Everbright reports 35% jump in profit

China Everbright Bank Co, the lender that delayed a Hong Kong share sale this month, said first-half profit rose 35 per cent as loans and fees increased. Net income climbed to 9.2 billion yuan ($1.4 billion) from 6.8 billion yuan a year earlier, according to a statement to the Shanghai stock exchange. Net interest income, or the difference between revenue from lending and payments on deposits, increased 33 per cent to 18.9 billion yuan, while net fee and commission income jumped 49 per cent to 3.8 billion yuan. The earnings growth may bolster appetite for Everbright's stock when it sells shares in Hong Kong. Article continues below The Beijing-based bank has postponed a sale in Hong Kong for a second time in less than two months because of volatile global stock markets, two people with knowledge of the matter said last week. The lender won't proceed with a plan to start trading on the city's exchange on August 18, said the people, who declined to be identified before an announcement. The people said no new timetable for the offering has been set. Shares of Everbright Bank, which debuted in Shanghai a year ago after the bank raised $2.8 billion in an initial public offering, fell 2 per cent on August 5 amid the global equity rout. The stock has lost 14.5 per cent since its listing.