China Merchants Bank today said in a statement its net profit in the third quarter jumped more than 100 percent on a year-on-year basis.
Merchants Bank attributed the increase to growth in assets, surges in interest gains, rapid growth in non-interest revenues, declines in credit costs, cost-income ratio and effective income tax rate, the statement said.
The bank reported an overall profit of 4.468 billion yuan (US$595.73 million) in the first three quarters of 2006, with earnings per share of 0.31yuan (4 US cents).
The Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, jumped 0.986 percent to close at 6,088.476 at 11:30am. Merchants Bank rose 3.84 percent to 42.70 yuan in the morning session.