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.
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.
Continue Reading Below
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 firstname.lastname@example.org
(END) Dow Jones Newswires
October 27, 2017 07:26 ET (11:26 GMT)