Citic Bank posts 98% profit growth

Third-quarter profits at China Citic Bank Corp rose 98%, the Wall Street Journal reported, as China’s seventh-largest bank by assets enjoyed a wider interest margin and lower taxes. The bank’s net profit for the quarter reached US$589.1 million, up from US$298.2 in the year-ago quarter, giving Citic Bank the sharpest third-quarter profit growth among major Chinese banks. Net interest income rose 36% to US$1.37 billion, while fee-based income and commission rose 77%, to US$116 million. Earlier this week, Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) said their third-quarter profit growth had slowed dramatically.