Mid-size lenders see first-half profits soar
21 August 2008
Three Chinese mid-size lenders posted soaring first half net profits despite slower economic growth and tighter monetary policy, the South China Morning Post reported. China CITIC Bank, the country's sixth-largest lender, announced first-half earnings of US$1.2 billion, up 163% year-on-year. The bank said it had already collected 94% of its yearly target for customer deposits and lent 93.9% of its annual loan volume. Shenzhen Development Bank saw net profits rise by 91% in the first half to US$312.2 million while Bank of Nanjing posted earnings of US$114.3 million, up 126%. All three banks cited widening interest margins, growth in net interest income and lower tax rates as responsible for the rise in earnings.