China Merchants Bank First-Half Net Profit Up 11% at CNY39.26 Billion

Features Dow Jones Newswires

China Merchants Bank (3968.HK) said Friday that its first-half net profit rose 11% from a year earlier, thanks to higher interest income.

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The Shenzhen-based lender said its profit for the six months through June stood at 39.26 billion yuan ($5.88 billion), up from 35.23 billion yuan the same period a year ago.

The result was in line with a preliminary figure the bank gave last month.

The bank's net interest income rose 5.1% to 70.9 billion yuan, while net non-interest income declined 8.2% to 42.14 billion yuan.

The bank also reported 60.46 billion yuan in nonperforming loans at the end of June, up from 59.37 billion yuan at the end of March. The bad loans accounted for 1.71% of the total credit outstanding at the end of June, down from 1.87% at the end of March.

--Grace Zhu

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(END) Dow Jones Newswires

August 18, 2017 06:58 ET (10:58 GMT)