Bloomberg News

China Merchants Bank Profit Climbs, Beating Analyst Estimates

October 28, 2011

Oct. 28 (Bloomberg) -- China Merchants Bank Co., the country’s sixth-largest lender, said third-quarter profit climbed 33 percent on higher lending and fee income.

Net income rose to 9.79 billion yuan ($1.5 billion), or 0.45 yuan a share, from 7.38 billion yuan, or 0.34 yuan a share, a year earlier, the Shenzhen-based bank said in a statement to the Hong Kong stock exchange today. That beat the 9.1 billion- yuan median estimate of eight analysts surveyed by Bloomberg News.

Net interest income, or revenue from lending minus payments to depositors, rose 37 percent to 19.9 billion yuan. Net fee and commission income from products such as credit cards and insurance policies increased 32 percent to 3.7 billion yuan, Merchants Bank said.

--Editors: Nathaniel Espino, Chitra Somayaji

To contact the reporter on this story: Stephanie Tong in Hong Kong at stong17@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net


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