China Merchants Bank reaps RMB 6.32 bln in Q1 profit

China Merchants Bank Co<600036><3968>, the nation's sixth-largest commercial bank, said on Tuesday that net profit in the first quarter more than doubled from a year earlier mainly on the back of strong growth in both interest and non-interest earnings and lower income tax.

First-quarter profit amounted to RMB 6.32 billion, up from RMB 2.46 billion in the same period last year. Loan balance in the same period increased 4.5% year on year to RMB 703.5 billion, according to its earnings statement.

From January to March, commission fee of the bank soared more than 100% from a year earlier to RMB 1.93 billion. And non-performing loan balance declined to RMB 10 billion from RMB 10.4 billion of the previous year.

China Merchants Bank is also the largest issuer of dual-currency credit cards in the nation.

A-shares of the lender added 3.25% to RMB 31.11 on Tuesday.