China Merchants Bank profit hits 23% in 2021—official

 China Merchants Bank, one of the largest lenders in China, posted net profit growth of 23.2 per cent in 2021.

The bank raked in 119.9 billion yuan (about 18.83 billion U.S. dollars) in net profit attributable to shareholders last year, according to the company’s latest earnings report filed with the Shanghai Stock Exchange.

The bank’s business revenue stood at 331.3 billion yuan, up 14.04 per cent year on year.

By the end of last year, the bank’s non-performing loan ratio declined 0.16 basis points from the end of last year to 0.91 per cent.

While its provision coverage ratio rose from  46.19 percentage points to 483.87 per cent.

The lender’s total assets amounted to 9.25 trillion yuan, up 10.62 per cent from the end of last year.(Xinhua/NAN)