Stock Track | CITIC Bank Shares Drop as Lower Interest Income Weighs on Profits

Stock Track08-29

Shares of CITIC Bank Corporation fell more than 5% in intraday trading on Wednesday, after the Chinese lender reported a decline in first-half net profit, weighed down by lower interest income and fee income.

The bank said its 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). 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 14% to CNY 16.35 billion.

The weaker profitability figures disappointed investors, who reacted by sending CITIC Bank's shares down more than 5% in intraday trading. The bank's credit and other asset impairment losses narrowed slightly by 0.8% to CNY 34.41 billion, but this was not enough to offset the pressure on its top-line revenues.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/1184845618?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-08-29 11:03","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1184845618","market":"us","top_or_hot":-1,"title":"Stock Track | CITIC Bank Shares Drop as Lower Interest Income Weighs on Profits","media":"Stock Track","content":"<p>Shares of CITIC Bank Corporation fell more than 5% in intraday trading on Wednesday, after the Chinese lender reported a decline in first-half net profit, weighed down by lower interest income and fee income.</p>\n\n<p>The bank said its 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). 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 14% to CNY 16.35 billion.</p>\n\n<p>The weaker profitability figures disappointed investors, who reacted by sending CITIC Bank's shares down more than 5% in intraday trading. The bank's credit and other asset impairment losses narrowed slightly by 0.8% to CNY 34.41 billion, but this was not enough to offset the pressure on its top-line revenues.</p>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stock Track | CITIC Bank Shares Drop as Lower Interest Income Weighs on Profits</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStock Track | CITIC Bank Shares Drop as Lower Interest Income Weighs on Profits\n</h2>\n\n<h4 class=\"meta\">\n\n2024-08-29 11:03 北京时间&nbsp;&nbsp;&nbsp;<strong>Stock Track</strong>\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Shares of CITIC Bank Corporation fell more than 5% in intraday trading on Wednesday, after the Chinese lender reported a decline in first-half net profit, weighed down by lower interest income and fee...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"00998","symbol_name":"中信银行","start_time":0,"source_url":"","article_id":"1184845618","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1184845618","pubTimestamp":1724900586,"sourceInfo":null,"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of CITIC Bank Corporation fell more than 5% in intraday trading on Wednesday, after the Chinese lender reported a decline in first-half net profit, weighed down by lower interest income and fee income.The bank said its net profit for the six months ended June 30 decreased 1.6% from a year earlier to CNY 35.49 billion . 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 14% to CNY 16.35 bill","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"00998":"中信银行"},"translate_title":"股票赛道利息收入下降拖累利润中信银行股价下跌","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00998":1},"content_text":"Shares of CITIC Bank Corporation fell more than 5% in intraday trading on Wednesday, after the Chinese lender reported a decline in first-half net profit, weighed down by lower interest income and fee income.\nThe bank said its 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). 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 14% to CNY 16.35 billion.\nThe weaker profitability figures disappointed investors, who reacted by sending CITIC Bank's shares down more than 5% in intraday trading. The bank's credit and other asset impairment losses narrowed slightly by 0.8% to CNY 34.41 billion, but this was not enough to offset the pressure on its top-line revenues.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"movement","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1184845618"}