Profits rise for two mainland lenders

Staff reporter

China Merchants Bank (3968) reported a 1.22 percent rise in net profit to 148.4 billion yuan (HK$157.62 billion) in 2024 from a year earlier, with basic earnings per share of 5.66 yuan.

During the period, operating income amounted to 337.5 billion yuan, a year-on-year decrease of 0.47 percent; of which, net non-interest income recorded 126.3 billion yuan, up 1.45 percent.

Its non-performing loan ratio remained at 0.95 percent as of the end of 2024, while the allowance coverage ratio declined by 25.72 percentage points to 411.98 percent.

Meanwhile, China Citic Bank Corporation's (0998) net profit rose by 2.3 percent year-on-year to 68.6 billion yuan in 2024.

Its total operating income recorded 213.6 billion yuan, 3.76 percent higher than the previous year.

The bank's non-performing loan ratio stood at 1.16 percent, slightly down by 0.02 percentage points as compared with the end of the previous year.