By Yifan Wang

China Merchants Bank Co. said its net profit in 2020 rose 4.8% on year, driven by higher income.

Net profit was at 97.34 billion yuan ($15.03 billion) for the past year, it said in a stock exchange filing late Thursday.

Operating income grew 7.7% to CNY290.51 billion, mainly driven by higher net non-interest income, which rose 9.2% to CNY105.49 billion.

Bad loan ratio was at 1.07% as at the end of last year, representing a decrease of 0.09 percentage point from a year earlier.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

01-14-21 1936ET