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China Merchants Bank H1 net profit drops 37.62%

(Xinhua)
Updated: 2009-08-29 14:08

China Merchants Bank (CMB), the country's sixth largest lender, had a net profit of 8.26 billion yuan ($120.9 million) in the first half of this year.

The profit represents a drop of 4.98 billion yuan, or 37.62 percent from the same period last year, according to the bank's half-year report on Saturday.

Special Coverage: Interim Results of Listed Companies Related readings:  China Merchants Bank may set up more overseas branches  China Merchants Bank's profit up 38% in 2008  China Merchants Bank seek to launch branch in Taiwan  China Merchants Bank says loan growth slowing

By the end of June, its non-performing loan ratio was 0.86 percent, down 0.25 percentage point from the beginning of the year.

Total assets topped 1.97 trillion yuan by the end of June this year, representing an increase of 400 billion yuan, or 25.51 percent from the beginning of the year.

On Aug 17, CMB announced it would use part of the money raised in a share issue on the Shanghai and Hong Kong bourses to set up overseas branches.

It is planning to launch a branch in London soon following the setting-up of a representative office in the city last month.