HONG KONG/SHANGHAI, April 27 China Construction
Bank Corp (CCB) , the country's
second-biggest listed lender, beat estimates with a 10.4 percent
rise in first-quarter net profit thanks to higher interest and
CCB is the third of China's four biggest lenders to report
better than expected results this year. Agricultural Bank of
China and Bank of China last week defied
market expectations of sharply declining profit growth for
China's banks in the face of the country's interest rate
An 11 percent rise to income from interest and fees helped
CCB to lift net profit to 65.8 billion yuan ($10.5 billion) from
59.6 billion in the first quarter of 2013, the bank's unaudited
financial statement showed.
That compares with an average estimate of 64.5 billion yuan
in a Reuters poll of 11 analysts.
CCB's non-performing loan ratio rose slightly to 1.02
percent at the end of March, from 0.99 percent three months
Net interest income was 103.2 billion yuan in the first
quarter, up nearly 12 percent year on year, while gains in net
fees and commission hit 32.12 billion yuan, a rise of more than
11 percent from last year.
CCB shares closed down 1.3 percent on Friday, in line with
the Hang Seng index.
($1 = 6.2536 Chinese Yuan)
(Reporting by Shanghai Newsroom and Lawrence White in Hong
Kong; Editing by Miral Fahmy and David Goodman)