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China Minsheng forecasts H1 profit to more than double

(Xinhua)
Updated: 2008-07-08 14:02

China Minsheng Banking Corp said Tuesday its net profit in the first half would more than double year on year.

The profit would rise more than 110 percent from 2.82 billion yuan ($410.99 million) in last year's first half, said China's first private bank in a statement to the Shanghai Stock Exchange.

It attributed the growth to a rapid expansion of credit, investment and financial planning businesses.

The bank posted 0.23 yuan of earning per share in January-June of 2007.

It was the fourth Chinese bank that had forecast more than 100 percent growth in first-half profit, following China CITIC Bank, China Merchants Bank and Shanghai Pudong Bank, which estimated profits would gain 150 percent, 100 percent and 140 percent, respectively.