Bank of Jinzhou says to record net loss of up to 5 bln yuan in 2018

Bank of Jinzhou Co

20/08/2019 11:21

BEIJING, Aug 20 (Reuters) - Bank of Jinzhou  0416.HK  said
it expected to post a net loss of about 4 billion yuan ($566.38
million) to 5 billion yuan in 2018, according to a profit
warning it filed to Hong Kong stock exchange on Tuesday. 
    The troubled lender gained government-backed reinforcement
in late July. urn:newsml:reuters.com:*:nL4N24T06B
    Bank of Jinzhou expected to record a net loss of nearly 500
million yuan to 1,000 million yuan for the six months ended June
30, according to its statement, compared with net profit of
4,340 million yuan for the same period in 2018.
    It promised to issue its 2018 annual report and 2019
half-year earnings on or before the end of August. 
    Concern has been growing about the bank since the Hong
Kong-listed lender suspended trading in its shares earlier this
year and saw its auditor quit. 
    Industrial and Commercial Bank of China (ICBC)  601398.SS ,
 1398.HK , the country's largest lender by assets, and China
Cinda Asset Management  1359.HK  and China Great Wall Asset
Management, two of China's four largest distressed debt
managers, said in July 28 that they will take a combined stake
of at least 17.3% in the bank.
    
($1 = 7.0624 Chinese yuan renminbi)

 (Reporting by Cheng Leng, Vincent Lee and Beijing Monitoring
Desk; Editing by Kim Coghill)
 ((cheng.leng@thomsonreuters.com; +8610-5669-2129;))