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Xuejun Cai

The net profit of China's US$575 billion sovereign wealth fund China Investment Corp (CIC) surged 60 per cent last year, helped by a 10.6 per cent return on its overseas investment portfolio.

China Minsheng Banking, the nation's largest privately owned lender, said net profit surged 20 per cent in the first quarter as strong fee and commission earnings more than offset shrunken profits from making loans.

The first mainland lender to release interim results in Hong Kong, the Chongqing bank yesterday said net earnings totalled 1.6 billion yuan (HK$2 billion) in the January-March period, compared with 1.4 billion yuan a year ago.

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