China Citic Bank Corp. (0998.HK) said Tuesday its third-quarter net profit declined 2% from a year earlier on the back of lower interest income
The Beijing-based lender said profit for the three months ended Sept. 30 was 10.73 billion yuan ($1.62 billion), down from 10.94 billion yuan a year earlier.
Continue Reading Below
Net interest income fell to 24.8 billion yuan from 26.09 billion yuan a year earlier, while net fee and commission income rose to 11.46 billion yuan from 9.68 billion yuan same period a year ago.
In the first nine months of the year, the bank's net profit was up 0.56% from same period a year ago to 34.74 billion yuan.
Citic Bank also reported 52.58 billion yuan of nonperforming loans at the end of September, up from 42.62 billion yuan a year earlier. The bank's bad-loan ratio rose to 1.66% from 1.5% a year earlier.
Write to Grace Zhu at firstname.lastname@example.org
(END) Dow Jones Newswires
October 24, 2017 07:00 ET (11:00 GMT)