China sovereign fund CIC's 2024 profit rises 30.4% on overseas investment gains

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BEIJING/HONG KONG, Dec 9 (Reuters) - Sovereign wealth fund China Investment Corp (CIC) on Tuesday said its 2024 net profit rose 30.4% from a year earlier as strong returns from overseas investments helped it exceed its performance targets.

In its annual report, the firm said net profit rose to $140.64 billion from $107.86 billion a year earlier.

Its annualised cumulative net investment return on overseas investments for the decade ending in 2024 was 6.92%, beating the fund's target, it said.

Beijing-based CIC was founded in 2007 to help China earn a higher return on its foreign exchange reserves.

Through its Central Huijin Investment subsidiary, CIC was a shareholder in 19 Chinese state-owned financial institutions at the end of 2024, including China Development Bank and Industrial and Commercial Bank of China 601398.SS, 1398.HK.

State-owned financial capital under the management of Central Huijin reached 6.87 trillion yuan ($971.5 billion) at the end of 2024, up 6.4% from the beginning of the year, it said.

CIC said its total assets reached $1.57 trillion at the end of 2024, with net assets of $1.37 trillion.

(Reporting by Ziyi Tang and Ethan Wang in Beijing, Kane Wu in Hong Kong; Editing by Tom Hogue and Thomas Derpinghaus)

((Ziyi.Tang@thomsonreuters.com;))