BIZCHINA / Biz Media Digest
Finance: Bank profit rises 37%
(Bloomberg)
Updated: 2006-08-23 15:47
China Minsheng Banking Corp., the country's biggest privately controlled
lender, said earnings rose 37 percent in the first half as the fastest
economic growth in a decade fueled demand for loans.
Net income increased to 1.73 billion yuan (US$217 million), or 0.17 yuan
a share, from a revised 1.26 billion yuan, or 0.20 yuan, a year earlier,
the Beijing-based bank said in a statement today. The bank's shares rose
as much as 2.62 percent, and were trading 1.43 percent higher at 11:06
a.m. in Shanghai today.
Minsheng, founded 10 years ago by 59 investors including pig-feed tycoon
Liu Yonghao, delivered average growth in lending of about 60 percent in
the past five years by servicing small and medium-size companies, such as
the Chinese units of Coca- Cola Co. The bank plans to sell new shares to
replenish capital depleted by the pace of its expansion.
(For more biz stories, please visit Industry Updates)
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