By Yi Wei Wong
China Minsheng Banking Corp. said that its net profit rose slightly in 2022 due to lower impairment losses.
The lender said late Monday that its net profit rose to 35.27 billion Chinese yuan ($5.12 billion), compared with CNY34.38 billion a year earlier.
The company's net interest income fell slightly to CNY107.46 billion in 2022, compared with CNY125.78 billion a year ago.
Net non-interest income declined to CNY31.76 billion in 2022, compared with CNY39.78 billion a year earlier.
Impairment losses on credit narrowed to CNY48.76 billion in 2022, compared with CNY77.40 billion.
In 2023, China Minsheng said that it will enter the second stage of growth which will last until 2025.
It aims to enhance its market competitiveness during this period and improve its service quality, it said.
Write to Yi Wei Wong at firstname.lastname@example.org
(END) Dow Jones Newswires
March 27, 2023 20:01 ET (00:01 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.