China Citic Bank Corp. , China’s seventh largest bank by assets, said its 2007 net profit more than doubled from 3.73 billion yuan ($515 million) in the preceding year. Citic made the claim in a statement published on a Shanghai securities Web site Tuesday but did not disclose any figures for its 2007 net profit, according to media reports. The bank attributed the rapid profit growth to higher loan growth, falling costs and expanding assets. The bank also said non-performing loans were about 1.5% of it total portfolio. Hong Kong-listed shares of Citic Bank fell 2.4% to HK$4.87 Tuesday.

Posted: 01|15|08 at 9:33 am. Filed under: Finance.