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CHINA / Companies |
China Merchants bank H1 profit more than doublesUpdated: 2007-08-10 09:17 China Merchants Bank , China's sixth-largest lender, posted a 120 percent rise in first-half earnings on Friday, driven by strong loan growth in the country's fast-growing economy. China Merchants Bank said it earned 6.12 billion yuan ($809 million) in the first half, compared with 2.777 billion yuan in the year-earlier period. On average, five analysts polled by Reuters were expecting earnings of 5.65 billion yuan. The lender issued an announcement last month saying it expected its first-half profit to more than double on loan and fee income, as well as tax reductions. Its Hong Kong-listed shares rose 44 percent in the first half, outperforming a 9 percent increase in the benchmark Hang Seng Index during the same period, but currently traded at a 29 percent discount to its Shanghai A shares. ($1= 7.5646 Yuan) |
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