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    2019-03-29  08:53    Shenzhen Daily

CCB posts first quarterly profit drop since 2015

CHINA Construction Bank Corp. (CCB) posted a 1 percent drop in fourth-quarter net profit Wednesday, its first quarterly growth decline since 2015, as the lender beefed up provisions against rising bad loans amid narrowing interest margins.

The bank saw profit dip to 40.55 billion yuan (US$6.03 billion) in the October-to-December period from 41.02 billion yuan a year earlier. Full-year net profit rose 5.11 percent to 254.66 billion yuan. CCB’s nonperforming loan (NPL) ratio eased to 1.46 percent at the end of the year from 1.47 percent at September-end, while its total amount of NPLs stood at 200.88 billion yuan.

China Vanke raises US$995m in share sale

CHINA Vanke Co., China’s No. 2 property developer by sales, said it raised HK$7.81 billion (US$995 million) in a share sale and will use the proceeds to pay overseas debt.

The shares were sold at HK$29.68 each, a 5 percent discount to Wednesday’s closing price of HK$31.25, the company said in a statement Thursday. Shenzhen and Hong Kong-listed Vanke earlier this week reported net income rose 20 percent to 33.5 billion yuan (US$5 billion) last year.

Poor investment returns dent China Life profit

CHINA Life Insurance Co. reported a 64.7 percent drop in 2018 net profit Wednesday, in line with its warning issued in January, due to a sharp decline in investment returns from weak stock markets.

China Life said net profit fell to 11.40 billion yuan (US$1.7 billion) last year from 32.25 billion yuan a year earlier. In 2018, gross income on investment declined 30 percent from a year earlier to 95.15 billion yuan, which was mainly caused by a 36 percent drop in net returns from equity investments amid the overall volatility and downward trend of the stock market.

Sony to close smartphone plant in Beijing

SONY Corp. will close its smartphone plant in Beijing in the next few days, a company spokesman said, as the Japanese electronics giant aims to cut costs in the loss-making business.

Sony will shift production to its plant in Thailand in a bid to halve costs and turn the smartphone business profitable in the year from April 2020, the spokesman said Thursday. Sony’s smartphone business was one of the few weak spots in its otherwise robust earnings, bracing for a loss of 95 billion yen (US$863 million) for this financial year.

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