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China CITIC Bank reports slower profit growth

Xinhua, October 27, 2015 Adjust font size:

China CITIC Bank, a mid-sized lender, said on Tuesday its net profit rose 2 percent year on year to 32.9 billion yuan (5.2 billion U.S. dollars) in the first three quarters.

The growth marked a slowdown from the 2.51 percent gain seen in the first half of the year.

Business revenue came in at 107.5 billion yuan during the period, according to the bank's report filed with the Shanghai Stock Exchange.

The lender's non-performing loan ratio was 1.42 percent at the end of September, up 0.12 percentage points from that at the end of last year. Its outstanding non-performing loans stood at 33.8 billion yuan.

Profit growth at China's major banks has been weak as the economy enters a period of slower growth.

The Chinese economy expanded 6.9 percent year on year in the third quarter of 2015, the first time the quarterly growth rate has dropped below 7 percent since the second quarter of 2009. Endit