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Merchants Bank net profit up in 1st quarter

(XFNA)
Updated: 2007-04-27 15:25

China Merchants Bank Co Ltd said its first quarter net profit grew to 2.46 billion yuan (US$318 million) from 1.43 billion yuan a year earlier after booking strong growth in net interest income.

In a statement filed with the Shanghai Stock Exchange, the mid-sized lender said it generated net interest income of 6.825 billion yuan, up sharply from the year-earlier level of 4.426 billion yuan.

It reported earnings per share of 0.17 yuan compared to 0.12 yuan a year earlier, while net assets per share rose to 3.90 yuan from 2.63 yuan. The bank had assets of 984.693 billion yuan at the end of March, up from 934. 102 billion yuan at the end of 2006.