Group Financial Results
Revenue
By nature
| Year ended 31 December | Increase/(Decrease) | |||
|---|---|---|---|---|
| RMB million | 2023 | 2022 (Restated) | Amount | % |
| Net interest income | 148,519 | 157,569 | (9,050) | (5.7%) |
| Net fee and commission income | 61,590 | 65,254 | (3,664) | (5.6%) |
| Sales of goods and services | 417,580 | 401,842 | 15,738 | 3.9% |
| – Sales of goods | 372,072 | 351,297 | 20,775 | 5.9% |
| – Revenue from construction contracts | 16,356 | 21,089 | (4,733) | (22%) |
| – Revenue from other services | 29,152 | 29,456 | (304) | (1.0%) |
| Other revenue | 53,143 | 38,773 | 14,370 | 37% |
Expected credit losses and other impairment losses
In 2023, expected credit losses and asset impairment losses of RMB70,210 million were recorded, a decrease of 19% from the previous year. CITIC Bank provided provision of RMB62,204 million expected credit losses for its loans and advances to customers.
Net finance charges
In 2023, the finance costs of the Group amounted to RMB12,172 million, a year-on-year increase of RMB3,700 million, or 44%, mainly due to the increase in interest expenses from loans.
In 2023, the finance income of the Group amounted to RMB1,832 million, a year-on-year increase of RMB425 million, or 30%, mainly due to the increase in interest income from bank deposits.
Income tax
In 2023, income tax of the Group was RMB18,013 million, a decrease of RMB3,456 million, or 16%, as compared with last year, consistent with the decrease in profit before taxation.