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China Merchants Bank posts 14.84% YOY rise in FY'18 net profit

China Merchants Bank Co. Ltd. posted a 14.84% year-over-year increase in net profit for the 2018 full year.

The company on March 22 reported a net profit attributable to equity holders of 80.56 billion yuan, up from 70.15 billion yuan in the prior-year period. EPS climbed to 3.13 yuan to 2.78 yuan.

The S&P Global Market Intelligence mean estimate for normalized EPS was 3.18 yuan, while the estimate for GAAP EPS was 3.20 yuan.

Net interest income grew to 160.38 billion yuan from 144.85 billion yuan, while net fee and commission climbed to 66.48 billion yuan from 64.02 billion yuan.

Operating income rose to 247.14 billion yuan from 220.04 billion yuan. Operating profit before impairment losses came to 166.03 billion, compared to 149.61 billion yuan in the prior-year period.

Impairment losses on loans and advances came to 8 million yuan for the year, up from 4 million yuan in the prior-year period.

Net interest margin for the period clocked in at 2.57%, up from 2.43% in the prior-year period.

The company's nonperforming loan ratio clocked in at 1.36% as of Dec. 31, 2018, down from 1.61% at Dec. 31, 2017.

At the end of 2018, the company's capital adequacy ratio came to 15.68%, up from 15.48% at Dec. 31, 2017. Over the same period, its core Tier 1 ratio fell to 11.78% from 12.06%, while its Tier 1 ratio dropped to 12.62% from 13.02%.

The company's board proposed to declare a cash dividend of 94 fen per share for 2018, up from the prior year's dividend of 84 fen. The dividend is subject to shareholder approval at the company's annual general meeting.

As of March 21, US$1 was equivalent to 6.70 Chinese yuan.