Banking News
- Chinese midsize bank posts 66% growth in net profits in 1st half
Date: 3-Sep-2007 Sources: (Xinhua Online)
BEIJING, Sept. 2 (Xinhua) -- China Minsheng Banking Corp. Ltd.'s net profits amounted to 2.82 billion yuan (373.1 million U.S. dollars) in the first half of this year, up 65.81 percent year-on-year, according to the company's interim report.
The midsize commercial bank's earnings per share stood at 0.23 yuan.
Its business revenue for the first half amounted to 11.29 billion yuan, an increase of 3.63 billion yuan, or 47.42 percent, over the same period of last year.
The rapid growth in profits was due largely to assets expansion, improved assets structure and increasing earnings from services, the interim report said.
Between January and June, the Shanghai-listed bank garnered 985million yuan in service charges and commission, up 366 million yuan, or 59.13 percent, year-on-year.
By June 30, Minsheng's gross assets amounted to 852.1 billion yuan, 127 billion yuan, or 17.52 percent, more than the level at the end of last year.
According to the interim report, the bank recorded a non-performing loan ratio of 1.10 percent for the first half year.
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