22 Aug '11, 4am

China Construction Bank H1 net profit jumps 31%

China Construction Bank H1 net profit jumps 31%

SHANGHAI - China Construction Bank said its first-half net profit jumped 31 percent on strong growth in fee-based business such as financial consulting and advisory services, and higher interest rates. The bank, in which Bank of America owns a 10 percent stake, earned 92.8 billion yuan ($14.5 billion) in the six months to the end of June, compared with 70.7 billion yuan a year earlier, the company said in a statement filed to the Shanghai Stock Exchange late Sunday. Net interest income, which accounts for more than 70 percent of its profit, grew 23.7 percent year-on-year in the first half to 145.7 billion yuan after the government hiked benchmark interest rates a number of times this year. Fee and commission income also surged 41.7 percent from the same period last year to 47.7 billion yuan. "The group was actively engaged in service and product innovation which boosted th...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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