CHINA CITIC BANK (998) H1 2024 earnings summary

Executive summary

• Operating income for H1 2024 was RMB108.64 billion, up 2.60% year-on-year; net profit attributable to equity holders was RMB35.49 billion, down 1.60% year-on-year.

• Net interest income declined 0.82% year-on-year, while net non-interest income rose 10.26%.

• Total assets reached RMB9,104.62 billion, up 0.58% from end-2023; total loans and advances to customers grew 1.73%; total deposits up 2.16%.

• Asset quality remained stable with NPL ratio at 1.19% and allowance coverage ratio at 206.76%.

• Interim cash dividend of RMB1.847 per 10 shares proposed, totaling RMB9.87 billion.

Financial highlights

• Operating income: RMB108.64 billion (+2.60% YoY); net profit: RMB35.49 billion (–1.60% YoY).

• Net interest margin: 1.77% (down 0.08pp YoY); cost-to-income ratio: 27.46% (up 0.82pp YoY).

• Total assets: RMB9,104.62 billion; total loans: RMB5,593.67 billion; total deposits: RMB5,514.88 billion.

• NPL ratio: 1.19%; allowance coverage: 206.76%; capital adequacy ratio: 13.69%.

• Basic EPS: RMB0.66; diluted EPS: RMB0.64.

Outlook and guidance

• Focus on stabilizing net interest margin and optimizing asset/liability structure.

• Continued support for real economy, green finance, technology finance, and inclusive finance.

• Asset quality expected to remain stable; risk management to be further strengthened.

• Emphasis on digital transformation, cost management, and high-quality growth.