BEIJING - Huaxia Bank announced Tuesday its net profits surged 53.97 percent year-on-year to reach 9.22 billion yuan ($1.46 billion) in 2011.

In a statement filed to the Shanghai Stock Exchange, the Beijing-based mid-sized lender said its total assets hit 1.24 trillion yuan at the end of last year, up 19.6 percent from 2010.

Earnings per share stood at 1.48 yuan, an increase of 23.33 percent. Shareholders will be paid 2 yuan in dividends for every 10 shares they hold.

The bank attributed its profit surge to an increase in deposits and loans, rising non-interest revenues and lower operation costs.

Huaxia's core capital adequacy ratio reached 8.72 percent at the end of December, up 2.07 percentage points from the end of 2010.

Its non-performing loan ratio eased to 0.92 percent from 1.18 percent at the end of 2010, according to the statement.