China Minsheng Banking Corp, the nation's first listed non-State lender, posted a net profit for the first six months of 7.37 billion yuan (1.05 billion U.S. dollars), up 22.07 percent from a year earlier, reported Wednesday's China Daily. The newspaper attributed the significant rise to the bank's higher lending growth and a one-time gain from the sale of its equity investment in a brokerage firm. The bank's half-year results, coming ahead of its imminent initial public offering in Hong Kong, was better than the average profit level of the nation's 12 joint-stock lenders, which posted an average 19.3 percent year-on-year decline in net profit during the first half, the newspaper said. The bank advanced a total of 903.9 billion yuan in loans during the first half, up 245.6 billion yuan from the end of 2008, while total deposits touched some 1.08 trillion yuan for the same period. Its profits ballooned through the 3.8 billion yuan in income it earned from selling its holdings in Haitong Securities. Minsheng Bank ended its five-year investment in the nation's third biggest brokerage by selling the entire 381 million shares it held in late June. The bank, the ninth biggest lender listed on the mainland, is gearing up to prepare for a dual listing in Hong Kong, from which it expects to raise more than 20 billion yuan to replenish capital drained by rapid loan expansion in the first half. The nation's banking and securities regulators have approved the share sale and the bank is reportedly filing an application with the Hong Kong bourse as soon as this week. The Hong Kong sale is expected to boost its core capital ratio to about 9 percent, the bank said in May. 