BEIJING - China Merchants Bank Co announced that its net profit belonging to shareholders posted a solid gain last year, as the lender laid more focus on the quality of its business growth.

The bank's net profit rose 7.6 percent in 2016 to 62.1 billion yuan ($9 billion), according to its annual report released over the weekend.

The growth outpaced expansion of its business revenue which increased 3.75 percent to 209 billion yuan.

The lender's total assets grew 8.54 percent to 5.94 trillion yuan by the end of 2016.

The non-performing loans ratio of the bank stood at 1.87 percent at the end of 2016.

The share price of the bank listed on the Shanghai stock exchange rose 0.75 percent to 18.78 yuan apiece on Friday.