22 March 2019

China CITIC seeks approval to write off bad loans, WSJ says

China CITIC Bank Corp. Ltd. (601998.CN) wants to write off close to US$900 million of non-performing loans, the Wall Street Journal reported Thursday, citing the lender’s statements to the Hong Kong stock exchange. China’s seventh-largest bank by assets plans to ask its shareholders for permission to more than double the amount of loans it can write off this year to 5.2 billion yuan (US$852 million), from 2 billion yuan previously, according to the newspaper. CITIC’s balance of non-performing loans rose 43 percent to 16.99 billion yuan from the start of the year through October, the report said. 

– Contact HKEJ at [email protected]



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