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Listed banks net profits up 34%

(chinaview.cn)
Updated: 2007-04-17 13:57

China's ten listed commercial banks garnered 170 billion yuan (US$22 billion) in combined net profits last year, up 34 percent, stock market sources said on Tuesday.

Related readings:  CCB profit dips 1.7%  Listed companies report huge profit rises  Merchants Bank profit jumps 81% on tax credit  ICBC profit up 31.2%

Of the total, 150 billion yuan (US$19 billion), or nearly 90 percent, came from four behemoths -- theIndustrial and Commercial Bank of China,Bank of China,China Construction Bankand Bank of Communications.

But the six medium-sized commercial banks, namely Shenzhen Development, China Merchants,ShanghaiPudong Development, Minsheng, Huaxia and Industrial Bank, chalked up higher growth of 58 percent in their combined net profits, withShenzhen Development BankandChina Merchants Bankleading the bunch.

Industry observers say the lusty performance by the banks contributed to the bull run of China's capital markets.

The benchmark Shanghai Composite Index ended Monday's trading at a new high of 3,596.44 points, up 78.17 points, or 2.22 percent, from the previous close, creeping up relentlessly on the 3,600-point barrier.