Minsheng Bank Benefits From Fees, Loans
Source: Bloomberg News |
April 28, 2011, Thursday
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Print Edition
Print Edition
CHINA Minsheng Banking Corp, the nation's first non-state lender, yesterday said first-quarter profit rose a more-than-expected 45 percent on higher income from loans and fee-based services.
Net income rose to 6.21 billion yuan (US$954 million), or 0.23 yuan a share, from 4.27 billion yuan, or 0.16 yuan, a year earlier, the Beijing-based lender said in a statement to the Hong Kong stock exchange yesterday. That beat the 5.69 billion yuan median estimate of eight analysts surveyed by Bloomberg News.
Net interest income climbed 33 percent to 13.4 billion yuan from a year earlier and net non-interest income gained 43 percent to 2.95 billion yuan.
Minsheng set aside 1.79 billion yuan against potential bad loans in the first quarter, compared with 1.2 billion yuan a year earlier.
Net income rose to 6.21 billion yuan (US$954 million), or 0.23 yuan a share, from 4.27 billion yuan, or 0.16 yuan, a year earlier, the Beijing-based lender said in a statement to the Hong Kong stock exchange yesterday. That beat the 5.69 billion yuan median estimate of eight analysts surveyed by Bloomberg News.
Net interest income climbed 33 percent to 13.4 billion yuan from a year earlier and net non-interest income gained 43 percent to 2.95 billion yuan.
Minsheng set aside 1.79 billion yuan against potential bad loans in the first quarter, compared with 1.2 billion yuan a year earlier.
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