By P.R. Venkat


China Citic Bank Corp.'s first-quarter net profit rose 10.3% compared with the same period a year earlier, mainly supported by improvements in its asset quality, including a lower ratio of non-performing loans.

First-quarter net profit for the period came in at 19.14 billion yuan ($2.77 billion), Citic Bank said late Friday.

However, its operating income was down 5.0% on year at CNY51.25 billion as net interest income fell due to multiple reductions in the prime loan rate by the Chinese central bank.

Non-interest income was also weaker, mainly due to lower fee and commission income, at CNY36.63 billion compared with CNY36.95 billion in the same period a year ago

Citic Bank's non-performing loan ratio in the first quarter improved to 1.21% from 1.27% a year earlier.


Write to P.R. Venkat at venkat.pr@wsj.com


(END) Dow Jones Newswires

04-30-23 2033ET