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China Merchants Bank's profit up 38% in 2008

THE net profit of China Merchants Bank, the nation's fifth largest bank by market value, rose 38.27 percent to 21.08 billion yuan (US$3.1 billion) in 2008 from a year ago, according to its annual report released today.

The earning per share was 1.43 yuan, up 37.5 percent year on year.

The profit surge was led by a 38.3 percent rise in net interest revenue, while the non-interest income also jumped 19.37 percent, the company said.

The non-performing loans for last year totaled 9.68 billion yuan, 717 million yuan less than that for the year beginning. The non-performing loan ratio was 1.11 percent, down 0.43 percentage points from the start of 2008.

The bank's total assets rose 19.9 percent year on year to 1.57 trillion yuan by the end of 2008.

The bank said its investment in the foreign-currency-denominated bond had incurred book losses of US$215 million, which comprised 7.5 percent of its total investment in such bond.

The bank said it had sold out all its holdings of the mortgage bonds issued by the Freddie Mac and Fannie Mae, while it still held US$70 million of bond issued by the Lehman Brothers.


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