Industrial Bank Co., a regional bank based in China's Fujian province, reported a 75% on-year rise in pretax profit to 1.62 billion yuan in 2003, the Financial News reports.

The bank's total assets grew 37% on year to 243 billion yuan, with total outstanding loans rising to 164.6 billion yuan, up 71% from a year earlier, the report says. Total deposits rose 39% on year to 200.5 billion yuan.

Its non-performing loan ratio fell 1.08 percentage points within the 12-month period to 2.39%, based on the People's Bank of China's five-category classification system, the report says.

Industrial Bank, formerly known as Fujian Industrial Bank, is 34% owned by Fujian provincial government with Hang Seng Bank, a unit of HSBC Holdings PLC, holding a 15.98% stake.

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