CITIC Bank expects lower loan growth in 2008

China CITIC Bank Corp<601998><998>, the domestic banking arm of China's CITIC Group, said on Thursday it expects its total loans to rise by 17% this year compared with last year's 25% hike upon the government's tightening credit measures.

The mid-sized lender's loans aggregated RMB 578 billion in 2007, said Executive Vice President Wu Beiying at a news conference on the bank's 2007 earning report.

CITIC reported its 2007 net profit more than doubled to RMB 8.32 billion, buoyed by a steady business expansion, a wider net interest margin and higher non-interest income.

Its parent, China's CITIC Group, a financial conglomerate, was set up in 1979 by the late vice president Rong Yiren and operates under the direction of the State Council.