China Construction Bank Q3 profit up 2.63%

CHINA Construction Bank Corp (CCB), the first of the country’s five largest lenders to report third-quarter results this week, said its net profit grew 2.63 per cent year on year, a filing showed on Thursday (Oct 26).

China’s second-biggest lender by assets saw profits rise to 88.11 billion yuan (S$16.5 billion) in the July to September quarter.

The bank said it will continue to fully support the real economy, as the world’s second largest economy suffered from weak domestic demand and a deepening property crisis.

Its net interest margin, a key gauge of bank profitability, narrowed to 1.75 per cent from 1.79 per cent at end-June, it said.

Its non-performing loan ratio stood at 1.37 per cent at end-September, unchanged from three months earlier. REUTERS