The country's second-largest private lender had registered a net profit of Rs 2,807 crore in same quarter of 2014-15. Total income during the quarter rose to Rs 18,862.61 crore, from Rs 15,570.1 crore a year earlier.
Net fee and commission income from personal wealth management and private banking amounted to 35.9 billion yuan, up by 73.7 percent, or 15.2 billion yuan, over the year before.
The reporting entity’s results, which include investment banking and securities, were however propped up by “other income”, notably a 45 per cent lift in interest income from short-term deposits
Profit growth has slowed in recent years while the sector tackles its greatest challenge since the global financial crisis, with bad loans at a 10 year high while funds set aside to cover the losses fall close to regulatory limits.
Citic Ltd. sprang from Citic Group, China’s first state-owned investment corporation, which was set up in 1979.