China Merchants Bank announces nearly 60% increase in H1 profits

China Merchants Bank (CMB) reported Thursday that its net profit for shareholders in the first half of the year rose 59.80 percent from a year earlier to 13.203 billion yuan ($1.94 billion).

　　During the first six months, the bank achieved an operating revenue of 32.934 billion yuan ($4.85 billion) with a growth of 33.48 percent on a year-on-year basis, of which its net interest income increased 41.45 percent to 26.343 billion yuan ($3.88 billion).

　　Meanwhile, its bad loans saw a downward trend. By the end of June, the amount of bad loans was of 8.85 billion yuan ($1.30 billion), a decrease of 882 million yuan ($129.8 million) if taken last year in comparison.

　　The bank's non-performing loan ratio was 0.67 percent, 0.15 percent lower compared with that of the beginning of this year.

　　The bank's capital adequacy ratio, an important gauge to measure financial strength at a bank, stood at 11.60 percent, 1.15 percentage points higher than at the end of the previous year.

Source: Global Times