Better interest margin lifts CCB’s profit
Print Edition
CHINA Construction Bank, the second-biggest lender in the country, said yesterday its net profit grew 9.2 percent in the first half of this year, as net interest margin improved from a year earlier.
Beijing-based CCB earned 130.7 billion yuan (US$21.2 billion) in the first six months of the year. However, the annual growth rate has slowed from 12.6 percent in 2013, according to its results released yesterday.
Ping An Securities said CCB’s is likely to see its profit growth pace slow further in the second half, which may stand at 8.9 percent for the whole year.
Net interest margin at CCB, a measure of loan profitability, grew to 2.8 percent in the first half from 2.71 percent by the end of last year.
But its non-performing loan ratio worsened from 0.99 percent as of last December to 1.04 percent by the end of June.
China’s Big Five banks — the Industrial and Commercial Bank of China, CCB, the Agricultural Bank of China, the Bank of China and the Bank of Communications — have made a combined net profit of 509.3 billion yuan in the January to June period, or an average growth of around 9.5 percent.
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