China Minsheng Banking Corp. and Huaxia Bank Co., the country's two mid-sized lenders, on Thursday said that their net profits would jump by at least 50 percent in 2011.
Minsheng attributed its profit growth to better operating efficiencies and stable asset quality, while Huaxia said its strong profitability was mainly due to rising income from fee-based services and commissions, according to the statements filed to the Shanghai Stock Exchange respectively.
Minsheng's net profit hit 17.58 billion yuan (US$ 2.79 billion) in 2010. Earnings per share stood at 0.66 yuan.
Huaxia reaped a net profit of 5.99 billion yuan in 2010 with earnings per share hitting 1.2 yuan.
Shares of Minsheng and Huaxia gained 2.88 percent and 0.68 percent to close at 6.44 yuan and 11.77 yuan, respectively, on Thursday.
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