China Citic Bank says profit up 50% in 2010
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China Citic Bank said in a report filed Friday its 2010 net profit jumped 50.2 percent year on year to 21.51 billion yuan (3.26 billion U.S. dollars).
Total assets climbed 17.25 percent in value from a year earlier to 2.08 trillion yuan by the end of last year, according to the bank's annual business report filed with the Shanghai Stock Exchange.
Earnings per share climbed 48.6 percent to 0.55 yuan in 2010.
In the report, the company attributed its profit jump mainly to expanded lending margin driven by interest rate increases.
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