Minsheng profits in H1

Updated 2017-08-30 09:56:08 Shanghai Daily

China Minsheng Banking Corp Ltd's net profit grew 3.18 percent year on year during the first half despite a drop in revenue, according to its interim earnings report yesterday.

The bank earned a net profit of 28.1 billion yuan (.2 billion) in the first half of 2017, although its operating income fell 9.5 percent. It attributed the gain to the bank's cost reduction efforts.

Benefiting from the country's tax reform, China's first private bank's operating expenses declined sharply by 14.6 per cent to 3.13 billion yuan from the same period a year before. The bank's impairment losses on assets dropped 17.5 percentage points to 3.6 billion yuan, which contributed significantly to the bank's cost savings.

The bank's net non-interest income came to 29.4 billion yuan during the first half year, accounting for nearly 42 per cent of the 70.5 billion yuan revenue which, however, fell 9.51 percent annually.

The bank implemented the Phoenix Project, one of several proactive measures, which helped it cut its balance sheet in the first half, with total assets and liabilities falling to 5.76 trillion yuan and 5.39 trillion yuan respectively.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 20 2018 20:57:04

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 20 2018 20:57:04

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 20 2018 20:57:04

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords