CHINA Citic Bank Co's first-half profit rose more than 80 percent as a result of increasing interest and fee-based income.
The Beijing-based bank earned 1.72 billion yuan (US$227 million) in the same period last year.
"The profit surge is mainly the result of rapid loan growth, an increase in the interest spread and a rise in the intermediary business," the bank said in a statement to the Shanghai Stock Exchange yesterday.
The People's Bank of China increased interest rates twice in the first half of this year, and the growth in lending outpaced deposits, giving banks a greater interest spread.
Citic Bank went public in Hong Kong and Shanghai in April. China's eighth-largest bank sold 2.3 billion shares at 5.8 yuan each in Shanghai, raking in 13.34 billion yuan. The bank raised HK$28.7 billion (US$3.7 billion) in Hong Kong, selling 4.89 billion shares at HK$5.86 each.