Industrial Bank Expands Tech Investment as Revenues Breach 200 Billion Yuan Threshold

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Industrial Bank Co., Ltd. posted strong revenue growth in 2020 despite the economic impacts of the COVID-19 pandemic.

Industrial Bank’s operating revenues saw YoY growth of 12.04% in 2020 to hit 203.137 billion yuan, marking the first time that the reading has breached the 200 billion yuan threshold, according to the lender’s latest annual report released on 30 March.

Net profits attributable to shareholders were 66.626 billion yuan, for YoY growth of 1.15%, while the non-performing loan ratio was 1.25%, for a decline of 0.29 percentage points.

Industrial Bank also stepped up its IT investments in 2020, with spending of 4.862 billion yuan for a YoY rise of 36%. Industrial Bank’s IT spending accounted for 2.39% of operating revenues, for an increase of 0.42 percentage points compared to 2019.

IT staff at Industrial Bank are currently 2331 in total, accounting for 4.82% of total personnel.

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