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China Citic Bank’s H1 profits growth slows
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CHINA Citic Bank Corp said today its first-half net profit growth slowed to 2.51 percent by June, as the lender pushed forward with a corporate lending strategy amid economic downturn.
The seventh-largest commercial lender by assets in China's mainland said that profit for the six months ended June 30 was 22.6 billion yuan (US$3.6 billion), up from 22 billion yuan a year earlier. But the growth rate was down from 8.1 percent for the same period in 2014.
Net non-interest income jumped 22.6 percent to 20.2 billion yuan thanks to commission charge over bank cards and financial services. While net interest income rose 9.1 percent to 49.7 billion yuan, remaining the biggest contribution of its profit, according to lender's interim report filed to the Shanghai Stock Exchange today.
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