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Chinese stocks and energy companies are expected to lead advances by Asian equities this year. That's according to a survey of participants at a Credit Suisse Group AG investor conference in Hong Kong last week.
China Construction Bank Corp (CCB) will continue to increase profits at a rate of more than 20 percent year-on-year, despite tightening macroeconomic polices and a rising awareness of risk control, said Chen Zuofu, vice-president of the bank, on Monday.
Stocks on the Chinese mainland advanced for a second day after companies from Yanzhou Coal Mining Co to China Minsheng Banking Corp reported higher profit.
Industrial Bank Co, a mid-sized lender in China, reported on Monday that its net profits rose 39.44 percent to 18.52 billion yuan ($2.81 billion) in 2010 due to solid demand for consumer and corporate loans.
The People's Bank of China (PBOC), the central bank, said Monday that the country would work to improve its prudent macro policies, boost effective liquidity management and keep financing from all sources at a reasonable level.
Moody's Investors Service said Monday the outlook for China's banking system is stable over the next 12 to 18 months, and the country's banks have adequate cushions against rising non-performing loans (NPLs).
Chinese shares closed mixed Monday with the benchmark Shanghai Composite Index up 6.19 points, or 0.21 percent, to 2,984.01.
China Construction Bank (CCB), the country's second largest lender by market value, said Sunday that its net profits rose 26.39 percent year on year to 135 billion yuan ($20.45 billion) last year.
Hua xia Bank Co Ltd, a Chinese commercial lender, said Saturday that its net profits in 2010 hit 5.99 billion yuan ($907.6 million), representing an increase of 59 percent from the previous year.
Hong Kong's new loans approved in February rose 8.2 percent to HK$30.3 billion ($3.9 billion), the Hong Kong Monetary Authority announced on Friday.
China's largest general, non-life insurer, PICC Property and Casualty Company Limited (PICC P&C), said Friday its 2010 net profit tripled from a year ago in an expanding market network.
China doesn't need another interbank network for credit cards, said the board chairman of China UnionPay Co Ltd - the country's only credit card network - in response to an anti-monopoly request from the United States to the World Trade Organization (WTO).
