Citic 2023 Net Profit Falls; Notes Uncertain Econ Outlook
By Kimberley Kao
Citic's 2023 net profit fell and it noted an uncertain economic outlook though the company said profit would have increased if a one-off gain in 2022 was excluded.
The Chinese state-owned investment company Thursday said 2023 net profit was 57.59 billion yuan ($7.97 billion), 11% lower from the year earlier. But it noted that profit would have been a 5.4% higher on a comparable basis, if the one-off revaluation gain of CNY10.3 billion in 2022 from the consolidation of CITIC Securities was excluded.
Revenue rose 2.6% to CNY680.83 billion though net interest income declined 5.7% to CNY148.52 billion, and net fee and commission income dropped 5.6%.
Citic said that the global economic recovery and growth remains uncertain and "challenges from trade friction" are increasing. It added that "negative economic factors" could hurt its profitability.
The board recommended a final dividend of CNY0.335 per share, taking 2023's total dividend to CNY0.515 per share
Citic also announced that it appointed Zhang Wenwu as president and vice chairman. Zhang was a former senior executive vice president of Industrial and Commercial Bank of China.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
March 28, 2024 02:07 ET (06:07 GMT)
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