China Merchants Bank 2006 earnings up 50 pct-CEO
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China Merchants Bank (3968.HK)  (600036.SS), the country's biggest non-state lender, posted a  more than 50 percent rise in its 2006 net profit, according to  a copy of a speech by its chief executive Ma Weihua.
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HSBC Holdings PLC, Europe's largest bank by market value, reported Monday that profit rose 5 percent in 2006 despite losses in its mortgage operation in the United States that led to the removal of two senior executives.
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Luxury carmaker Rolls-Royce says China is becoming its biggest growth market, with sales there up by 50% in 2006.
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(InfoWorld) - Semiconductor Manufacturing International Corp. (SMIC), China's largest chip maker, reported a small profit for the final quarter of 2006 as the sale of property helped put the company back into the black afterÂ heavy third-quarter losses. SMIC executives were buoyed by the improved quarterly results and promised more to come this year. "For 2007, the entire year, our goal is try to be profitable," said Richard Chang, SMIC's CEO, during a conference call with investors. SMIC reported fourth-quarter net income of $1.2 million on sales of $384 million. By comparison, the company reported a loss of $14.8 million on sales of $333 million during the same period one year earlier. SMIC's results also showed improvement on a sequential basis: the company reported a loss of $31.3 million on sales of $367 million during the third quarter of 2006. SMIC's slim fourth-quarter profit was due to lower operating costs during the period, which fell from $46.2 million during the third quarter to $10.6 million in the fourth quarter -- a 77 percent decline. The drop in operating expenses was made possible by a $41.7 million gain recorded during the period from the sale of properties held by the company, SMIC said. The company did not detail what properties were sold. Excluding this gain, SMIC's operating expenses during the fourth quarter were $52.3 million, up 13.2 percent over the previous period. This marks the second time that SMIC was helped into the black during 2006 by a one-time gain. During the second quarter of 2006, a $18.9 million tax credit helped push the company to a $2.2 million profit. Looking ahead, SMIC expects its first-quarter revenue to be flat compared with the fourth quarter, Chang said. The company also aims to limit capital expenditures to $720 million in 2007 and 2008.
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Half-year profits at two of China's biggest banks surge on the back of higher lending and rising fees.
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The S&P 500 stock index touched a six-year high on Thursday as higher-than-expected earnings from investment bank Bear Stearns Co. Inc. , retailer Costco Wholesale Corp.  and other companies improved the outlook for steady profit growth.
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China raised interest rates on Thursday  for the sixth time this year, the latest of a series of  tightening steps to cap inflation and prevent the world's  fourth-largest economy from overheating.
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NEW YORK (CBS.MW) -- Bear Stearns Cos. reported Tuesday a 22.6 percent increase in fourth-quarter net income, as investment- and merchant-banking results rose.
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Sberbank, the country's largest savings bank, said Tuesday its first-half profit rose 4.2 percent and the bank's loan book increased 60 percent to exceed 1 trillion rubles ($34.2 billion). First-half net income ...
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Alliance Capital Management Holdings LP (AC.N: Quote, Profile, Research) , one of the biggest US money managers, on Thursday said its profit rose in the third quarter
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The money transfer company said fourth-quarter earnings rose to $243.3 million on transaction fee growth and improved foreign exchange revenue.
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Citigroup Inc. C.N, the world's  largest financial services company, on Thursday said  fourth-quarter profit rose, helped by growth in its consumer  business.
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The head of China's central bank  said on Sunday Beijing's efforts to curb excessive credit  growth were bearing fruit, increasing chances the country's  booming economy would achieve a "soft landing."
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Bank of America Corp.  on Friday said it awarded Chief Executive Kenneth Lewis $11.07 million of restricted stock as part of his compensation for 2006, when the No. 2 U.S. bank's profit rose 28 percent to a record.
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Standard Chartered, the emerging markets bank, has reported on Tuesday that 2006 net profits soared by almost one fifth, helped by strong economic growth in its key Asian markets.
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The head of China's central bank said on Sunday Beijing's efforts to curb excessive credit growth were bearing fruit, increasing chances the country's booming economy would achieve a "soft landing."
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HSBC Holdings  on Monday said its 2006 profits rose 5 percent, just short of analysts' expectations, as Europe's biggest bank took a $10.6 billion hit for bad debts after problems in its U.S. mortgage lending.