Minsheng Bank 2012 net profits surge 34.54%

BEIJING -- The net profits of China Minsheng Banking Corp Ltd surged 34.54 percent year on year to 37.56 billion yuan ($5.99 billion) in 2012, the bank announced Thursday.

The bank attributed the profit growth to increasing business revenues and improved operational efficiency, according to its annual report filed to the Shanghai Stock Exchange.

Its net interest income jumped 19 percent year on year to 77.1 billion yuan, while income from other sources surged 47 percent to 25.9 billion yuan, the bank said.

The bank's total assets grew 44 percent year on year to 3.21 trillion yuan at the end of 2012, while its gross liabilities climbed 45 percent to 3.04 trillion yuan.

Minsheng's non-performing loan ratio was 0.76 percent as of the end of 2012, an increase of 0.13 percentage points from a year ago, the bank said.