Profits up by more than 100% for CITIC bank

by Richard Kilner

Story link: Profits up by more than 100% for CITIC bank

Soaring income from fees and interest has led to China CITIC Bank’s profits more than doubling, the firm revealed in a statement to the Shanghai Stock Exchange.

Net profit hit 8.29bn yuan, having been just 3.73bn yuan the previous year.

Earnings per share were also up, from 0.12 to 0.23 yuan.

Operating revenue soared by 56.1% to hit 27.8bn yuan.

The greatest increase came from fee income, which rose almost threefold from 759m yuan to 2.1bn yuan, a feat which has been attributed to the bank’s growing credit card and wealth management business.

The bank gained 26.2bn from net interest income, a rise of 58.9% on the previous year, with 575.2bn of outstanding loans being held at the year’s end.

China’s seventh largest lender has also indicated it wishes to increase its outstanding loans to 675bn during the course of 2008.