CITIC predicts 50% rise in 2010 net profit

China Citic Bank Corporation forecasts a more than 50 percent year-on-year growth in 2010 net profit attributable to shareholders.

Both non-performing outstanding loans and the bad loan ratio continue to decline, while the provision coverage ratio exceeded 200 per cent.

The bank generated a net profit attributable to shareholders of US$2.17 billion with earnings per share of US$0.0562 per share in 2009.

Estimated earnings indicate the bank’s net profit attributable to shareholders could exceed US$3.18 billion with an EPS of more than US$0.0835 per share in 2010.

Citic Bank attributed the surge in net profit to improved performance of every sector, a widening net interest rate spread, effective cost controls and the higher quality of assets.