XIAMEN FIT IMPORT & EXPORT CO., LTD.

CMB forecasts 50% rise in net profits in 2006
click rate:2786 issue time:2007-03-10 08:12

Mar. 8, 2007 (China Knowledge) – China Merchants Bank (CMB)<3968> <600036>, the Mainland’s biggest non-state lender, saw net profit in 2006 increase by more than 50%, according to a copy of a speech by its CEO Ma Weihua.

CMB’s non-performing loan ratio dropped to 2.12% and its capital adequacy ratio reached 11.44%, while assets jumped about 30% to almost RMB 1 trillion, according to the speech, which was made by Ma at a session of the Mainland's annual parliament meeting Wednesday.

About RMB 100 million were brought in by CMB’s credit cards, which numbered 10 million as of last year. The bank added that it occupied more than 30% of the Mainland's credit card market.

Official earnings have not been made, although the company has already said in January that year-on-year profit could be about 50%, raking in profit of at least US$758 million.