China Construction Bank Corporation : China Construction Bank 2011 Net Profit Up 26% At CNY169.26 Billion
03/25/2012| 07:47am US/Eastern
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China Construction Bank Corp. (0939.HK, 601939.SH, CICHY), the country's biggest lender to home buyers, said Sunday its net profit rose 25.5% last year, boosted by higher interest income and commissions.
The state-run bank, in which Bank of America Corp. (BAC) owns a 10% stake, said its net profit for the 12 months ended Dec. 31 totaled CNY169.26 billion (US$26.9 billion), up from CNY134.84 billion in 2010.
The result was slightly above the average CNY168.07 billion net profit forecast of four analysts polled earlier by Dow Jones Newswires.
CCB said its net interest income, which accounts for about 80% of its operating income, rose to CNY304.57 billion from CNY251.50 billion, and its net fee and commission income rose to CNY86.99 billion from CNY66.13 billion.
-By Aaron Back, Dow Jones Newswires; (8610) 8400-7701; aaron.back@dowjones.com
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