China Citic Bank : First-Half Net Profit Fell 9.8%

By Martin Mou

China Citic Bank Corp. said Thursday that its first-half net profit fell 9.8% from a year earlier, mainly weighed by a jump in credit losses.

Net profit declined to 25.54 billion yuan ($3.71 billion), while revenue grew 9.5% to CNY102.01 billion, the Chinese lender said.

The bank's net interest income rose 5.6% to CNY64.94 billion, and income from mostly fees and commissions increased 17% to CNY37.08 billion.

China Citic Bank's nonperforming loan ratio edged higher to 1.83% as of the end of June, up 0.3 percentage point from the end of the first quarter.

The bank didn't specify the impact of the coronavirus pandemic on its performance.

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