August 28, 2018 / 12:20 PM / 3 months ago

China Construction Bank H1 net profit rises 6 pct

BEIJING, Aug 28 (Reuters) - China Construction Bank Corp (CCB), the country’s second-biggest lender by assets, on Tuesday reported a 6 percent growth in first-half profit.

CCB’s profit rose to 147.0 billion yuan ($21.38 billion) in the six months ended June, from 138.3 billion yuan a year earlier.

The first-half figure implies a net profit of 73.2 billion yuan for the second quarter, up 7 percent from 68.3 billion yuan in the year-ago period, according to Reuters calculations.

The result was slightly above the average estimate for a 6.5 percent quarterly profit growth from four analysts polled by Reuters.

CCB’s non-performing loan (NPL) ratio was 1.48 at the end of June, compared with 1.49 percent at end-March.

The volume of NPLs rose to 198.8 billion yuan at end-June from 196.4 billion yuan at end-March.

CCB’s net interest margin (NIM) - the difference between interest paid and earned - was 2.34 percent at the end of June, down from 2.35 percent at the end of March. ($1 = 6.8740 Chinese yuan renminbi) (Reporting By Shu Zhang and Engen Tham; Editing by Himani Sarkar)

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