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)
