China Minsheng Banking Corp., the country's biggest privately controlled lender, said earnings rose 37 percent in the first half as the fastest economic growth in a decade fueled demand for loans.

Net income increased to 1.73 billion yuan (US$217 million), or 0.17 yuan a share, from a revised 1.26 billion yuan, or 0.20 yuan, a year earlier, the Beijing-based bank said in a statement today. The bank's shares rose as much as 2.62 percent, and were trading 1.43 percent higher at 11:06 a.m. in Shanghai today.

Minsheng, founded 10 years ago by 59 investors including pig-feed tycoon Liu Yonghao, delivered average growth in lending of about 60 percent in the past five years by servicing small and medium-size companies, such as the Chinese units of Coca- Cola Co. The bank plans to sell new shares to replenish capital depleted by the pace of its expansion.

(For more biz stories, please visit Industry Updates)