VenkatChina 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. Write to P.R. Venkat at venkat.pr@wsj.com(END) Dow Jones NewswiresApril 30, 2023 20:33 ET (00:33 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal May 01, 2023 00:41 UTC