August 20, 2019 / 10:25 AM / 5 months ago

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

BEIJING, Aug 20 (Reuters) - Bank of Jinzhou 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.

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), , the country’s largest lender by assets, and China Cinda Asset Management 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

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