CITIC reports steady profit growth for last year

China CITIC Bank (0998)'s net profit showed a modest growth last year, despite a slight decrease in revenue performance, the bank reported.

CITIC's net profit rose by around 3 percent, reaching 70.62 billion yuan (HK$78.92 billion). The total operating income fell to 212.48 billion yuan, a decrease of 0.55 percent, according to the preliminary annual results released by the bank on Wednesday.

The bank's non-performing loan ratio came at 1.15 percent by the end of last year, down by 0.01 percentage point over the end of the previous year.

Besides,  the allowance coverage ratio stood at 203.61 percent, a decrease of 5.82 percentage points over the end of the previous year.

CITIC's stock price fell to HK$7.08 on Wednesday before the result released, representing a decrease of 0.86 percent.