China Citic Bank reports 33% jump in net profits

This due to higher net interest income, fees and commissions.

China Citic Bank Corporation said yesterday its third quarter net profit for the three months ended Sept. 30 stood at US$1.72 billion, up from US$1.29 billion on-year. China's seventh-largest bank by assets reported its net interest income growing 17.8% on-year to US$3.6 billion while net fee income gained 60.3% to US$720 million.

Outstanding non-performing loans were worth US$2.8 billion by at end September, up 38.5% from the end of last year. The bank's non-performing loan ratio was 0.90%, up 0.16 percentage point from 2012. China Citic Bank is the domestic banking arm of China's Citic Group and operates under the direction of the State Council, China's cabinet.