China's ten listed commercial banks garnered 170 billion yuan (US$22 billion) in combined net profits last year, up 34 percent, stock market sources said on Tuesday.

 

Of the total, 150 billion yuan (US$19 billion), or nearly 90 percent, came from four behemoths -- the Industrial and Commercial Bank of China, Bank of China, China Construction Bank and Bank of Communications.

 

But the six medium-sized commercial banks, namely Shenzhen Development, China Merchants, Shanghai Pudong Development, Minsheng, Huaxia and Industrial Bank, chalked up higher growth of 58 percent in their combined net profits, with Shenzhen Development Bank and China Merchants Bank leading the bunch.

 

Industry observers say the lusty performance by the banks contributed to the bull run of China's capital markets.

 

The benchmark Shanghai Composite Index ended Monday's trading at a new high of 3,596.44 points, up 78.17 points, or 2.22 percent, from the previous close, creeping up relentlessly on the 3,600-point barrier.

 

(Xinhua News Agency April 17, 2007)