China Merchants Bank (CMB), the nation's sixth-largest lender,
on Tuesday released an estimate of 2007 net profit, which it said
soared 110 percent year-on-year to about 14.9 billion yuan (about 2
billion U.S. dollars).
The rise was attributed to capital growth, a wider rate gap
between deposits and loans, and rapid growth in non-interest
revenues, the Shenzhen-based bank said in a statement filed with
the Shanghai Stock Exchange.
Other contributing factors included a decrease in credit costs
and the cost-to-income ratio and an expected fall in the corporate
income tax rate, CMB said.
The results will be audited by the bank's accountants, CMB
said.
(Xinhua News Agency January 8, 2008)
