Huaxia Bank Co., a medium-sized commercial lender that is partly owned by Deutsche Bank AG, reported 80.57 percent growth in its net profit to 3.008 billion yuan (US$447 million) in the first half of this year.

The hefty growth was due to a rapid increase in deposits and expansion of its credit business, the bank said in a statement posted on the websites of the Shanghai Stock Exchange on Monday.

Earnings per share were 0.6 yuan, up by 81.82 percent.

By the end of June, deposits rose 15.49 percent to 671.81 billion yuan from the same period a year ago. The outstanding credits totaled 489.02 billion yuan, up by 13.67 percent year- on- year.

The non-performing assets ratio was 1.28 percent, down by 0.27 percentage points.