BEIJING: China Minsheng Banking Corp Ltd (CMBC), a major Chinese lender, Tuesday announced a net profit surge last year, on the back of rapid asset growth and business expansion.
The net profit of the Beijing-based bank surged 53.4 percent year on year to 12.1 billion yuan ($1.77 billion) in 2009. Its business revenue rose 20.1 percent year on year to 42.1 billion yuan in 2009, the Shanghai-listed firm said in its annual report.
By the end of last year, the bank's non-performing loan rate was down to 0.84 percent from 1.2 percent in 2008, the report said.
CMBC's profitability increase rate is faster than its counterparts: the Industrial and Commercial Bank of China (ICBC) and the China Construction Bank (CCB).
ICBC, the world's largest bank by market value, reported a 16.4 percent year-on-year net profit rise in 2009, while CCB registered a 15.3 percent year-on-year net profit growth for last year.
The A-share stock price of CMBC gained 0.99 percent to 7.15 yuan per share at the opening Tuesday.