China Merchants Bank's net profit in the third quarter rose an annual 17 percent while China Citic Bank posted a 22 percent drop in profit.
Net income in CMB, the nation's sixth-biggest lender, was 11.4 billion yuan (US$1.8 billion) from July to September. In the first nine months its net profit topped 34.8 billion yuan under domestic accounting rules, the lender said yesterday.
Net interest income rose 11 percent annually in the third quarter to 22.1 billion yuan, while net interest margin shed 0.11 percentage point from the second quarter to 2.92 percent, due to interest rate cuts by the central bank, it said.
Citic Bank, China's seventh-biggest lender by assets, saw its net income shrink by 2.2 billion yuan to 7.6 billion yuan in the third quarter from that of last year under domestic accounting rules. From January to September net earnings totaled 26.5 billion yuan.
The lender said a 4 billion-yuan provision for loan impairment was responsible for the decline in net profit.
