Citic Bank flat as peers take flight

China Citic Bank reported flat earnings for last year, while its Hong Kong-listed mainland peers posted double-digit growth.

Earnings grew by a quarter at China Merchants Bank (CMB) and more than a third at China Minsheng Banking.

Mild growth in revenue at Citic Bank was largely offset by higher asset impairment losses and operating expenses.

Net profit edged up 0.6 per cent to 31 billion yuan (HK$38 billion) from a year earlier. Net profit in the fourth quarter plunged 51.4 per cent from the third quarter to 3.8 billion yuan.

via Business feed http://www.scmp.com/business/banking-finance/article/1202199/citic-bank-flat-peers-take-flight