Arab Today, arab today china construction bank net profit jumps 31
Last Updated : GMT 18:20:30
Arab Today, arab today
Arab Today, arab today

China Construction Bank net profit jumps 31%

Arab Today, arab today

Arab Today, arab today China Construction Bank net profit jumps 31%

Shanghai - AFP

China Construction Bank said its first-half net profit jumped 31 percent thanks to higher interest rates and strong growth in fee-based businesses such as financial consulting and advisory services. The bank, in which Bank of America owns a 10 percent stake, earned 92.8 billion yuan ($14.5 billion) in the six months to the end of June, compared with 70.7 billion yuan a year earlier, the company said in a statement filed to the Shanghai Stock Exchange late Sunday. Net interest income, which accounts for more than 70 percent of its profit, grew 23.7 percent year-on-year in the first half to 145.7 billion yuan after the government hiked benchmark interest rates a number of times this year. Fee and commission income also surged 41.7 percent from the same period last year to 47.7 billion yuan. \"The group was actively engaged in service and product innovation which boosted the growth in the fee-based businesses. As a result, net fee and commission income rose substantially,\" the bank said. Shanghai-listed shares in China Construction Bank closed down 0.89 percent at 4.45 yuan in a weak market. Lending growth of Chinese banks has slowed since China introduced a slew of measures to rein in liquidity to fight inflation, which hit the highest level in three years at 6.5 percent in July. The central bank raised its benchmark interest rates twice in the first half of the year and the amount of money banks must keep in reserves with the central bank six times. China Construction Bank said its outstanding loans stood at 5.99 trillion yuan as of the end of June, up 8.3 percent from the end of December. That growth was slower than the 11.1 percent recorded in the first half of 2010. But net interest margin, a gauge of lending profitability, widened to 2.66 percent at the end of June from 2.41 percent the same time a year ago on the interest rates hikes, the bank said, offsetting the negative impact of slower growth in new loans. The bank\'s non-performing loan ratio stood at 1.03 percent at the end of June, lower than 1.14 percent at the end of December.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china construction bank net profit jumps 31 Arab Today, arab today china construction bank net profit jumps 31

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china construction bank net profit jumps 31 Arab Today, arab today china construction bank net profit jumps 31

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday