China Minsheng Bank first quarter profit up 45.5%

The lender’s revenue up 37% to $2.64bn while its net interest income soars 32.8% to $2.06bn.

China Minsheng Banking Corporation said first quarter 2011 net profit attributable to shareholders increased 45.47 percent year-on-year to 6.21 billion yuan ($956.71 million), with earnings per share of 0.23 yuan ($0.03), reports Shanghai Securities News, citing a bank filing.

Revenue increased 38.6 percent to 17.16 billion yuan ($2.64 billion).

Net interest income increased 32.8 percent year-on-year to 13.4 billion yuan ($2.06 billion).

Net non-interest income totaled 3.75 billion yuan ($577.72 million), with its contribution to total revenue rising by 3.4 percentage points to 21.87 percent.

Net income from commissions and fees increased 43.32 percent year-on-year to 2.95 billion yuan ($454.47 million).

The bank’s non-performing loan (NPL) ratio was down by 0.03 percentage point to 0.66 percent through the end of March.

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