BUSINESS China Merchants Bank net profit up 10.12 pct

BUSINESS

China Merchants Bank net profit up 10.12 pct

Global Times

01:38, May 04, 2020

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(Photo: GT)


China Merchants Bank, one of the largest lenders in China, posted net profit growth of 10.12 percent in the first three months of 2020.


The bank raked in 27.8 billion yuan (about 3.9 billion US dollars) in net profit attributable to shareholders in the period, according to the company's latest earnings report filed with the Shanghai Stock Exchange.

Its business revenue stood at 76.6 billion yuan, up 11.44 percent year on year.

By the end of March, the bank's non-performing loan ratio declined five basis points from the end of last year to 1.11 percent, while its provision coverage ratio rose 24.49 percentage points to 451.27 percent.

The lender's total assets amounted to 7.77 trillion yuan, up 4.7 percent from the end of last year.

Shares of China Merchants Bank closed 0.2 percent higher at 35.09 yuan on Thursday.


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