CMBC interim profits up 65.8%

China Minsheng Banking Co. Ltd (CMBC)<600016>, the nation's first non-state-owned bank, reported net profits surge of 65.8% in the first half of this year due to the expansion of assts and intermediary business.

In the first half of 2007, the net profits of the bank rose from RMB 1.7 billion to RMB 2.82 billion (US$ 371 million). Its earnings per share (EPS) went up to RMB 0.23. Business incomes increased 47.4% to RMB 11.3 billion (US$ 1.5 billion), while the net fee and commission income went up 59% to RMB 985 million (US$ 129.6 million).

The total assets rose 17.5% to RMB 852.1 billion (US$ 112.1 billion) during the period, compared with RMB 127 billion at the same period of last year. Total deposits were RMB 641.8 billion, and the loans were RMB 541.9 billion which included the discount bill.

Non-performing loan (NPL) ratio of Minsheng is 1.1%, which is lower than the average 8.2% among five largest state-owned banks in China.

The bank targets at providing services for small- and medium-sized companies as well as expanding its service range.

Founded on January 12, 1996, the Beijing-based lender is the first national joint-stock commercial bank in China with stocks mainly held by non-state-owned enterprises. It was listed on Shanghai Stock Exchange in Dec. 2000.