China CITIC Bank, the country’s seventh-largest lender, said in a statement on Monday that its net profit in 2008 grew by an estimated 60% despite the economic downturn, Reuters reported. Non-performing loans are estimated to make up less than 1.4% of the bank’s portfolio, and the provision coverage ratio (the extent to which a bank has provided against troubled loans) is approximately 150%. However, CITIC said that the estimated results have yet to be audited by certified public accountants. CITIC has expanded rapidly into private banking and wealth management with derivatives-based products. CITIC’s Hong Kong-listed shares ended up 2.2% on Monday at HK$2.81.
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