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Public company info - Shandong International Trust Co. Ltd.-H shares , 01697.HK

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Shandong International Trust Co. Ltd.-H shares, 01697.HK - Company Profile
Chairman WAN Zhong
Share Issued (share) 1,165,000,000
Par Currency Renminbi
Par Value 1.0
Industry Other Financials
Corporate Profile Business Summary: the Group conducts its business through two main business segments: trust business and proprietary business. Performance for the year: In 2019, the net profit attributable to Shareholders of the Company amounted to RMB663.9 million, which decreased by RMB208.3 million as compared to the corresponding period of last year, representing a decrease of 23.9%. The net profit attributable to the shareholders of the Company decreased by 23.9% from RMB872.2 million in 2018 to RMB663.9 million in 2019. The Group’s net profit margin decreased from 51.5% in 2018 to 35.2% in 2019. Business Review Trust business The segment income from the Group’s trust business consists of its fee and commission income, interest income from cash and bank deposits balance and other operating income that are related to the Group’s trust business. Segment operating expenses of the Group’s trust business mainly consist of staff costs, operating lease payments, depreciation and amortisation, tax and surcharges and other operating expenses that are related to the Group’s trust business. The segment operating profit before income tax for the Group’s trust business increased by 6.7% from RMB723.1 million in 2018 to RMB771.6 million in 2019, primarily due to an increase of 10.2% in the segment income from the trust business from RMB943.7 million in 2018 to RMB1,039.8 million in 2019, partially offset by the increase of 21.6% in segment operating expenses in the trust business from RMB220.5 million in 2018 to RMB268.2 million in 2019. The increase in the segment income from the trust business was mainly due to an increase in the Group’s fee and commission income from RMB891.3 million in 2018 to RMB1,037.8 million in 2019. The increase in the segment operating expenses in the trust business was mainly due to an increase in staff cost from RMB119.2 million in 2018 to RMB182.6 million in 2019. As a result of the foregoing, the segment margin of the trust business decreased from 76.6% in 2018 to 74.2% in 2019. Proprietary Business The segment income from the Group’s proprietary business mainly consists of the interest income from loans to customers, interest income from investment classified as financial investment measured at amortised cost and financial assets purchased under the agreements to resell, interest income from contributions to the Trust Industry Protection Fund, net changes in fair value of the financial assets at FVPL and investment in associates measured at fair value, investment income and share of profit of investments accounted for using the equity method. The segment operating expenses of the Group’s proprietary business mainly consists of trust benefits that the Group’s consolidated financing trust schemes expect to distribute to third-party beneficiaries, staff costs, depreciation and amortisation, changes in net assets attributable to other beneficiaries of consolidated structured entities, tax and surcharges and impairment losses on assets. The segment operating profit before income tax for the Group’s proprietary business decreased by 73.7% from RMB403.7 million in 2018 to RMB106.2 million in 2019, primarily due to an increase of 80.3% in the segment operating expenses from the proprietary business from RMB479.3 million in 2018 to RMB864.4 million in 2019, partially offset by the increase of 9.9% in the segment income from the proprietary business from RMB883.1 million in 2018 to RMB970.6 million in 2019. (1)The increase in segment operating expenses from the proprietary business was mainly due to the increase in loan impairment charges and other credit risk provision from RMB220.8 million in 2018 to RMB688.1 million in 2019. Loan impairment charges and other credit risk provision was partially offset by the decrease in interest expenses from RMB192.8 million in 2018 to RMB137.9 million in 2019, decrease in change in net assets attributable to other beneficiaries of consolidated structured entities from RMB19.8 million in 2018 to RMB0.5 million in 2019 and decrease in impairment losses on other assets from RMB33.1 million in 2018 to RMB13.7 million in 2019. (2)The increase in the segment income from the proprietary business was mainly due to (i) an increase in net changes in fair value on financial assets at FVPL and investment in associates measured at fair value from loss of RMB32.3 million in 2018 to income of RMB300.0 million in 2019; (ii) investment income increased from loss of RMB25.2 million in 2018 to income of RMB14.2 million in 2019. The net changes in fair value on financial assets at FVPL and investment in associates measured at fair value, investment income were partially offset by the net gains on disposal of associates held by consolidated structured entities of RMB160.9 million in 2018 and only a small amount of gain was recorded in 2019 and interest income decreased from RMB646.8 million in 2018 to RMB528.6 million in 2019. As a result of the foregoing, the segment margin of the Group’s proprietary business decreased from 45.7% in 2018 to 10.9% in 2019. Prospects: International economic and financial situation will remain complex for a certain period in the future, and the rapid evolution of major changes in the world becomes increasingly evident. The global economy and the financial market will still be subject to uncertainties due to trade friction, financial market sentiment, geopolitics, public health emergencies and other factors. The Chinese economy is still under considerable downward pressure, but economic growth will remain resilient, with continuous shift of momentum for growth, and the basic trend of steady and long-term growth will remain unchanged. The financial industry will focus on in-depth supply-side structural reform, increase support to promote high-quality development, reduce the cost of social financing, take effective measures to prevent and mitigate financial risks, further open up the financial sector bilaterally at a high level, and promote the overall virtuous circle of the national economy. Trust business will further strengthen its confidence in transformation and development, adhere to the positioning of trustees, persist in the source of trust, insist on serving the real economy, strive to meet the growing wealth management needs of the people, persevere in the development of trust culture, improve risk management ability, adhere to the bottom line of compliance, and strive to achieve high-quality development of the industry.

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