Net earnings growth at CCB more than halved in H1
By Hu Xiaocen |
August 27, 2012, Monday
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Print Edition
Print Edition
NET profit growth at China Construction Bank, the world's second most profitable lender on The Banker's latest list, more than halved in the first six months from a year earlier although its financial strength and asset quality improved.
CCB, the nation's second-biggest lender by assets, reported an annual 14.6 percent rise in net earnings to 106.3 billion yuan (US$16.8 billion) in the first half year, according to its interim mid-year earning report prepared under international accounting rules, the bank said yesterday.
But the growth rate more than halved from 30.4 percent in the same period last year, and was below the industry average of 23 percent, according to data from the China Banking Regulatory Commission.
In its banking report issued last week, China Galaxy Securities predicted CCB's profit growth to slow to 3.4 percent next year.
The bank's interest income, accounting for 74.5 percent of its total revenue, gained 16.5 percent to 169.7 billion yuan in the first half, while net interest margin improved annually from 2.66 percent to 2.71 percent.
Its core capital adequacy ratio, a measure of lenders' financial strength, rose from 10.97 percent at the end of last year to 11.19 percent in the first half.
CCB, the nation's second-biggest lender by assets, reported an annual 14.6 percent rise in net earnings to 106.3 billion yuan (US$16.8 billion) in the first half year, according to its interim mid-year earning report prepared under international accounting rules, the bank said yesterday.
But the growth rate more than halved from 30.4 percent in the same period last year, and was below the industry average of 23 percent, according to data from the China Banking Regulatory Commission.
In its banking report issued last week, China Galaxy Securities predicted CCB's profit growth to slow to 3.4 percent next year.
The bank's interest income, accounting for 74.5 percent of its total revenue, gained 16.5 percent to 169.7 billion yuan in the first half, while net interest margin improved annually from 2.66 percent to 2.71 percent.
Its core capital adequacy ratio, a measure of lenders' financial strength, rose from 10.97 percent at the end of last year to 11.19 percent in the first half.
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