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China Merchants Bank profits soar

China Merchants Bank profits soar

(28th October 2003 – China) China Merchants Bank has posted a 37.6 percent increase in its Q3 net profit, after the bank’s earnings hit US$70 million for the period. The bank’s result beat analyst expectations and added further fuel to the fire that China’s economy could potentially overheat in the coming year and provoke the government into reining in bank lending.

The bank’s strong result comes on the heels of other Chinese banks posting equally positive results including China Minsheng Banking Corp which recorded an 81 percent Q3 net profit.
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