China CITIC Bank’s first-half profit weighed down by lower net interest income

By Amanda Lee

China CITIC Bank reported a decline in net profit in the first half of the year, impacted by lower net interest income.

Net profit for the first half-year ended in June fell 1.6% from the same period a year earlier to CNY35.49 billion (USD4.98 billion), the Chinese bank said on Wednesday evening.

Net interest income fell 0.8% year-on-year to CNY72.61 billion, while net fee and commission income decreased 14% to CNY16.35 billion.

The bank’s impairment loss on assets and loans decreased by 0.8% year-on-year to CNY 34.41 billion.

Write to Amanda Lee at [email protected]

(END) Dow Jones Newswires

August 28, 2024, 9:50 PM ET (01:50 GMT)