CCB sees first-half profits rise 47%

China Construction Bank (CCB) announced a 47% year-on-year rise in first-half net profits, but warned that government tightening measures could restrict its second-half performance, the Wall Street Journal reported. CCB's first-half profit came to US$4.52 billion, up from US$3.01 billion in the same period of 2006. Although interest income from lending remained the key contributor to revenues, the bank said its fee- and commission-based income more than doubled. Like Industrial and Commercial Bank of China and Bank of China, which announced first-half figures last week, CCB confirmed it had made losses on its US subprime securities in the mortgage-lending crisis. However, its US$1.06 billion holdings only represent 0.1% of total assets. At the meeting, shareholders approved the bank's forthcoming share listing in Shanghai.