Record profits have been announced by China Construction Bank for the first six months of 2011 due to higher loans and fees.
The lender - which is China's second largest bank by market value - saw its profitability aided by an escalating cost of borrowing in the country and posted a profit rise of 31 per cent from the same time last year.
It means the institute's revenue for the first half of the year stood at $14.5 billion (£8.8 billion) and came at a time when the nation's banks find themselves under increasing pressure to limit lending.
The group - which is headquartered in Beijing - stated: "The group was actively engaged in service and product innovation, which boosted the growth in the fee-based businesses. As a result, net fee and commission income rose substantially."
In addition, net interest income at the bank elevated by 23.7 per cent year-on-year after the government increased benchmark interest rates on a number of occasions.
By Asim Shah
The lender - which is China's second largest bank by market value - saw its profitability aided by an escalating cost of borrowing in the country and posted a profit rise of 31 per cent from the same time last year.
It means the institute's revenue for the first half of the year stood at $14.5 billion (£8.8 billion) and came at a time when the nation's banks find themselves under increasing pressure to limit lending.
The group - which is headquartered in Beijing - stated: "The group was actively engaged in service and product innovation, which boosted the growth in the fee-based businesses. As a result, net fee and commission income rose substantially."
In addition, net interest income at the bank elevated by 23.7 per cent year-on-year after the government increased benchmark interest rates on a number of occasions.
By Asim Shah
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