China Merchants Bank (3968) reported a 7.8 percent rise in net profit to 38.8 billion yuan (HK$44 billion) in the first quarter from a year earlier. Non-interest income fell by 6.2 percent to 35.2 billion yuan, mainly due to a weakening in risk appetite and investment willingness of customers, the bank said. Among them, net fee and commission income slumped 12.6 percent to 25.1 billion yuan. Its non-performing loan ratio stood at 0.95 percent as of March, slightly down by 0.01 percentage points as compared with the end of the previous year. But the non-performing loan ratio dropped 0.09 percentage points to 1.68 percent by end-March.

Source: The Standard April 27, 2023 01:11 UTC