Mid-sized banks' first-half profits soar

Three of China’s top mid-sized banks say their first-half profits have soared, defying slower economic growth and tightened monetary policy, the South China Morning Post reported. China Everbright Bank, the country’s eighth-biggest lender, reported a first-half net profit of US$949 million, up 158% on the same period last year. Shenzhen-listed Bank of Ningbo posted a net profit of US$107 million, up 91% year-on-year. And Bank of Nanjing, a partner of French lender BNP Paribas, said it expected a rise in net profits of at least 125%, to US$115 million. All three banks attributed their strong profits to widening net interest margins, strong growth in net interest incomes and fee and commission earnings. China’s "Big Four" banks have also forecast strong first-half profits, though figures have not yet been released.