China Merchants Bank estimates 2007 profit up 110%
(Xinhua)
Updated: 2008-01-08 14:31
China Merchants Bank (CMB), the nation's sixth-largest lender, on Tuesday released an estimate of 2007 net profit, which it said soared 110 percent year-on-year to about 14.9 billion yuan ($2.05 billion).
The rise was attributed to capital growth, a wider rate gap between deposits and loans, and rapid growth in non-interest revenues, the Shenzhen-based bank said in a statement filed with the Shanghai Stock Exchange.
Other contributing factors included a decrease in credit costs and the cost-to-income ratio and an expected fall in the corporate income tax rate, CMB said.
The results will be audited by the bank's accountants, CMB said.
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