Minsheng laser crystal 's net profit over 2.8b yuan from July to September
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Minsheng's net profit over 2.8b yuan from July to SeptemberPublished: 21 Oct 2009 01:02:01 PST
China Minsheng Banking Corp., Ltd. announced Tuesday in its third quarter report that it had a net profit of 2.83 billion yuan, up 18.11 percent up year-on-year. Its total loans in the third quarter were reduced to 893.54 billion yuan compared with 903.93 billion yuan in the second quarter.
The report says Minsheng's net interest income was 8.74 billion yuan from July to September and 22.69 billion yuan in the first three quarters. Its non-performing loan rate decreased to 0.82 percent with a balance of 7.28 billion yuan by the end of September. However, its dead loan reserve fund reached 13.54 billion yuan, compared with 9.57 billion yuan from a year earlier.
The bank raised its rate of return by increasing the amount of loans and decreasing the cost of debt when the interest margin was declining.
Guosen Securities banking analyst Qiu Zhicheng said that in the first three quarters, Minsheng Banking reduced the cost of debt by adjusting the savings structure, terminating contracted deposits that were due, and decreasing the 150 billion yuan in bill discounts. As a result, shares of the Shanghai-listed bank rose 2.42 percent to 7.63 yuan per share on Tuesday.
Minsheng is planning to launch an initial public offering at the Hong Kong Stock Exchange in the fourth quarter. The IPO plan expects to issue up to 3.82 billion shares in the Hong Kong market and estimates it will raise 30 billion yuan.
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