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China Merchants Bank Q1 profit rises 6.6% YOY

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China Merchants Bank Q1 profit rises 6.6% YOY

ChinaMerchants Bank Co. Ltd. posted a 6.6% year-over-year increase innet profit for the first quarter ended March 31.

The bank's net profit attributable to shareholders for thequarter rose to 18.35 billion yuan, or 73 fen per share, from 17.22 billionyuan, or 68 fen per share, in the prior-year period.

Net interest income climbed to 34.31 billion yuan from 33.58billion yuan, while net fee and commission income rose to 19.82 billion yuanfrom 15.45 billion yuan in the year-ago quarter.

Total operating income climbed to 58.27 billion yuan from50.78 billion yuan.

At the end of the quarter, net interest margin stood at2.62%, down 28 basis points from the prior-year period.

The nonperforming loan ratio clocked in at 1.81%, up 13basis points from the beginning of the year. The allowance coverage ratio ofNPLs was 183.26%, up by 4.31 percentage points from the beginning of the year,while the allowance-to-loan ratio was 3.32%, up 32 basis points over the sameperiod.

The group's core Tier 1 and Tier 1 capital adequacy ratiosboth stood at 12.13% at the end of March, up from 10.83% at the end of 2015.The capital adequacy ratio was at 13.94%, up from 12.57% over the same period.

As of April 27, US$1was equivalent to 6.50 Chinese yuan.