CCB lifts net earnings
By Zhang Fengming |
October 30, 2010, Saturday
|
Print Edition
Print Edition
CHINA Construction Bank yesterday said its third-quarter profit rose a better-than-expected 31 percent as it took advantage of improving interest margins.
The Beijing-based bank's profit surged to 39.7 billion yuan (US$5.9 billion) in the period, the world's second-largest bank by market value said yesterday in a stock exchange filing.
CCB, 12 percent owned by Bank of America, is the last of the country's Big Five state-owned banks to post quarterly results, cementing a season of strong profit growth for them.
"Major banks like CCB are benefiting from China's rising economy and loose monetary policy this year," said Zhang Qi, a Haitong Securities Co analyst.
"Interest income is still the main contributor to banks' revenue."
The bank's interest income rose 17 percent to 182 billion yuan, with interest margin adding 0.04 percentage point to 2.45 percent.
The Agricultural Bank of China and the Bank of China reported better-than-expected third-quarter profits while the Industrial and Commercial Bank of China posted an expected 27 percent profit jump.
The Bank of Communications disappointed slightly with a less-than-expected 24 percent earnings growth.
The Beijing-based bank's profit surged to 39.7 billion yuan (US$5.9 billion) in the period, the world's second-largest bank by market value said yesterday in a stock exchange filing.
CCB, 12 percent owned by Bank of America, is the last of the country's Big Five state-owned banks to post quarterly results, cementing a season of strong profit growth for them.
"Major banks like CCB are benefiting from China's rising economy and loose monetary policy this year," said Zhang Qi, a Haitong Securities Co analyst.
"Interest income is still the main contributor to banks' revenue."
The bank's interest income rose 17 percent to 182 billion yuan, with interest margin adding 0.04 percentage point to 2.45 percent.
The Agricultural Bank of China and the Bank of China reported better-than-expected third-quarter profits while the Industrial and Commercial Bank of China posted an expected 27 percent profit jump.
The Bank of Communications disappointed slightly with a less-than-expected 24 percent earnings growth.
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