Skip to Content
Global News Select

Citic 2021 Net Profit Rose on Improvements Across Business Segments

   By Yongchang Chin 
 

Citic's 2021 net profit rose thanks to improvements across its business segments, with the biggest contributions from its advanced-materials and financial-services arms.

The company's full-year net profit was 70.22 billion Hong Kong dollars (US$8.97 billion) compared with HK$56.63 billion in 2020.

Total revenue for 2021 was HK$708.94 billion versus HK$522.95 billion. Reportable revenue for Citic's advanced materials segment in 2021 was HK$282.78 billion versus HK$196.10 billion in 2020, while revenue for comprehensive financial services was HK$257.40 billion versus HK$229.09 billion.

Citic's banking segment also improved, with its net interest income rising to HK$181.97 billion from HK$172.02 billion, while its net fee and commission income was HK$49.72 billion versus HK$39.18 billion.

"The advanced materials segment was the largest revenue contributor of our five business segments with a year-on-year increase of 89% in net profit due to the implementation of national resource security strategies and advantageous commodity markets," the company said.

The company declared a final dividend of HK$0.456, compared with HK$0.388 a year ago.

 

Write to Yongchang Chin at yongchang.chin@wsj.com

 

(END) Dow Jones Newswires

March 31, 2022 00:49 ET (04:49 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.