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Minsheng sees Jan-Sept net profit up 18%

(Xinhua)
Updated: 2009-10-21 10:12

China Minsheng Banking Corp, the nation's first listed non-State-owned lender, announced Tuesday that it posted a net profit of 10.2 billion yuan ($1.49 billion) in the first three quarters, up 18.11 percent year-on-year.

The net profit in the third quarter alone stood at 2.83 billion yuan, up 8.9 percent from a year earlier, the lender said in a statement to the Shanghai Stock Exchange, the first third-quarter report from banks listed in China's A-share market.

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The lender attributed the net profit rise to the increasing income from net interest margin.

The non-performing loan rate of the bank dropped to 0.82 percent at the end of September from 0.86 percent at the end of June, according to the Beijing-based lender.

Equities of the Shanghai-listed bank rose 2.42 percent to 7.63 yuan per share on Tuesday.