OCBC China, a Chinese mainland subsidiary of Singapore-based OCBC Bank, said yesterday that its net profits grew over five times to 341 million yuan (US$54.1 million) in 2011 on rising deposits and clients.

Its net profit surged 540 percent last year due to strong growth in deposits and net interest income, the bank said. Total deposits soared 69 percent from that of 2010.

OCBC China grew its clients by 53 percent in 2011 and its cross-border trade in yuan soared 154 percent.

OCBC China has helped Southeast Asian firms do business in the Chinese market while helping Chinese enterprises with overseas investments, it said.

The bank has invested a lot in the mainland, Leong Wai Leng, chairman and CEO of OCBC China, said yesterday.

Source:shanghaidaily