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China Construction Bank sees 1.4% YOY increase in Q1 net profit

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China Construction Bank sees 1.4% YOY increase in Q1 net profit

's first-quarternet profit inched up 1.4% year over year, as an increase in noninterest income morethan offset a decline in interest income.

The bank'sconsolidated net profit attributable to shareholders increased to 67.95 billionyuan from 67.01 billion yuan in the prior-year period. EPS for the quarter remainedflat year over year at 27 fen.

Net interestincome fell to 107.89 billion yuan from 111.30 billion yuan in the year-ago quarter,while net fee and commission income rose year over year to 38.38 billion yuan from33.93 billion yuan.

Operatingincome also increased to 155.78 billion yuan from 149.26 billion yuan.

Impairmentlosses for the quarter jumped to 26.70 billion yuan from 20.01 billion yuan in theprior-year period.

The bank'snet interest margin fell 32 basis points to 2.40% from the same period in 2015.

In thethree-month period to March, the bank's nonperforming loans increased by 10.44 billionyuan to 176.42 billion yuan. The NPL ratio clocked in at 1.63%, up 5 basis pointsover the end of 2015, while the ratio of allowances to NPL climbed 72 basis pointsto 151.71%.

Underthe new calculating standards, the group's common equity Tier 1 ratio stood at 13.46%at the end of March, up from 13.13% at the end of 2015. The Tier 1 ratio also increasedto 13.65% from 13.32% over the same period, while total capital ratio climbed to15.55% from 15.39%.

As of April 28, US$1 was equivalentto 6.48 Chinese yuan.