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China Citic Bank expects 60% rise in profits

By Bi Xiaoning (chinadaily.com.cn)
Updated: 2009-01-20 14:49

Dual-listed China Citic Bank said its full-year net profit in 2008 is expected to rise 60 percent on higher interest income and lower taxes.

In a preliminary earnings statement released on Jan 19, the bank said the bad-loan coverage ratio is above 150 percent and the ratio of non-performing loans is below 1.4 percent.

In 2007, the bank reported a full-year net profit of 8.29 billion yuan, or 0.23 yuan a share. Based on the 60-percent growth forecast, the bank's net profit in 2008 is estimated to reach 13.26 billion yuan.

In the first three quarters of 2008, the bank's net profit totaled 12.45 billion yuan, so its profit in the fourth quarter is only about 810 million yuan, roughly 20 percent of the average profit (4.15 billion yuan) in the first three quarters.

Share price of Citic Bank lost 0.25 percent to close at 4.07 yuan on Shanghai Stock Exchange Tuesday.