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China Merchants Bank Q1 net profit up 40.42% on interest income

(Xinhua)
Updated: 2010-04-29 10:01
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BEIJING: China Merchants Bank, the country's sixth largest lender, said late Wednesday its net profit jumped 40.42 percent year-on-year to 5.91 billion yuan ($865 million) in the first three months of 2010.

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China Merchants Bank Q1 net profit up 40.42% on interest income China Merchants Bank 2009 net profit declines 13.5%

In a statement filed with the Shanghai Stock Exchange, the lender said its assets totaled 2.2 trillion yuan ($322 billion) at the end of March while liabilities amounted to 2.08 trillion yuan ($304.7 billion).

According to the bank's quarterly report, most of its 15.62 billion yuan ($2.28 billion) operating revenue during the January-March period came from interest income, which stood at 12.51 billion yuan ($1.83 billion), up 32 percent from a year ago.

By the end of March, the lender registered a non-performing loan rate of 0.74 percent with bad loans of 9.38 billion yuan ($1.37 billion).

The bank's capital adequacy ratio rose to 11.53 percent by the end of March, up 1.08 percentage points from the end of 2009, thanks to its rights offering in A-shares market in Shanghai Stock Exchange.
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