China Merchants Bank, the nation's sixth-largest commercial lender, reported a net profit rise of 72 percent year-on-year to 2.46 billion yuan (320 million U.S. dollars) in the first quarter of 2007.

The Shenzhen-based bank's earnings per share stood at 0.71 yuan, up 42 percent on the same period last year, according to its quarterly report released on Friday.

According to the report, its intermediary business grew rapidly in the first three months. The Shanghai- and Hong Kong-listed bank realized 1.1 billion yuan (143 million U.S. dollars) in revenue from handling charges and commissions, up 98 percent.

End March 2007, the gross assets of China Merchants Bank amounted to 985 billion yuan (128 billion U.S. dollars).

At the end of 2006, the bank's capital adequacy ratio stood at 11.4 percent, up from 9.01 percent a year earlier, and its non-performing loan ratio had dropped to 2.12 percent, down from 2.58 percent at the end of 2005.

The bank's shares closed 2.69 percent down at 19.5 yuan on Friday.

Source: Xinhua