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China Construction Bank FY'17 net profit rises YOY

China Construction Bank Corp. reported reported a 4.7% year-over-year rise in net profit for 2017, as growth in net interest income offset a fall in fee income and an increase in impairment losses.

China's second-largest bank by market capitalization said net profit attributable to equity shareholders for the year ended Dec. 31, 2017, rose to 242.26 billion yuan from 231.46 billion yuan in the year-ago period. EPS increased to 96 fen from 92 fen.

The S&P Capital IQ consensus GAAP and normalized EPS estimates for the bank's Hong Kong- and Shanghai-listed shares were each 96 fen.

The bank said net interest income for the period increased 8.3% to 452.46 billion yuan from 417.80 billion yuan.

Net interest margin for 2017 came in at 2.21%, slightly up from 2.20% for the previous year.

The bank's net fee and commission income slipped to 117.80 billion yuan from 118.51 billion yuan. Operating income climbed to 594.03 billion yuan from 559.86 billion yuan in 2016.

Impairment losses increased to 127.36 billion yuan from 93.20 billion yuan. Allowances for impairment losses on loans rose to 328.97 billion yuan from 268.68 billion yuan.

Meanwhile, operating expenses for the year fell to 167.04 billion yuan from 171.52 billion yuan.

The group's nonperforming loan ratio at the end of 2017 stood at 1.49%, compared with 1.52% in the prior-year period.

As of Dec. 31, 2017, the group's total capital ratio was 15.50%, up from 14.94% a year ago. Its common equity Tier 1 and Tier 1 ratios were 13.09% and 13.71%, respectively, compared with 12.98% and 13.15% at the end of 2016.

China Construction Bank said its board proposed a final cash dividend of 29.1 fen per share for 2017, up from 27.8 fen per share for 2016.

As of March 26, US$1 was equivalent to 6.27 Chinese yuan.