China Merchants Bank said Friday its profit rose 57.4 percent to 20.59 billion yuan (3.07 billion U.S. dollars) in the first three quarters from one year earlier.
The jump in net profit was mainly due to higher interest income, the bank said in its business report filed with the Shanghai Stock Exchange.
Also, total assets of the mid-sized lender had expanded to 2.36 trillion yuan by the end of September, up 14.10 percent from the end of 2009.
Additionally, the bank's non-performing loan ratio was 0.64 percent, down 0.18 percentage points from the beginning of this year.
Shares of the bank were down 2.41 percent at 14.57 yuan in Shanghai and down 1.13 percent at 21.95 HK dollars in Hong Kong Friday.
Source:Xinhua
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China on Friday established a consultative committee comprised of 15 experts to push forward the reform and development of the country's Nasdaq-style ChiNext board, which opened one year ago.
Speaking at an industrial conference in Shenzhen City in south China's Guangdong Province, Shang Fulin, chief of the nation's securities regulator, said Friday the establishment of the committee will promote the board's stable and healthy development.
The ChiNext is a fund-raising channel for fast-growing small- and medium-sized high-technology companies.
It opened on Oct. 30, 2009, with 28 companies debuting on the Shenzhen-based board.
Shang Fulin, head of the China Securities Regulatory Commission, urged companies listed on the ChiNext to improve their competence and standardize their operations as ChiNext's success lies in the quality of its listed companies.
The experts and academics on the committee are from a wide range of fields including energy, aeronautics, semiconductors, food science and nutrition, and patent protection.
The Shenzhen Stock Exchange (SSE) launched the ChiNext Index on June 1. It gained 25.9 points, or 2.49 percent, to close at 1,064.52 on Friday.
So far, 134 companies have listed on ChiNext. The companies' combined capitalization is almost 600 billion yuan (89 billion U.S. dollars).
Source:Xinhua 

Bank of Communications, China's fifth largest lender by assets, said Thursday its net profit in the first three quarters hit 29.5 billion yuan (4.4 billion U.S. dollars), up 28.23 percent year on year.
The bank's total assets topped 3.8 trillion yuan by the end of September, up 14.92 percent compared to the start of the year, the bank said in its third-quarter business report.
The Shanghai-based bank said its provision coverage ratio was 167.95 percent by the end of September, up 16.9 percentage points compared to the start of the year.
The report also said the bank was steadily pushing forward its global strategy. The bank on Tuesday said it had gained approval to open a branch in Ho Chi Minh city, Vietnam. The branch was expected to open within 12 months.
The Shanghai-based bank currently has seven branches and three representative offices overseas.
By the end of September, total assets of the bank's overseas branches hit more than 38.2 billion U.S. dollars, 30 percent more compared to the start of the year, the report said.
Source: Xinhua