China Construction Bank Q3 profit rises 18.6 pct

Published: 23 Oct 2009 02:11:41 PST

BEIJING/HONG KONG, Oct 23 - China Construction Bank (CCB) <0939.HK>, in which Bank of America <BAC.N> has about an 11 percent stake, reported an 18.6 percent rise in third-quarter profit, beating forecasts, as lending dropped to more normal levels after a boom earlier in the year under Beijing's loose monetary policy.

CCB <601939.SS>, China's No.2 lender by assets, had a net profit of 30.3 billion yuan ($4.4 billion) for the July-September quarter, versus 25.6 billion yuan a year earlier, it said in a statement on Friday.

The state-controlled lender's July-September net profit had been forecast at 28.36 billion yuan by seven analysts polled by Reuters.

Shares in China Construction Bank have risen 66 percent in Hong Kong this year, outperforming a 57 percent gain on the benchmark Hang Seng Index <.HSI>. ($=6.83 yuan)