China Merchants Bank 3Q Net CNY19.55 Billion; Up 15.6% On Year

By Grace Zhu Features Dow Jones Newswires

China Merchants Bank Co. (3968.HK) said Friday that its third-quarter net profit rose 15.6% from a year earlier, boosted by higher interest and fee income.

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The Shenzhen-based lender said profit for the three months ended September was 19.55 billion yuan ($2.94 billion), up from 16.91 billion yuan a year earlier.

Net interest income rose to 36.49 billion yuan in the third quarter, compared with 33.25 billion yuan the same period a year ago. Net fee and commission income was 14.58 billion yuan, up from 11.46 billion yuan a year earlier.

For the first nine months, the bank's net profit rose 12.8% to 58.81 billion yuan from a year earlier.

The nonperforming loans were 60.22 billion yuan at the end of September, down 897 million yuan from a year earlier, the bank said. The bad loan ratio was 1.66%.

Write to Grace Zhu at grace.zhu@wsj.com

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(END) Dow Jones Newswires

October 27, 2017 07:26 ET (11:26 GMT)