China CITIC bank profits over six bln yuan last year

China CITIC Bank, one of CITIC's wholly-owned subsidiaries, made a profit of 6.3 billion yuan (781.6 million U.S. dollars) 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 (76.6 billion dollars), 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 (66 billion dollars), while the loan balance was 370.7 billion yuan (46 billion dollars).

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

CITIC, a multinational corporate group founded by late former Chinese Vice President Rong Yiren, 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 (87 billion dollars) and reported post-tax profits of 1.78 billion yuan (221.37 million dollars) by the end of 2004.

Source: Xinhua