The Shenzhen-based lender, in which General Electric's finance arm has agreed to buy a US$100 million stake, reported a 2005 profit of 352 million yuan (US$44 million), compared with 295 million yuan a year earlier, according to results released late Friday.

Net revenue rose 4 percent to 5.49 billion yuan from 5.26 billion a year earlier, according to a press release, while overall revenue grew to 8.55 billion yuan from 8.35 billion, the bank said in its full-year financial results.

The bank, the only lender controlled by a foreign company ¡ª U.S. private equity firm Newbridge Capital ¡ª said its nonperforming loan ratio fell to 9.3 percent at the end of last year from 11.4 percent a year earlier.

At the same time, its total loans grew 24 percent to 156 billion yuan at the end of last year, while its total deposits grew 21 percent to 201 billion yuan.

The bank said its net assets at the end of last year stood at 229 billion yuan.

Newbridge acquired its controlling 17.89 percent stake of the bank for a reported 1.24 billion yuan in 2004.

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