China Construction Bank Corporation (the “Bank” or “CCB”; stock code: SH: 601939, HK: 939) announced on April 26 its operating results for the first quarter of 2013. (The financial information below was prepared on a consolidated basis in accordance with the IFRS and shown in RMB) The Bank recorded a net profit of RMB 59.71 billion during the first quarter, representing a growth of 15.70 % over the same period last year. Annualised return on average assets and annualised return on average equity was 1.67% and 24.52% respectively.
During the first quarter of 2013, the Bank achieved steady progress across its businesses with enhancement in financial efficiency above expectation. As at the end of March 2013, total assets of the Bank amounted to RMB14.68 trillion, representing an increase of 5.04% from the end of last year. Gross loans and advances to customers increased 4.63% from the end of last year to RMB 7.86 trillion. Deposits increased 5.83% from the end of last year to RMB 12.00 trillion. Loan-to-deposit ratio maintained at 65.47%.
CCB recorded net interest income of RMB92.31 billion, representing a growth of 12.44% over the same period last year. Net interest spread was 2.54% and net interest margin was 2.71%, with both increasing by 0.06 percentage points over the same period last year.
The Bank maintained sound asset quality while ensuring steady growth of its businesses. As at the end of March 2013, the Bank’s non-performing loan ratio was 0.99%, same with the level at the end of last year, and non-performing loans stood at RMB 77.78 billion, an increase of RMB 3.16 billion from the end of last year. The ratio of allowances for impairment losses to non-performing loans was 270.76%.
As shown in the quarterly report, the Bank measured the capital adequacy ratio in accordance with the Capital Management Measures for Commercial Banks (Trial) promulgated by the CBRC in June 2012. Compared with previous measuring methods, the new version has made some adjustments to the calculating methods of capital adequacy ratio. As at the end of the reporting period, the capital adequacy ratio of the Bank reached 13.63%, tier-1 capital adequacy ratio was 10.92% and core tier-1 capital adequacy ratio was 10.92%.
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