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China Citic Bank's 2023 Profit Rose Despite Weaker Top Line

By Kimberley Kao


China Citic Bank's net profit rose 7.9% in 2023, even as its top line fell.

The China-based lender posted net profit of 67.02 billion yuan ($9.32 billion) for the year, up from CNY62.10 billion in 2022, it said in a release of preliminary results late Monday.

Operating income fell 2.6% to CNY205.90 billion, with the bank noting a "severe and complex external environment" during the year.

Operating profit rose 2.15% to CNY74.89 billion, while the bank's nonperforming-loan ratio fell 0.09 percentage point to 1.18% at the end of 2023.

Shares were 2.3% higher at midday, trimming losses this year to 1.6%.


Write to Kimberley Kao at


(END) Dow Jones Newswires

January 22, 2024 23:19 ET (04:19 GMT)

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