Citic Bank 2012 Net Profit Up 0.7%

China Citic Bank

reported a 0.7% rise in its 2012 net profit. Citic Bank's 2012 net profit surged to CNY31.03 billion (US$5.00 billion), from CNY30.82 billion, in the year-ago period. However, analysts were expecting a net profit of CNY33.34 billion. Its net interest income climbed 16% to CNY75.49 billion, while net fee income jumped 18% to CNY13.95 billion. Citic Bank's net interest margin declined to 2.81% from 3.00%.