China Merchants Bank reports 116 pct rise in 1H net profit
19/8/2008 17:37
First-half net profit for Shanghai-listed China Merchant Bank was 13.245
billion yuan (US$1.928 billion), up 116.42 percent year-on-year, it said in an
online statement today.
Net interest income accounted for 83.91 percent of
the total, down 0.12 percentage points year-on-year, and net non-interest income
generated 16.09 percent, up 0.12 percentage points.
The bank said the surge
in net profit mainly resulted from the rapid growth of earnings on net interest,
as well as sustained and rapid growth of non-interest income.
Reduced credit
costs and falling income tax thanks to tax breaks also contributed, it
said.
The non-performing loan ratio was 1.25 percent at the end of June, down
0.29 percentage points during the first half, while the capital adequacy ratio
was 10.41 percent, up 0.12 percentage points.
The bank said that as of June
30, it held bonds with a face value of US$180 million in US mortgage agencies
Fannie Mae and Freddie Mac and US$75 million of mortgage-backed securities
issued by the two.
Xinhua
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