China Merchants Bank profit up 23% in 2021

BEIJING -- China Merchants Bank, one of the largest lenders in China, posted net profit growth of 23.2 percent in 2021.

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

Its business revenue stood at 331.3 billion yuan, up 14.04 percent 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 percent, while its provision coverage ratio rose 46.19 percentage points to 483.87 percent.

The lender's total assets amounted to 9.25 trillion yuan, up 10.62 percent from the end of last year.