April 28, 2020 / 1:08 PM / a month ago

China Construction Bank posts 5% rise in first-quarter profit

FILE PHOTO: The logo of China Construction Bank is seen at a branch office in Zurich, Switzerland September 22, 2016. REUTERS/Arnd Wiegmann

BEIJING/SHANGHAI (Reuters) - China Construction Bank Ltd (CCB) (601939.SS) (0939.HK), the country’s second-largest lender by assets, posted a 5.12% increase in first-quarter profit.

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

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