China's Minsheng Bank 2007 net profit up 68.6%

China Minsheng Banking Corp<600016>, the nation's first private commercial bank, on Monday announced its net profit in 2007 soared 68.6% year-on-year to RMB 6.3 billion (US$886 million).

By last year end, the lender's total assets amounted to RMB 919.8 billion, increasing by 26.9% from a year earlier with earnings per share of RMB 0.48, which represents a year-on-year rise of 54.8%.

Its net non-interest profit surged 112% to RMB 2.7 billion over a year ago, contributing 11% to the total, 3.4 percentage points higher than 2006, while its non-performing loan ratio stood at 1.22%, much lower than the average of China's Big Four state-owned banks.

The growth derived from expansion of assets and increases in the net fee and commission income from its intermediary business, which jumped 133%, the bank said without further elaboration.

Its shares closed 2.37% lower on Tuesday to RMB 13.58.