Posted: April 30th, 2009, 1:10 am
APRIL 29, 2009
<span style='font-size:14pt;line-height:100%'>China Citic Bank's Net Rises 61% </span>
SHANGHAI -- China Citic Bank Corp. said its 2008 net profit rose 61% on higher net interest income.
Net profit for the 12 months ended Dec. 31 totaled 13.32 billion yuan ($1.95 billion), up from 8.29 billion yuan in 2007, the midsize lender said.
The bank earlier forecast its 2008 net profit would rise around 60% on steady asset growth, higher fee-based and commission income, and a lower cost-to-income ratio.
China's seventh-largest bank by assets said its 2008 net interest income rose 38% to 36.09 billion yuan from 26.17 billion yuan, while net fee and commission income jumped 46% to 3.04 billion yuan from 2.08 billion yuan over the same period.
The bank's outstanding loans at the end of December totaled 664.92 billion yuan, up 16% from the end of 2007, while outstanding deposits increased 20% to 945.83 billion yuan.
Its nonperforming-loan ratio at the end of 2008 was 1.36%, down from 1.48% a year earlier, and its capital-adequacy ratio dropped to 14.32% from 15.27%.
The bank said its bad-loan coverage ratio rose to 150% at the end of last year from 110% a year earlier.
Citic Bank is the domestic banking arm of China's Citic Group, a financial conglomerate that was set up in 1979 by the late Vice President Rong Yiren and operates at the direction of the State Council.
-- Victoria Ruan
___________________________
source: <a href='http://online.wsj.com/article/SB124094070841464335.html' target='_blank'>http://online.wsj.com/article/SB1240940 ... 35.html</a>
ref link:
<a href='http://www.nbd.com.cn/newshtml/20090429 ... 54845.html' target='_blank'>中信银行去年净利增61%贷款结构不平衡</a>
<span style='font-size:14pt;line-height:100%'>China Citic Bank's Net Rises 61% </span>
SHANGHAI -- China Citic Bank Corp. said its 2008 net profit rose 61% on higher net interest income.
Net profit for the 12 months ended Dec. 31 totaled 13.32 billion yuan ($1.95 billion), up from 8.29 billion yuan in 2007, the midsize lender said.
The bank earlier forecast its 2008 net profit would rise around 60% on steady asset growth, higher fee-based and commission income, and a lower cost-to-income ratio.
China's seventh-largest bank by assets said its 2008 net interest income rose 38% to 36.09 billion yuan from 26.17 billion yuan, while net fee and commission income jumped 46% to 3.04 billion yuan from 2.08 billion yuan over the same period.
The bank's outstanding loans at the end of December totaled 664.92 billion yuan, up 16% from the end of 2007, while outstanding deposits increased 20% to 945.83 billion yuan.
Its nonperforming-loan ratio at the end of 2008 was 1.36%, down from 1.48% a year earlier, and its capital-adequacy ratio dropped to 14.32% from 15.27%.
The bank said its bad-loan coverage ratio rose to 150% at the end of last year from 110% a year earlier.
Citic Bank is the domestic banking arm of China's Citic Group, a financial conglomerate that was set up in 1979 by the late Vice President Rong Yiren and operates at the direction of the State Council.
-- Victoria Ruan
___________________________
source: <a href='http://online.wsj.com/article/SB124094070841464335.html' target='_blank'>http://online.wsj.com/article/SB1240940 ... 35.html</a>
ref link:
<a href='http://www.nbd.com.cn/newshtml/20090429 ... 54845.html' target='_blank'>中信银行去年净利增61%贷款结构不平衡</a>