China Construction Bank Corp (CCB), the country's second-biggest listed lender, beat estimates with a 10.4% rise in first-quarter net profit thanks to higher interest and fee income.

 

CCB is the third of China's four biggest lenders to report better than expected results this year. Agricultural Bank of China and Bank of China previously defied market expectations of sharply declining profit growth for China's banks in the face of the country's interest rate reforms.

 

An 11% rise to income from interest and fees helped CCB to lift net profit to 65.8 billion CNY (10.5 billion USD) from 59.6 billion in the first quarter of 2013, the bank's unaudited financial statement showed.

 

That compares with an average estimate of 64.5 billion CNY in a Reuters poll of 11 analysts.

 

CCB's non-performing loan ratio rose slightly to 1.02% at the end of March, from 0.99% three months earlier.

 

Net interest income was 103.2 billion CNY in the first quarter, up nearly 12% year on year, while gains in net fees and commission hit 32.12 billion CNY, a rise of more than 11% from last year. 

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