China Minsheng Bank profit rises 11.4% in H1

A woman walks past a branch of China Minsheng Banking Corp Ltd in Yichang city, Central China's Hubei province, Dec 2, 2013.[Photo by Zhou Jianping/ Asianewsphoto]

BEIJING - China Minsheng Bank reported its net profit in the first half of 2014 rose 11.4 percent year-on-year to 25.57 billion yuan ($4.15 billion).

Its non-performing loan ratio, however, edged up to 0.93 percent at the end of June from 0.85 percent at the end of last year, the lender said in a statement filed to the Shanghai Stock Exchange.

China Minsheng Bank, listed in both Shanghai and Hong Kong, is the country's first national bank to be founded by private capital.

The Beijing-based bank also announced in another statement that Hong Qi was elected the new chairman, replacing Dong Wenbiao, who is now chairman of China's first national-level private investment company China Minsheng Investment. Mao Xiaofeng replaced Hong as president.

In the first half, Minsheng's operating revenue grew 11.7 percent to 65.1 billion yuan. Its net interest income rose 7.5 percent to 43.6 billion yuan, while net non-interest income jumped 21.5 percent year-on-year to 21.5 billion yuan, the bank said.

Basic earnings per share advanced 12 percent year-on-year to 0.75 yuan.

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