CCB posts $15.6b net profit in 2009

China Construction Bank (CCB; 601939.SH, 0939.HK) posted a 15% profit rise in 2009 to US$15.6 billion on high non-interest income, the Wall Street Journal reported. Despite rapid loan growth last year – total new loans issued by the bank grew by 27% –  CCB’s interest margin was hit by central bank interest rate cuts, pushing its net interest income down 5.8% to US$31 billion. CCB’s interest margin is expected to rise this year as the central bank gradually imposes tightening measures on the economy, but CCB – China’s second-largest bank by assets – said it expects loan growth to slow to 17% in 2010.