- In an earnings report to the Shanghai Stock Exchange, China CITIC Bank (601998.SS/0998.HK) has posted a 1.69% increase in net profit for the first quarter of 2017 to RMB 11.4 billion.
- The company recorded a 6.67% decrease in revenue to RMB 37.78 billion.
- EPS for the first quarter was RMB 0.23 per share.
Why It Matters:
- Net interest income was down 8.9% year-over-year to RMB 25.11 billion while non-interest income declined 1.91% to RMB 12.67 billion, equating to 33.54% of total revenue.
- At the end of March, China CITIC Bank’s total assets had reached RMB 5.75 trillion, down 3.02% compared with the end of 2016. Total savings had declined by 5.74% to RMB 3.43 trillion and total loans had increased 2.48% to RMB 2.95 trillion on the same comparison basis.
- The bank’s non-performing loans (NPLs) ratio had reached 1.74% by the end of March, up 0.05 percentage points compared with the end of 2016; the provisioning coverage ratio was 151.54%, down 3.96 percentage points; and the core tier-one capital ratio was 8.86%, up 0.22 percentage points.