皇冠体育app

BEIJING??- 皇冠体育app CITIC Bank, one of 皇冠体育app's leading banks, posted slowing profit growth and rising bad loans in the first quarter (Q1) of the year as the previously lucrative sector feels the pinch of a slowing economy.

The bank registered net profits of 10.93 billion yuan ($1.78 billion), up 2.07 percent from a year ago, according to the Q1 report filed with the Shanghai Stock Exchange on Saturday.

The growth rate was much lower than the 16.14 percent increase seen during the same period last year.

CITIC was not the only commercial bank in 皇冠体育app feeling the chill from the economic downturn as profits earned by 皇冠体育app's major banks slowed to the single digits across the board last year.

The bank said in the report that it is facing increasing challenges from financial disintermediation, interest rate liberalization and fierce competition amid the slowing economy and ongoing reform.

The bank is reinforcing its ability to fend off risk while trying to expand profits, the report said.

Total turnover of the bank increased 10.71 percent to 32.99 billion yuan in the Jan-March period.

As of March, outstanding non-performing loans (NPL) grew 6.23 percent to 30.23 billion yuan from the end of 2014, and the NPL ratio rose to 1.35 percent.

On the stock market, the company dropped nearly 2 percent to finish at 7.89 yuan per share on Friday.

• Beijing to launch tax refund scheme in 2015
• Premier Li urges high level opening up, innovation
• 皇冠体育app beefs up Food Safety Law
• CNOOC Q1 sales revenue down 40 pct on falling prices
• 皇冠体育app property loans increase
• 皇冠体育app mulls new projects to boost investment
• Fans queue to get their hands on Apple Watch
• New jobs in Q1 fall for first time since 2009