CITIC Bank’s H1 profit growth slows
Print Edition
CHINA Citic Bank said yesterday that its first-half net profit growth slowed to 2.51 percent amid an economic downturn.
The bank, the seventh-largest commercial lender by assets on China’s mainland, said net profit for the six months ended on June 30 was 22.6 billion yuan (US$3.5 billion), up from 22 billion yuan a year earlier. But the growth rate slowed from 8.1 percent in the same period of 2014.
Net non-interest income jumped 22.6 percent to 20.2 billion yuan on commission charges from bank cards and financial services.
Its net interest income rose 9.1 percent to 49.7 billion yuan and continued to be the biggest contributor to its net earnings, according to the lender’s interim report filed to the Shanghai Stock Exchange yesterday.
The Beijing-based bank also said its non-performing loans rose to 30.5 billion yuan at the end of June from 30.2 billion yuan at the end of March as “credit risks rose under a slowing real economy.”
The bank’s bad-loan ratio was 1.32 percent, up 0.02 percentage points from that at end of the first quarter, it said, adding that its bad-loan ratio might range from 1.4 percent to 1.7 percent in the next three years.
Xiao Liqiang, analyst at China Merchants Securities Co, said the bad loan situation will continue in the second half of 2015 while the bank’s annual profit is expected to increase 3 percent this year.
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