Wider interest margin lifts CCB’s Q1 net
Print Edition
CHINA Construction Bank, the country’s second-biggest lender, posted a 10.4 percent growth in net profit for the first quarter as it benefitted from a wider net interest margin.
Net profit rose to 65.8 billion yuan (US$10.7 billion) during the first three months from 59.6 billion yuan a year earlier, according to CCB’s unaudited financial statement.
Net interest income added 11.8 percent from a year ago to 103.2 billion yuan, while net interest margin rose from 2.74 percent by the end of last year to 2.81 percent last month.
Net fee and commission income gained 11.2 percent to 32.1 billion yuan over the same period, accounting for 22 percent of operating income.
Non-performing loans added 5.5 billion yuan to 90.8 billion yuan during the three months, while the NPL ratio rose 0.03 percentage point to 1.02 percent.
Profits at the Bank of China and the Agricultural Bank of China also improved due to a wider net interest margin. But analysts see China’s interest rate liberalization to erode the spread between deposit rates and loan rates.
Separately, CCB yesterday named Xu Yiming, former general manager of the assets and liabilities management department, as the new chief financial officer.
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