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China Minsheng's net profits up nearly 50% in first quarter
Latest Updated by 2007-05-06 14:36:50
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China Minsheng Banking Corp., one of the country's 10 listed commercial banks, has reported net profits up 47 percent year-on-year to 1.11 billion yuan (144.2 million U.S. dollars) in the first quarter of the year.

The bank's earnings per share stood at 0.11 yuan, company sources said on Saturday.

From January to March, the Shanghai-listed bank earned 4.55 billion yuan (591 million  dollars) in interest, up 39 percent on the same period of last year. The growth rate was much higher than the year-earlier level of 12 percent.

At the end of March, the midsized lender had 5.74 billion yuan (746 million dollars) of non-performing loans on its books, up 237 million yuan (31 million dollars) from the level at the beginning of this year. But its NPL ratio stood at 1.21 percent, down 0.02 percentage points.

At the end of the first quarter, higher profitability helped boost China Minsheng Banking's gross assets 22 percent to 693 billion yuan (90 billion dollars). Outstanding loans amounted to 474 billion yuan (62 billion dollars), up 19.3 percent, and deposits 581 billion yuan (76 billion dollars), up 17.8 percent.

Editor: Donald

By: Source: China View website
Previous:  Shenzhen Development Bank posts 129% growth in net profits in Q1  Next:Citic Bank, and China, steal the spotlight


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