Shengjing Bank posts 11pc profit growth for 2014

Shenyang-based Shengjing Bank, the latest mainland lender to list in Hong Kong, said profits grew by 11 per cent in 2014 to 5.4 billion yuan (HK$6.7 billion).

Non-performing loans fell slightly over the year to 0.44 per cent of total loans, running counter to the industry trend in which bad debt has risen swiftly.

Impairment losses on loans jumped to 934 million yuan, an increase of more than 440 per cent.

The bank priced near the bottom of expectations for its initial public offering in December, raising US$1.34 billion.