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October 22, 2009

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Minsheng seeks 40% jump in net profit

CHINA Minsheng Banking Corp, the country's first listed private lender, yesterday said it aims for net profit to jump 39.5 percent to at least 11 billion yuan (US$1.6 billion) this year.

The Beijing-based bank posted net earnings totaling 7.89 billion yuan last year.

The lender, which is seeking an initial public offering in Hong Kong, also reported net income for the third quarter this year rose 8.9 percent to 2.83 billion yuan from a year earlier, according to a separate statement to the Shanghai Stock Exchange.

The third-quarter results beat market expectations, said Qiu Chengzhi, a Guosen Securities Co analyst, citing the decline in the non-performing loan ratio and a rise in net interest income.

The NPL ratio dipped to 0.82 percent at the end of last month, compared with 0.86 percent at the end of June. Its outstanding loans rose 42 percent to 893.5 billion yuan for the first nine months from a year earlier.

"The net interest income will start to improve from the fourth quarter," said Qiu, without elaborating.

Minsheng's net profit in the first nine months of this year rose 18.1 percent to 10.2 billion yuan, the bank said.

Analysts said the results will boost investor appetite for the lender's Hong Kong IPO in which Minsheng aims to raise US$4.02 billion.

"The H-share sale is progressing steadily. The capital adequacy ratio will turn much better after the firm receives funding in the Hong Kong IPO," said Qiu.


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