CCB said net profit was 80.855 billion yuan ($11.43 billion)for the January-March period, versus 76.92 billion yuan a year earlier.
CCB’s non-performing loan (NPL) ratio was 1.42% at the end of March, up from 1.42% three months earlier. The sector-wide NPL ratio was 2.04% in Q1, according to the banking and insurance regulator, the highest since the global financial crisis.
The bank’s net interest margin, a key measure of profitability, narrowed to 2.19% at the end of March, versus 2.26% at the end of 2019.
Reporting by Cheng Leng, Zhang Yan in Beijing, Engen Tham in Shanghai; Editing by Alex Richardson