China CITIC bank estimates H1 net up 150 pct

HONG KONG, July 5 (Reuters) - China CITIC Bank (0998.HK: Quote, Profile, Research) (601998.SS: Quote, Profile, Research), a medium-sized commercial bank, estimated its net profit in the first half of this year rose by more than 150 percent from a year earlier, under Chinese accounting standards.

"The company's net interest margin has increased substantially. The company's income in intermediary business has increased quickly. The effective tax rate of the company has decreased substantially," the bank said in a statement to the Hong Kong stock exchange late on Friday.

CITIC Bank also estimated its non-performing loan ratio was under 1.45 percent at the end of June, and its provision cover ratio was over 115 percent.

In the first half of last year, the bank made a profit of 3.21 billion yuan ($469 million). It is due to make a full first-half earnings report next month.

The statement can be seen at: (http://www.hkexnews.hk/listedco/listconews/sehk/20080704/LTN200 80704423.pdf) ($1 = 6.85 yuan) (Reporting by James Pomfret; Editing by Ben Tan)