China CITIC Bank's 1H Profit Weighed by Lower Net Interest Income

Dow Jones08-29

By Amanda Lee

China CITIC Bank reported a decrease in first-half net profit, which was weighed by lower net interest income.

Net profit for the first-half ended June fell 1.6% compared with the same period a year ago to CNY35.49 billion (US$4.98 billion), the Chinese bank said late Wednesday.

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

The bank's credit and other asset impairment loss narrowed 0.8% on year to CNY34.41 billion.

Write to Amanda Lee at amanda.lee@wsj.com

(END) Dow Jones Newswires

August 28, 2024 21:35 ET (01:35 GMT)

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