Finance: Bank profit rises 37%
(Bloomberg)
Updated: 2006-08-23 15:47
China Minsheng Banking Corp., the country's biggest privately controlled
lender, said earnings rose 37 percent in the first half as the fastest economic
growth in a decade fueled demand for loans.
Net income increased to 1.73
billion yuan (US$217 million), or 0.17 yuan a share, from a revised 1.26 billion
yuan, or 0.20 yuan, a year earlier, the Beijing-based bank said in a statement
today. The bank's shares rose as much as 2.62 percent, and were trading 1.43
percent higher at 11:06 a.m. in Shanghai today.
Minsheng, founded 10 years ago by 59 investors including pig-feed tycoon Liu
Yonghao, delivered average growth in lending of about 60 percent in the past
five years by servicing small and medium-size companies, such as the Chinese
units of Coca- Cola Co. The bank plans to sell new shares to replenish capital
depleted by the pace of its expansion.
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