CHINA CITIC BANK (998) H2 2024 earnings summary

Executive summary

• Achieved dual growth in revenue and profit, with operating income up 3.72% and net profit attributable to equity holders up 2.33% year-over-year.

• Maintained stable asset quality, with NPL ratio at 1.16% and allowance coverage ratio at 209.43%.

• Total assets surpassed RMB9.5 trillion, with both loans and deposits exceeding RMB5.7 trillion.

• Continued focus on “Five Priorities” (technology, green, inclusive, pension, digital finance) and “Five Leading” strategy (wealth management, comprehensive financing, trading settlement, forex, digitalization).

• Increased dividend payout, with total cash dividends for 2024 at RMB19.455 billion, representing 30.5% of net profit attributable to ordinary shareholders.

Financial highlights

• Operating income: RMB213.223 billion, up 3.72% year-over-year.

• Net profit attributable to equity holders: RMB68.576 billion, up 2.33% year-over-year.

• Net interest income: RMB146.679 billion, up 2.19% year-over-year; net non-interest income: RMB66.544 billion, up 7.28%.

• Total assets: RMB9,532.722 billion, up 5.31% from previous year.

• Total loans and advances: RMB5,720.128 billion, up 4.03%; total deposits: RMB5,778.231 billion, up 7.04%.

• NPL ratio: 1.16% (down 0.02pp); allowance coverage ratio: 209.43% (up 1.84pp).

• Net interest margin: 1.77% (down 0.01pp); cost-to-income ratio: 32.71% (up 0.10pp).

• Capital adequacy ratio: 13.36%; core tier-one capital adequacy ratio: 9.72%.

• Liquidity coverage ratio: 218.13%.

• Basic EPS: RMB1.22; diluted EPS: RMB1.20.

Outlook and guidance

• Expects Chinese economy to continue recovering in 2025, with asset growth rate projected at 5–6%.

• Will maintain focus on “Five Priorities” and “Five Leading” strategies, aiming for balanced growth in interest margin, asset quality, fee-based income, and customer expansion.

• Plans to further enhance digital transformation, risk management, and ESG integration.