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China Citic Bank reports 60% net profit increase in 2008

(Xinhua)
Updated: 2009-04-29 11:16

Net profit of China Citic Bank grew 60.7 percent year-on-year to 13.3 billion yuan ($1.95 billion) in 2008, announed the bank in its 2008 annual report released on Tuesday night.

Business income of the bank grew 44.3 percent from a year earlier to 40.16 billion yuan in 2008, according to the report.

Related readings:  Citic Group estimates slight drop in annual net profit  CITIC Bank Q3 net profit doubles  China CITIC Bank's A shares surge on debut  China CITIC Bank debuts at Shanghai Stock Exchange

The Beijing-based bank said its assets quality continued to improve last year, with non-performing loans ratio dropping by 0.12 percentage points to 1.36 percent by the end of 2008, and the bank's provision coverage ratio rose by 40 percentage points to 150 percent.

Returns of net assets increased 0.54 percentages points to 14.84 percent.

The bank's A-shares gained 1.91 percent to 4.79 yuan on Tuesday prior to the report release.