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China Merchants Bank FY'17 net profit rises 13% YOY

China Merchants Bank Co. Ltd. reported a 13% year-over-year increase in net profit for full year 2017.

The Chinese commercial bank said net profit attributable to shareholders for the year ended Dec. 31, 2017, increased to 70.15 billion yuan from 62.08 billion yuan in 2016. EPS increased to 2.78 yuan from 2.46 yuan.

The S&P Capital IQ consensus GAAP and normalized EPS estimates for the company's Hong Kong-listed shares were 2.75 yuan and 2.74 yuan, while the GAAP and normalized EPS estimates for the Shanghai-listed shares were 2.74 yuan each.

The company's net interest income climbed to 144.85 billion yuan from 134.60 billion yuan, while net fee and commission income rose to 64.02 billion yuan from 60.87 billion yuan.

Net interest margin slid to 2.43% as of end-2017, from 2.50% as of end-2016.

The bank's operating expenses increased to 70.43 billion yuan from 65.15 billion yuan. Meanwhile, impairment losses on assets including loans dropped to 59.93 billion yuan from 66.16 billion yuan.

The bank's nonperforming loan ratio declined year over year to 1.61% from 1.87%, while allowance coverage ratio of nonperforming loans jumped to 262.11% from 180.02%.

As of the end of 2017, the bank's Tier 1 capital adequacy ratio stood at 13.02%, up from 11.54% in the prior-year period. The capital adequacy ratio climbed to 15.48% from 13.33% over the same period.

China Merchants Bank said its board proposed a final dividend of 84 fen per share, up from 74 fen per share for 2016.

As of March 22, US$1 was equivalent to 6.33 Chinese yuan.