CITIC unit weighed down by bad loans

Bad loans continued to rise at China CITIC Bank Co Ltd during the first six months of the year, putting more pressure on the lender's profit-making ability and risk controls.

As of June 30, the outstanding nonperforming loans of the medium-sized lender reached 30.48 billion yuan ($4.77 billion), up 20.7 percent from the previous year. Its NPL ratio increased by 13 basis points to 1.32 percent during the same period.

Fang Heying, executive vice-president of China CITIC Bank, said at a media conference on Wednesday that defusing financial risks will be one of the bank's top priorities.