China CITIC Bank, one of CITIC's wholly-owned subsidiaries, made a profit of 6.3 billion yuan (US$781.6 million) last year, surging 27.19 percent over the previous year, Economic Daily reported Tuesday.

 

By the end of 2005, the paper said, the total asset of China CITIC Bank reached 616.55 billion yuan (US$76.6 billion), a year-on-year growth of 19.67 percent.

 

The bank also saw growth of deposit and loan last year. By the end of last year, the total deposit balance of the bank stood at 530.9 billion yuan (US$66 billion), while the loan balance was 370.7 billion yuan (US$46 billion).

 

At the end of 2005, the China International Trust and Investment Corp (CITIC) injected 8.6 billion yuan (US$1.07 billion) into the subsidiary bank and made the bank's capital adequacy rate hit 8.18 percent.

 

CITIC, a multinational corporate group founded in 1979, is the major investment arm of the Chinese State Council.

 

The group now owns 44 subsidiaries with total assets of 701.4 billion yuan (US$87 billion) and reported post-tax profits of 1.78 billion yuan (US$221.37 million) by the end of 2004.

 

(Xinhua News Agency February 8, 2006)