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October 28, 2013

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CCB Profit rises on interest, fee income

China Construction Bank, the nation’s second-biggest lender, posted a 9.4 percent annual growth in net profit for the third quarter as it benefitted from rising interest income and fee revenue during the period.

Net profit rose to 56.8 billion yuan (US$9.3 billion) between July and September, from 51.9 billion yuan in the same period a year ago, according to the Beijing-based lender’s financial results for the third quarter.

Net interest income gained 8.2 percent year on year to 98.9 billion yuan by the end of September, while fee and commission revenue added 18.8 percent to 24.6 billion yuan for the same period.

The bank’s non-performing loans rose to 82.1 billion yuan from 80.3 billion during the third quarter, but its non-performing loan ratio eased 0.01 percentage point to 0.98 percent.

CITIC Securities estimates the bank’s net income may reach 208.8 billion yuan for the whole year after it surged 11.6 percent year on year to 176.5 billion yuan in the first nine months.

 


 

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