction Bank (HKG:0939;SHA:601939) and China CITIC Bank (SHA:601998; HKG:0998) have been hired to underwrite the upcoming debt issue of State Grid Corp of China, the power utility said on Tuesday. The company, China’s leading power grid operator, plans to offer CNY10bn (USD1.6bn/EUR1.3bn) worth of bills on 17 July. The securities [...]

US bank holding company Bank of the Ozarks Inc (NASDAQ:OZRK) said on Monday its board had approved the payment of a regular quarterly cash dividend of USD0.13 (EUR0.103) per common share. The dividend will be handed out on 20 July 2012 to shareholders of record as of 13 July 2012. The USD0.13 per share dividend [...]

Japan’s current account surplus in May fell 51.7 per cent from a year earlier to 590.7 bn yen on a combination of rising imports and slower exports as a result of the massive earthquake and tsunami in March, the government said Friday. The balance of international payments, considered the widest measure of trade for a [...]

According to official report from People’s Bank of China, CNY 690.87 billion of bonds were issued in the inter-bank bond market in May, decreasing 10.2% compared to April. In the first five months of 2011, totally inssued CNY 3.2 trillion of bonds were issued in the inter-bank bond market, down 19.6% compared to the same [...]

So far, 16 listed Banks of China have published their annual reports for 2010. These lenders jointly achieved the net profit of CNY 677.4 billion in 2010, up 33.5% year on year. Among them, China Everbright Bank (SHSE: 601818) ranked the first place with 67% profit growth. What’s more, the loan growth of 11 listed [...]

Bank of Nanjing reaped CNY 2.311 billion net profit attributable to shareholders in 2010 fiscal year, representing a year-on-year rise of 49.7%. Basic earnings per share surged 47.54% to CNY 0.9. The lender’s deposits increased by 36.81% year on year and loans rose by 25.16% in 2010. Net interest spread was 2.55% at the end [...]

China Everbright Bank Co., Ltd. (SHSE: 601818), one of the commercial lenders in the country, announced yesterday that it had gained go-ahead from the country’s top securities regulatory authority to sell up to 12 billion shares in its initial public offering (IPO) in Hong Kong. China Everbright Bank, whose IPO plan had won greenlight from [...]

China Minsheng Banking Corporation Ltd. (SHSE: 600016) has gained approval from the China Banking Regulatory Commission (CBRC), the country’s top banking regulatory authority, to open three village Banks in the country. The three Banks will set foot in Jiading, a district in Shanghai, Penglai, a city in Shandong province, and Anxi, a county in Fujian [...]

Bank of America Corp. reported net income of $2.0 billion, or $0.17 per diluted share, for the first quarter of 2011, compared with $3.2 billion, or $0.28 per diluted share, in the year-ago period and a net loss of $1.2 billion, or $0.16 per diluted share, in the fourth quarter of 2010. In a release [...]