Group Financial Results
Revenue
By nature
HK$ million |
Year ended 31 December |
Increase/(Decrease) |
||
---|---|---|---|---|
2020 |
2019 |
Amount |
% |
|
Net interest income |
172,018 |
170,142 |
1,876 |
1.1% |
Net fee and commission income |
39,178 |
35,963 |
3,215 |
8.9% |
Sales of goods and services |
323,808 |
344,076 |
(20,268) |
(5.9%) |
– Sales of goods |
268,964 |
293,731 |
(24,767) |
(8.4%) |
– Revenue from construction contracts |
24,984 |
22,853 |
2,131 |
9.3% |
– Revenue from other services |
29,860 |
27,492 |
2,368 |
8.6% |
Other revenue |
17,945 |
16,316 |
1,629 |
10% |

Expected credit losses and other impairment losses
In 2020, expected credit losses and other impairment losses of HK$100,576 million were recorded, an increase of 5.0% from the year before. CITIC Bank accounted for HK$93,141 million of these losses, including HK$77,761 million expected credited losses in its loans and advances to customers.
Net finance charges
In 2020, The finance costs of the Group amounted to HK$11,150 million, a year-on-year decrease of HK$1,553 million, or 12%, mainly due to the implementation of new lease standards which caused the decrease in interest expenses from loans.
In 2020, the finance income of the Group amounted to HK$1,266 million, a year-on-year decrease of HK$998 million, or 41%, mainly due to the decrease in interest income from bank deposits.
Income tax
In 2020, income tax of the Group was HK$16,790 million, a decrease of HK$1,037 million as compared with last year, mainly due to the increase in tax-free income from CITIC bank and other subsidiaries.