Hua Xia Bank reports better results

Beijing-based Hua Xia Bank on Thursday reported better-than-expected results in the first half of 2013.

The bank was the first to release half-year results among 16 listed lenders.

It saw profit growth of 20.14 percent year-on-year in the first half, far exceeding market estimates of 10 percent.

From January to June, Hua Xia Bank, of which Deutsche Bank holds 19.99 percent stakes, realized net profits of 7.3 billion yuan ($1.2 billion), 1.2 billion yuan more than the same period for last year. It realized revenue of 22.2 billion yuan in the first half, up 14.16 percent, as costs declined and non-interest income increased.

Income generated from its intermediary businesses reached 3.3 billion yuan, up 42 percent year-on-year.