CMB’s Third-Quarter Results Were Dragged by Slowing Fee-Income Growth
China Merchants Bank’s results for its first three quarters were solid, with net profits and preprovision operating profits increasing 7.5% and 6.0%, respectively, from the year-ago period. The 3% revenue growth was attributable to 10.5% fee income growth and a 1% decline in net interest income growth. On a quarter-on-quarter basis, net interest income was flat from the second quarter, as net interest margin contracted slightly by 2 basis points to 2.44%, though it remained at the highest level ...
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