China CITIC Bank profits up 16 pct in Q1

The China CITIC Bank on Tuesday reported a 16.14-percent year-on-year increase in net profits in the first quarter of 2014.

Net profits stood at 10.71 billion yuan ($1.76 billion in the first three months, according to a CITIC statement filed with the Shanghai Stock Exchange.

The lender's total assets hit 3.98 trillion yuan (652.71 billion U.S. dollars), up 9.35 percent from the end of last year. Its business revenues stood at 29.8 billion yuan at the end of March, up 23.93 percent year on year.

Net profits from interest was 22.14 billion yuan at the end of March, up 11.17 percent year on year.

Its non-performing loans ratio was 1.15 percent and its provision coverage ratio was 191.91 percent at the end of March.