Bank of Beijing profits up 10% in Q1

The logo of Bank of Beijng. [Photo/IC]

BEIJING - Bank of Beijing, a medium-sized bank, on Monday said its net profits rose 10 percent year on year to 5 billion yuan ($819.67 million) in the first quarter.

At the end of the first quarter, the quality of the bank's assets had remained stable. It's non-performing loan ratio was 0.93 percent at the end of March, the best among listed banks that have already disclosed their financial results for the first quarter.

In 2014, the bank's net profits hit 15.6 billion yuan, up 16 percent year on year.

Shares of the lender hiked 8.13 percent to 12.9 yuan on Monday, while the overall financial sector climbed 1.13 percent.

Last Monday, the People's Bank of China (PBOC) lowered banks' reserve requirement ratio (RRR) by 100 basis points. The RRR cut is credit positive for Chinese banks and will help stabilize economic growth, said Sherry Zhang, an analyst with Moody's.