CCB profit beats analysts' view
By Michael Wei and Doug Young |
October 24, 2009, Saturday
|
Print Edition
Print Edition
CHINA Construction Bank, in which Bank of America has about an 11-percent stake, yesterday posted forecast-beating results, after third-quarter lending dropped to more normal levels following a boom earlier in the year.
China's big banks extended a surprisingly strong 516.7 billion yuan (US$75.67 billion) in loans last month, up from 410.4 billion yuan in August, but still well below levels in the first six months.
Analysts had worried that China might lean on banks to tighten lending, thereby eating into their profits, as it reined in its ultra-relaxed monetary stance from early in the year as part of its economic stimulus.
CCB, China's No. 2 lender by assets, said its net interest margin narrowed to 2.41 percent at end of September from 3.3 percent a year earlier and 2.46 percent at the end of June.
Its non-performing loan ratio fell to 1.57 percent, against 2.21 percent at the end of last year, the bank said.
Some fear the ultra-loose lending in the first half could work through into an increase in bad loans.
Beijing-based CCB posted a net profit of 30.3 billion yuan (US$4.4 billion) for the third quarter, versus 25.6 billion yuan a year earlier and an average forecast from analysts of 28.36 billion yuan.
Smaller rival China Minsheng Bank kicked off the country's bank earnings season on Wednesday with an 8.9-percent rise in quarterly profit, citing factors including increased net interest income.
ICBC, China's largest bank, and the Bank of China, its largest foreign exchange lender, will report their third-quarter results next Thursday.
China's big banks extended a surprisingly strong 516.7 billion yuan (US$75.67 billion) in loans last month, up from 410.4 billion yuan in August, but still well below levels in the first six months.
Analysts had worried that China might lean on banks to tighten lending, thereby eating into their profits, as it reined in its ultra-relaxed monetary stance from early in the year as part of its economic stimulus.
CCB, China's No. 2 lender by assets, said its net interest margin narrowed to 2.41 percent at end of September from 3.3 percent a year earlier and 2.46 percent at the end of June.
Its non-performing loan ratio fell to 1.57 percent, against 2.21 percent at the end of last year, the bank said.
Some fear the ultra-loose lending in the first half could work through into an increase in bad loans.
Beijing-based CCB posted a net profit of 30.3 billion yuan (US$4.4 billion) for the third quarter, versus 25.6 billion yuan a year earlier and an average forecast from analysts of 28.36 billion yuan.
Smaller rival China Minsheng Bank kicked off the country's bank earnings season on Wednesday with an 8.9-percent rise in quarterly profit, citing factors including increased net interest income.
ICBC, China's largest bank, and the Bank of China, its largest foreign exchange lender, will report their third-quarter results next Thursday.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
