China Merchants Bank reported net profits up 87.69 percent year-on-year to 7.1 billion yuan (US$923 million) last year in its annual report released on Tuesday.

 

The bank's earnings per share stood at 0.48 yuan, up 29.73 percent on the previous year.

 

According to the annual report, the Shanghai- and Hong Kong-listed bank realized 38 billion yuan (US$4.9 billion) in revenue for its core business last year, up 33 percent.

 

At the end of 2006, the bank's capital adequacy ratio stood at 11.4 percent, up from 9.01 percent a year earlier, and its non-performing loan ratio dropped to 2.12 percent, down from 2.58 percent at the end of 2005.

 

End December 2006, the gross assets of China Merchants Bank amounted to 9.34 trillion yuan (US$1.2 trillion), up 27 percent.

 

(Xinhua News Agency April 17, 2007)