CCB profit growth slows in 3Q

China Construction Bank (CCB), the country’s largest mortgage lender, recorded 13% profit growth in the third quarter, down from the 71% growth posted in the first half of the year, the South China Morning Post reported. CCB’s profits in the first nine months of 2008 were up 48.07% from the same period in 2007. The bank put its growth down to "continued positive development of various businesses" and a lower corporate income tax rate. CCB said in August that it would likely not be able to sustain the high level of growth seen in the first half of the year due to "increasing economic uncertainty." Chinese lenders’ profit growth peaked in the first half of the year, analysts said. Fourteen listed banks reported an average of 67% net profit growth in the period.