China Citic Bank Earnings: Asset Quality Improves Further; Fee Income Growth Weakens

China Citic Bank’s first-quarter revenue contracted at a larger-than-peer pace of 5% year on year, dragged by the 0.9% and 11.5% declines in net interest income and fee income, respectively. The contraction in net interest income was largely in line, as the 8% year-on-year loan growth was offset by a 15 basis point decline in net interest margin.