China Development Bank, one of the country's three policy banks, yesterday posted a 22.9 percent rise in 2011 net profit, making it the nation's sixth-most profitable bank.

The bank said in its annual earnings report, published yesterday, that net profit rose to 45.6 billion yuan (US$7.21 billion), while its non-performing loan ratio dipped to 0.4 percent at year's end from 0.68 percent a year earlier.

CDB is China's leading international lender, with a presence in 116 economies, Chen Yuan, chairman of the lender, said in the report.

The bank is under the direct jurisdiction of the State Council, and owned by three entities - the Ministry of Finance, Central Huijin Investment Co and China's national pension fund. Its primary job is to raise funds for the country's infrastructure projects.

Source:china.org