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China Minsheng Banking reports 47.7% surge in net profit for Q1

Apr. 27, 2012 (China Knowledge) - China Minsheng Banking Corp Ltd<600016><1988>, the first privately owned bank in the country, said yesterday that its net profit jumped 47.7% year on year to RMB 9.17 billion in the first quarter of this year, driven by rapid growth in net interest income as well as fee and commission income.

The bank's operating revenue reached RMB 25.04 billion in the quarter, reflecting an increase of RMB 7.88 billion or 45.92% year on year.

Net interest income increased by RMB 5.57 billion from the same period of last year to RMB 18.97 billion in the first three months, and net fee and commission income increased by RMB 2.19 billion to RMB 5.14 billion.

At the end of March, the lender's total assets had risen 8.44% from the end of last year to RMB 2.42 trillion, and its total liabilities had grown 8.53% to RMB 2.27 trillion.

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