Stock Track | CITIC Bank Shares Tumble on Disappointing First-Half Profits

Stock Track08-29

Shares of CITIC Bank Corporation plunged more than 6% in intraday trading on Wednesday, as the Chinese lender reported a decline in first-half net profit, weighed down by lower interest income and fee income.

The bank's net profit for the six months ended June 30 decreased 1.6% from a year earlier to CNY 35.49 billion (USD 4.98 billion). Notably, net interest income, a key driver of revenue for banks, declined 0.8% year-over-year to CNY 72.61 billion, while net fee and commission income dropped a significant 14% to CNY 16.35 billion.

Despite a slight narrowing of 0.8% in credit and other asset impairment losses, the weaker profitability figures disappointed investors, prompting a sell-off in CITIC Bank's shares. The bank's financial results highlighted pressure on its top-line revenues, with both interest income and fee income facing declines.

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