As its 2007 Annual Report showed, the turnover was 219.459 billion yuan, up 46.10 percent yoy; net profit: 69.142 billion yuan, up 49.27 percent yoy; basic earnings per share: 0.30 yuan. Distribution plan: 0.065 yuan (before tax) cash dividend for each share.
At 07-end, the loans of Construction Bank grew 13.87 percent yoy; growth in deposits: 13.11%, comparable to loan growth. In the loan structure, the proportion of mid- and long-term loans was up to 46.57 percent and the proportion of demand deposits to 57.70 percent. as the Central Bank increased interest rates for six times and savings deposits are changing to demand deposits, the net interest yield of Construction Bank increased by 39 basis points to 3.18 percent, higher than ICBC (2.80 percent) and Bank of China (2.76 percent) over the same period. Net income of commission fees grew by 130.73 percent yoy and its proportion increased to 14.27 percent.
Earnings forecast and rating: with consideration of its outstanding comprehensive profitability and continuingly improved asset quality as well as the unified tax system in 08, EPS is expected to be 0.45 yuan in 08 and 0.54 yuan in 09 and "buy" rating is reiterated.