Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Companies

China CITIC Bank continues retail transformation

By Jiang Xueqing | chinadaily.com.cn | Updated: 2019-08-28 19:19
Share
Share - WeChat
File photo of CITIC Bank. [Photo/IC]

China CITIC Bank Corp Ltd has accelerated the transformation of its retail banking business, which contributed to the bank's double-digit profit growth in the first half of 2019.

The net profit attributable to shareholders of the Beijing-headquartered national joint-stock commercial lender reached 28.31 billion yuan ($3.95 billion) in the year's first half, up 10.05 percent year-on-year.

Its operating revenues increased by 14.93 percent to 93.15 billion yuan over the same period, according to its 2019 interim results announced on Tuesday.

The bank continues to restructure various facets of its business and the contributions of retail banking and non-interest businesses to the bank have further improved.

Non-interest income accounted for 38.63 percent of its total income, up eight basis points year-on-year.

"By deepening a transformation of our retail banking business and increasing relevant investments in the next three to four years, we aim to achieve a 50 percent increase in the contribution of retail banking to our bank's operating income.

"We also hope that retail banking's contribution to the bank's profit will grow by 40-45 percent," said Xie Zhibin, China CITIC Bank vice-president, at a news conference on Wednesday.

By the end of June, China CITIC's retail banking clients increased by 7.6 percent from the end of last year to 95.05 million.

The number of monthly active users of its mobile banking service rose 34.4 percent year-on-year to 9.25 million.

The bank also consolidated its asset quality and capability to deal with risks.

At the end of June, its nonperforming loan ratio dropped by five basis points from the end of last year to 1.72 percent, while its NPL provision coverage ratio increased by 7.19 percentage points to 165.17 percent.

Fang Heying, president of China CITIC Bank president, said China's strategic deployment in key geographical areas, as well as its industrial transformation and development, will bring new opportunities to commercial banks.

The wealth management business is still growing for banks, thanks to a continual rise in people's wealth, he said.

The booming financial technology industry will also give strong support to commercial banks to empower their clients and partners, he said.

To cut financing costs for the real economy, China's central bank unveiled a plan to reform the country's loan prime rate mechanism, pushing commercial lenders to use the loan prime rate (LPR) rather than benchmark lending rate, as a reference to price new loans.

The newly revised LPR will be linked to the central bank's medium-term lending facility, which is determined by broader financial system demand for central bank liquidity.

On Aug 20 the new one-year LPR was set at 4.25 percent, down six basis points from the previous 4.31 percent.

It was also 10 basis points lower than the existing benchmark one-year lending rate.

Fang said if medium-term lending facilities drop by 20 basis points, taken with the decline in the LPR on Aug 20, the bank's income may decrease by 170 million yuan within this year and 1.86 billion yuan next year.

"Generally speaking, the impact of LPR on banks' net interest margins and profitability is within acceptable limits," he said.

By implementing the new LPR mechanism, China will achieve the goal of reducing lending costs for the real economy, he said.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 久久五月天综合网| 免费看又黄又无码的网站| 99久久精彩视频| 无码毛片视频一区二区本码 | 999影院成人在线影院| 欧美日韩国产另类在线观看| 国产三级在线免费| 天堂va在线高清一区| 女大学生的沙龙室| 亚洲免费一级片| 精品国产午夜福利在线观看 | 亚洲第一综合天堂另类专| 九九影院理论片在线观看一级 | 窝窝影院午夜看片| 天天爱天天干天天| 中文字幕无码不卡一区二区三区 | 91最新高端约会系列178| 本道久久综合88全国最大色| 国产乱妇乱子视频在播放| √最新版天堂资源网在线| 日本高清免费xxx在线观看| 午夜不卡av免费| 51在线视频免费观看视频| 日韩人妻无码中文字幕视频| 另类国产ts人妖系列| 97成人在线视频| 恋男乱女颖莉慰问军营是第几章| 久久精品视频一区二区三区| 精品国产系列在线观看| 国产小视频在线观看网站| 91欧美一区二区三区综合在线| 女女互揉吃奶揉到高潮视频| 久久久久久久性潮| 欧美高清在线精品一区| 国产性生活视频| 3d动漫精品一区视频在线观看| 好紧好爽欲yy18p| 中文字幕乱视频| 欧美性生活网址| 伊人久久大香线蕉亚洲| 欧美日韩第一页|