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China Construction Bank reports 18.2% decline in 1Q net profit

(Xinhua)
Updated: 2009-04-24 23:44

BEIJING -- China Construction Bank's first-quarter net profit fell 18.2 percent from a year earlier to 26.3 billion yuan (US$3.9 billion), the bank announced Friday.

Interest income was 50.87 billion yuan, down 6.55 percent, reflecting the central bank's five interest rate cuts since September, it said.

As of the end of March, non-performing loans totaled 81.9 billion yuan, down 1.95 billion yuan from the end of last year. Its non-performing loan ratio was 1.9 percent, down 0.3 percentage points from the end of 2008.

Total assets at end-March reached 8.67 trillion yuan, up 14.8 percent from the end of 2008.

The bank's shares fell 0.23 percent to 4.35 yuan in Shanghai Friday but gained 0.91 percent to 4.42 Hong Kong dollars (about US56 cents) on the Hong Kong Exchange.