China CITIC posts 82.4% net profit growth

China CITIC Bank<601998><998> posted their interim financial results today with net profits growing 82.4% to RMB 3.2 billion and earnings per share at RMB 0.095.

For the first half of the year, the bank achieved an operating income grew 48.64% to RMB 11.915 billion and profit before tax grew 79.29% to RMB 5.61 billion. Additionally, its non-performing loan ratio fell to 1.84% compared to 2.5% at year end 2006 and 2.92% at the same time last year. The bank achieved a net interest income of RMB 11.26 billion, an increase of 53.27% compared to the same period last year. Annualized return on average asset grew to 0.82% compared to 0.57% at the same time last year while annualized return on average equity fell from 13.42% in June 2006 to 11.66% this year.

The stock closed at HK$5.79 and RMB 11.35 in Hong Kong Stock Exchange and Shanghai Stock Exchange respectively yesterday. Today, the stock opens at HK$5.99 and RMB 11.35 and is currently trading at HK$5.84 and RMB 11.09 at around 11:30 am today.