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China Merchants Bank H1 net profit rises 13.08% YOY

China Merchants Bank Co. Ltd. said net profit for the first half rose 13.08% from a year earlier, driven by higher income from lending.

Net profit for the six months ended June 30 totaled 50.61 billion yuan, up from 44.76 billion yuan in the prior-year period. EPS rose to 2.01 yuan from 1.77 yuan.

Net interest income increased 13.50% year over year to 87.41 billion yuan from 77.01 billion yuan, and net fee and commission income rose to 38.97 billion yuan from 37.47 billion yuan.

Operating income rose to 137.63 billion yuan from 125.26 billion yuan, while operating profit before impairment losses increased to 97.23 billion yuan from 89.53 billion yuan.

Net interest margin for the first half rose to 2.70% from 2.54% in the prior-year period.

The company's nonperforming loan ratio improved to 1.23% as of June 30 from 1.36% as of end-2018.

As of end-June, the company's capital adequacy ratio fell to 15.09% from 15.68% as of end-2018. Its core Tier 1 ratio stood at 11.42%, down from 11.78% as of Dec. 31, 2018, while its Tier 1 ratio fell to 12.19% from 12.62% over the same period.

As of Aug. 23, US$1 was equivalent to 7.09 Chinese yuan.