China CITIC Bank Corp. Ltd. reported a 10.05% year-over-year increase in net profit for the first half on higher interest and fee income.
The bank said Aug. 27 net profit attributable to equity holders rose to 28.31 billion yuan from 25.72 billion yuan. EPS rose to 55 fen from 53 fen.
Net interest income grew 14.76% year over year to 57.16 billion yuan from 49.81 billion yuan, while operating income also increased to 93.19 billion yuan from 81.38 billion yuan.
China CITIC Bank said net interest margin for the six months ended June 30 came in at 1.96%, up from 1.89% in the prior-year half.
Net fee and commission income clocked in at 28.29 billion yuan, up from 21.86 billion yuan in the prior-year half. Credit and other asset impairment losses jumped to 34.19 billion yuan from 26.16 billion yuan.
The bank's nonperforming loan ratio stood at 1.72%, down from 1.77% at Dec. 31, 2018.
The bank's capital adequacy ratio was 12.27% at end-June, down from 12.47% as of Dec. 31, 2018. Over the same period, its Tier 1 capital adequacy ratio decreased to 9.35% from 9.43%, while its core Tier 1 capital adequacy ratio was 8.58%, down from 8.62%.
As of Aug. 27, US$1 was equivalent to 7.16 Chinese yuan.
