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China Construction Bank H1 net profit rises nearly 5% YOY

China Construction Bank Corp., one of the country's largest state-owned lenders, said first-half net profit climbed 4.87% from a year earlier.

The bank attributed the increase to higher interest and fee income.

Net profit for the six months ended June 30 totaled 154.19 billion Chinese yuan, up from 147.03 billion yuan in the prior-year period. EPS rose to 62 fen from 59 fen.

Net interest income rose 4.57% year over year to 250.44 billion yuan from 239.49 billion yuan; net fee and commission income increased to 76.70 billion yuan from 69.00 billion yuan. Operating income increased to 344.39 billion yuan from 322.73 billion yuan.

The net interest margin fell to 2.27% from 2.34% in the prior-year period.

Credit impairment losses increased to 74.64 billion yuan from 67.03 billion yuan in the prior-year period.

The company's nonperforming loan ratio stood at 1.43% as of June 30, compared to 1.46% as of the end of 2018.

As of June 30, the group's total capital adequacy ratio declined to 17.06% from 17.19% at the close of 2018. The common equity Tier 1 ratio fell to 13.70% from 13.83% at Dec. 31, 2018, while the Tier 1 ratio declined to 14.25% from 14.42%.

As of Aug. 27, US$1 was equivalent to 7.16 Chinese yuan.