Shandong province joint-stock lender Hengfeng Bank saw robust revenue and profit growth in 2021, as the Chinese economy continued to recover from the impacts of the COVID-19 pandemic.
Hengfeng Bank’s operating revenues were 23.879 billion yuan in 2021, for year-on-year (YoY) growth of 13.56%, according to its annual report released on 2 April.
Net profits were 6.348 billion yuan, for YoY growth of 22.01%.
As of the end of 2021 the bank’s total assets were in excess of 1.2 trillion yuan, for YoY growth of 9.25%.
Hengfeng’s non-performing loan ratio (NPL) was 2.12% at the end of 2021, for a decline of 0.55 percentage points compared to the start of the year.
Hengfeng also made tech investment of 2.111 billion yuan in 2021, accounting for a 8.85% share of operating revenues.