China Development Bank net profit surges in 2014

BEIJING -- China Development Bank's net profit rose 22.13 percent year-on-year to reach 97.7 billion yuan ($15.98 billion) in 2014, reports said on Friday.

The lender's assets totaled 10.32 trillion yuan by the end of 2014, up 26 percent year-on-year, while its total liabilities stood at 9.64 trillion yuan, according to a report on the bank's website.

Capital adequacy ratio stood at 11.88 percent while the non-performing loan ratio came in at 0.65 percent.

The bank was established in 1994 and incorporated as China Development Bank Corporation in 2008 in accordance with approval from the State Council.

In contrast, profit growth at China's major banks has been weak as the economy enters a period of slower growth.

Looking ahead, the bank said it will "play an important role in promoting stable growth and rebalancing in the Chinese economy, with timely investments in key sectors and weak links."