Bank Raises Net before HK IPO.

(From SinoCast China Financial Watch)

SHENZHEN, April 28, SinoCast -- China Merchants Bank said its first-quarter net profit rose up to 24.5%, which, coupled with a falling ratio of bad loan, is expected to add its appeal to investors in the coming offshore listing. The profit rose to CNY 1.3 billion on a revenue of CNY 7.9 billion, which was up 32% year over year, the bank said today in a filing to the Shanghai Stock Exchange. It ranks sixth by assets in the mainland's banking industry. Its stock listed at the exchange shot up 3.59% yesterday. The good quarterly results could give China Merchants an edge over institutional investors when pricing its shares to be …