CNPC Capital boosts provision for impairment; Q1 earnings drop

CNPC Capital (SZSE:000617) announced it will increase its provision for impairment losses by CNY 689.06 million in its first quarter of 2025. The decision reflects a rise in loan amounts and adherence to accounting standards and prudent principles. Specifically, the firm anticipates credit losses from financial assets and receivables, including a CNY 12.501 million decrease in funds lent and deposited with interbank institutions, an CNY 87.977 million rise in loans and advances, as well as external credit commitments.