China Merchants Bank 2010 profit up 41.3% to $3.93 billion

The lender’s capital adequacy ratio rose to 11.47% in 2010 from 10.45% at end 2009.

China Merchants Bank posted a 41.32 percent year-on-year increase in 2010 net profit attributable to shareholders to 25.77 billion yuan ($3.93 billion), reports National Business Daily, citing a company filing.

Net interest income rose 41.4 percent to 57.08 billion yuan while net interest margin rose 42 percentage points year-on-year to 2.65 percent.

The average yield of its interest-bearing assets was up 28 percentage points year-on-year to 3.93 percent in 2010 while that of its interest-bearing liabilities fell 13 percentage points to 1.37 percent.

Non-interest income rose 27.1 percent year-on-year to 14.3 billion yuan ($2.18 billion) in 2010.

Due to increased charges for bank cards and agent services, net income from commissions and fees increased 41.75 percent year-on-year to 11.33 billion yuan ($1,73bn) in 2010

The bank issued 34.77 million credit cards through the end of 2010, of which 4.04 million cards were issued in 2010. Credit card transaction amount rose 30.3 percent year-on-year to 392 billion yuan ($59.86 billion).

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