Private Chinese digital lender CITIC aiBank has seen robust growth in profits during the first half of 2021, amidst efforts to ramp up tech investments and expand financial inclusion for smaller businesses via digital channels.
Baidu-backed aiBank’s first half report indicates that total assets hit 67.932 billion yuan by the end of the period, for YoY growth of 24.98%.
Net profits for the period were 104 million yuan, while net operating revenues were 1.318 billion yuan, for a YoY increase of 64.0%. Pre-provisions profits were 888 million yuan, for a YoY rise of 76.9%.
The report said that during the period aiBank focused on digital financial inclusion, saw declines in both the non-performing loan ratio and volume, while also entering a steady period of profitability.
“Main business indices all performed excellently, and the bank once again obtained an AAA long-term credit rating,” it said.
Tech investments by aiBank increased 19% in the first half compared to the same period last year, to account for 50% of total cost outlays.