Net profits of Chinese companies listed both in Shanghai and Shenzhen climbed more than 30 percent in 2010 from a year earlier, as all companies have released their annual reports till April 30.
Huaxia Bank, a mid-sized lender in China, said on Friday that its first-quarter net profits rose 30.7 percent year on year to 1.71 billion yuan ($263 million).
Chinese shares closed higher Friday with the benchmark Shanghai Composite Index up 24.47 points, or 0.85 percent, to 2,911.51.
Shares of Hong Kong's first Renminbi-denominated IPO Hui Xian real estate investment trust opened 7.8 percent lower than its initial public offering price of 5.24 yuan (81 cents) on its first trading day in Hong Kong Friday.
The Chinese currency Renminbi (RMB), or the yuan, Friday gained 61 basis points from Thursday to a record new high of 6.4990 per US dollar.
Higher interest margins are helping Chinese banks to report strong results in the first quarter.
China's insurance premiums rose to 461.72 billion yuan ($70.98 billion) in the first quarter of the year, the China Insurance Regulatory Commission (CIRC) said Thursday.
The Industrial and Commercial Bank of China (ICBC), the country's biggest commercial lender, said Thursday its net profits for the first quarter of 2011 rose 29.03 percent year-on-year to 53.84 billion yuan ($8.08 billion).
China Construction Bank (CCB), the nation's second largest lender by market value, said Thursday that its net profits in the first three months this year climbed 34.23 percent from a year earlier due to higher interest income and commissions.
The Export-Import Bank of China (China Eximbank), a major policy bank, will formally launch a yuan-denominated sovereign fund before the end of this year to invest in Latin America, a senior executive said on Thursday.
The United States Federal Reserve's announcement that it will end its second round of quantitative easing, known as QE2, on schedule in June has eased concerns over further growth of excess liquidity in the global economy, analysts said on Thursday.
China's red-hot Internet sector is due for a correction, industry executives and venture capitalists say.