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Group Financial Results

Revenue


By nature
Year ended 31 DecemberIncrease/(Decrease)
RMB million20232022
(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.