China Merchants Bank Posts 32% Rise In Q1 Net Profit

China Merchants Bank Co CIHKY reported a 32% rise in its first-quarter net profit. China Merchants Bank's quarterly net profit rose to CNY11.64 billion (US$1.85 billion), from CNY8.81 billion, in the year-ago period. Its net interest income surged 24% to CNY21.55 billion from CNY17.36 billion. However, net fee and commission income from credit cards and insurance products jumped 23% to CNY4.84 billion from CNY3.92 billion. China Merchants Bank shares closed at $10.37 on Friday.