China Merchants Bank posts 15.9% rise in half-year profit
Updated: 2014-09-01 14:53
(Xinhua)
|
|||||||||||
BEIJING - Midsize Chinese lender China Merchants Bank Co posted a net profit of 30.46 billion yuan ($5 billion) in the first half of this year, a year-on-year increase of 15.9 percent.
The profit growth made it the best-performing lender among national-level Chinese commercial banks in the first half.
The growth rate was also 3.9 percentage points higher than that for the first half of 2013, according to a statement filed to the Shanghai Stock Exchange on Friday.
China Merchants Bank, the country's sixth-largest by assets, said the increased profit was driven by growth in net interest income and higher commission fees.
In the first six months of the year, the bank's net interest income rose 13.5 percent to 53.86 billion yuan, while net non-interest income soared 83 percent year-on-year to 30.4 billion yuan.
The bank, listed in both Hong Kong and Shanghai, also reported a 0.98-percent non-performing loan ratio as of June 30, 0.15 percentage points higher than that at the end of 2013.
The lender also said its impairment losses on assets stood at 16.3 billion yuan in the first half, soaring 229 percent from a year earlier. Impairment losses on loans, which jumped 228.5 percent year-on-year to 16.3 billion yuan, were to blame.
The bank attributed that to China's economic downturn, deteriorated loan quality and bad loans extended to overcapacity industries.
Most of China's commercial banks posted slowing profit growths and more bad loans in the first half of this year, as China's economic momentum remains sluggish.
The Chinese economy grew 7.4 percent year on year in the first half of 2014, slower than the official target of around 7.5 percent.
| |
Related Stories
China Merchants Bank plans Luxembourg branch 2014-07-02 07:11
China Merchants Bank's profit growth slows 2014-02-17 10:23
China Merchants Bank sees H1 profit up 12% 2013-08-17 11:23
Head of China Merchants Bank resigns 2013-05-08 20:45
Today's Top News
China, Russia to lay joint gas pipeline
Rules set for HK chief vote
Militia guards US embassy in Libya
450 Pakistans injured in clash with police
My China Story: 'You've got talent'
China's east and west in concert
Putin calls for talks on state system in Ukraine
IMF chief Lagarde investigated in graft case
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Rebuilding lives |
Horrific nightmare at Kunshan factory |
Shaolin: Fists of fame |
Reading into an online age |
China helps fight international war on drugs |
Crackdown on terrorist attacks |