China Merchants Bank profit up 15% in Q1

BEIJING - China Merchants Bank, one of the largest lenders in China, posted net profit growth of 15.18 percent in the first three months of 2021.

The bank raked in 32.02 billion yuan ($4.93 billion) in net profit attributable to shareholders during the period, according to the company's latest earnings report filed with the Shanghai Stock Exchange.

Its business revenue stood at 84.75 billion yuan, up 10.64 percent year-on-year.

By the end of March, the bank's non-performing loan ratio declined five basis points from the end of last year to 1.02 percent, while its provision coverage ratio rose 1.2 percentage points to 438.88 percent.

The lender's total assets amounted to 8.66 trillion yuan, up 3.63 percent from the end of last year.

Shares of China Merchants Bank closed 1.31 percent higher at 53.3 yuan on Friday.