Aug. 17, 2010 (China Knowledge) - China Minsheng Banking Corp Ltd<600016><1988>, the country's eighth-largest lender, last week said that its net profit for the first half of this year grew 20.23% year on year due to a significant increase in net interest income, sources reported.
In a statement filed with the Shanghai Stock Exchange, the lender said that it realized RMB 8.87 billion in net profit for the period from January to June, whereas it realized RMB 7.37 billion in the same period of last year.
In the six-month period ended Jun. 30, the bank's net interest income was RMB 21.17 billion, 51.72% more than the RMB 13.95 billion recorded in the same period of last year.
The bank also said its core capital adequacy ratio was 8.32% as the end of June, lower than 8.92% by the end of last year.
China Minsheng Banking, which raised nearly US$4 billion from an initial public offering in Hong Kong last year, had 455 branches and outlets in mainland and Hong Kong as of Jun. 30.
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