By Ben Otto

China Minsheng Banking Corp.'s net profit rose slightly in 2021 as lower operating income was offset by a decline in credit impairments.

The Beijing-based bank said late Tuesday that net profit was 34.38 billion yuan ($5.40 billion), up 0.2% from CNY34.31 billion in 2020.

Net interest income fell 7.0% to CNY125.78 billion as interest income from financial investments, loans and certain other sources slipped. Noninterest income fell 15% to CNY39.78 billion.

The bank's impairment losses on credits eased to CNY77.40 billion from CNY92.99 billion in 2020. Its nonperforming loan ratio at the end of the December was 1.79%, down from 1.82% at the end of 2020.

China Minsheng said China would face increasing economic downward pressure caused by the pandemic and other factors in 2022, with "policies of stabilizing growth... put in a more prominent position."


Write to Ben Otto at ben.otto@wsj.com


(END) Dow Jones Newswires

03-29-22 2139ET