China Minsheng Banking Corp., Ltd. (CMBC), a major Chinese lender, Tuesday announced a net profit surge last year, on the back of rapid asset growth and business expansion.

The net profit of the Beijing-based bank surged 53.4 percent year on year to 12.1 billion yuan (1.77 billion U.S. dollars) in 2009. Its business revenue rose 20.1 percent year on year to 42.1 billion yuan in 2009, the Shanghai-listed firm said in its annual report.

By the end of last year, the bank's non-performing loan rate was down to 0.84 percent from 1.2 percent in 2008, the report said.

CMBC's profitability increase rate is faster than its counterparts: the Industrial and Commercial Bank of China (ICBC) and the China Construction Bank (CCB).

ICBC, the world's largest bank by market value, reported a 16.4 percent year-on-year net profit rise in 2009, while CCB registered a 15.3 percent year-on-year net profit growth for last year.

The A-share stock price of CMBC gained 0.99 percent to 7.15 yuan per share at the opening Tuesday.