CCB posts 57b yuan net profit in first 9 months
Updated: 2007-10-28 09:20
China Construction Bank (CCB), the country's second largest commercial bank, has posted a net profit of 57 billion yuan (US$7.6 billion) in the first nine months of this year.
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The bank said its net interest revenue and net fee income from intermediary business, including distribution of mutual funds and insurance policies, expanded to 139.3 billion yuan and 22.9 billion yuan respectively in the January-September period.
By September 30, the bank's bad loan ratio stood at 2.83 percent and its total assets rose by 17.6 percent to 6.4 trillion yuan from a year ago, said the bank.
The rival Industrial and Commercial Bank of China, the country's largest lender, has reported a 66 percent year-on-year increase in its net profit in the first nine months of this year. While the smaller China Merchants Bank Co more than doubled third-quarter profit to 3.9 billion yuan.
CCB, which is 8.5 percent owned by Bank of America, sold nine billion shares in the Shanghai Stock Exchange last month, raising 58.05 billion yuan in China's third largest initial public offering this year.
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