Banking News
- China Merchants Bank profits up 81 pct
Date: 19-Apr-2007 Sources: (People's Daily)
China Merchants Bank, the mainland's sixth-largest bank by assets, Wednesday said its annual net profit of 2006 increased 81.2 percent to 6.79 billion yuan (0. 87 billion U.S. dollars), a fabulous performance welcomed by the market.
The bank attributed its profit increases mainly to interest and fee and commission income increases, which up 29.25 percent to 21. 51 billion yuan and 60.43 percent to 2.5 billion yuan respectively, resulting in earnings per share up to 0.53 yuan with final dividend at 0.12 yuan.
The Chief Executive of the bank Ma Weihua said he is optimistic about the long-term profit increase due to the healthy development in lending business, the prosperity and of stock markets and the measures in reducing operating cost though macro regulation measures and the change of the capital markets may affect the bank 's future development.
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