Staff reporter and BloombergChina Construction Bank (0939) saw its net profit increase by 3 percent to 255.4 billion yuan (HK$272.9 billion) in the first three quarters this year, as it managed to offset a margin slide with lower credit impairments. For the third quarter, China's second-biggest lender by assets posted a 2.6 percent year-on-year growth in net profits to 88.1 billion yuan. Meanwhile, impairment losses went down by nearly 14 percent to 124.4 billion yuan in the first three quarters from the previous year. CCB said in a briefing yesterday that its net interest margin is still under downward pressure this year, expecting that the margin will decline at a slower pace next year. For the quarter through September alone, the insurer's net profit plunged 99 percent to 53 million yuan.

Source: The Standard October 27, 2023 07:10 UTC