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China Minsheng Banking posts 3.76% YOY rise in FY'16 net profit

China Minsheng Banking Corp. Ltd. reported a 3.76% year-over-year increase in net profit for full-year 2016, amid a decline in operating expenses.

The bank's net profit attributable to equity shareholders rose to 47.84 billion yuan, or 1.31 yuan per share, from 46.11 billion yuan, or 1.27 yuan per share, for the prior year.

Net interest income rose to 94.68 billion yuan from 94.27 billion yuan, while net noninterest income ticked down year over year to 59.37 billion yuan from 59.48 billion yuan.

The bank's operating income rose to 154.05 billion yuan from 153.75 billion yuan for the prior year. Impairment losses on loans and advances for the year increased to 41.21 billion yuan from 33.03 billion yuan a year ago.

Operating expenses fell to 52.42 billion yuan from 58.18 billion yuan.

Net interest margin for 2016 came in at 1.86%, down from 2.26% in the prior year, and the bank reported an impaired loan ratio of 1.68% for full-year 2016, up from 1.60% for the previous year.

As of Dec. 31, 2016, the bank's capital adequacy ratio was 11.73%, up from 11.49% a year ago. Its core Tier 1 and Tier 1 capital adequacy ratios stood at 8.95% and 9.22%, respectively, compared to 9.17% and 9.19% at the end of 2015.

China Minsheng Banking proposed a final cash dividend of 16.5 fen per share, up from 16 fen per share. Together with the interim dividend of 11.5 fen per share, the bank's total dividend for 2016 amounted to 28 fen per share, up from a total dividend of 23.5 fen per share for 2015.

As of March 30, US$1 was equivalent to 6.89 Chinese yuan.