China CITIC Bank estimated its net profit for 2007 was more than double the previous year's figure of 3.73 billion yuan (510 million U.S. dollars).

 

In a statement released on Tuesday, the bank attributed the profit growth to expanding assets, a rapid increase of intermediary business and lower costs.

 

It said its non-performing loan ratio was about 1.5 percent.

 

At the end of 2006, China CITIC Bank, which is listed in Shanghai and Hong Kong, registered 706.9 billion yuan in gross assets, making it the seventh largest bank on the Chinese mainland. Its return against gross assets was 0.53 percent and the return against net assets was 11.71 percent.

 

(Xinhua News Agency January 15, 2008)