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China Minsheng Banking expects 2011 profit to rise 50%

Jan. 20, 2012 (China Knowledge) - China Minsheng Banking Corp Ltd<600016><1988>, the first privately owned bank in the country, said yesterday that it expects its net profit to surge more than 50% in 2011,

The Shanghai- and Hong Kong-listed bank said in a statement that the robust growth in net profit was due to improving operation and a steady asset quality.

In 2010, the bank booked a net profit of RMB17.58 billion.

In the first three quarters of 2011, China Minsheng Banking's net profit rose 64.42% year on year to RMB 21.39 billion.

The bank said in late December last year that it has received approval from the People's Bank of China (PBOC) to issue up to RMB 50 billion in financial bonds on the interbank bond market.  Proceeds from the offering will be used for loans to small businesses.

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