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.
On February 23, the public sector bank said that the market regulator had acceded to its request to raise capital by issue of equity shares aggregating to ₹3,771 crore by way of a qualified institutional placement.