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China CITIC Bank

CITIC Bank's net profit rose 11.3% yoy to CNY 15,091 mil in 2Q2019

By Helgi Library - October 11, 2019

China CITIC Bank made a net profit of CNY 15,091 mil under revenues of CNY 45,207 mil in the second quarter of 2019, up 11.3% and ...

CITIC Bank's net profit rose 11.3% yoy to CNY 15,091 mil in 2Q2019

By Helgi Library - October 11, 2019

China CITIC Bank made a net profit of CNY 15,091 mil under revenues of CNY 45,207 mil in the second quarter of 2019, up 11.3% and ...

CITIC Bank's customer deposits rose 23.4% yoy to CNY 3,918,710 mil in 4Q2016

By Helgi Library - October 11, 2019

China CITIC Bank's customer deposits reached CNY 3,918,710 mil in 2016-12-31, up 15.5% compared to the previous year. Chinese b...

Profit Statement Dec 2018 Mar 2019 Jun 2019
Net Interest Income CNY mil 27,912 28,070 29,092
Net Fee Income CNY mil 12,544 15,448 12,844
Other Income CNY mil -2,202 5,211 3,271
Total Revenues CNY mil 38,254 48,729 45,207
Operating Profit CNY mil 19,873 36,338 34,777
Provisions CNY mil 9,120 19,125 14,474
Net Profit CNY mil 7,714 13,216 15,091
Balance Sheet Dec 2018 Mar 2019 Jun 2019
Interbank Loans CNY mil 286,103 241,328 268,511
Customer Loans CNY mil 3,515,650 3,626,000 3,726,840
Total Assets CNY mil 6,066,710 6,241,410 6,398,800
Shareholders' Equity CNY mil 453,086 470,015 471,958
Interbank Borrowing CNY mil 1,646,640 1,254,560 948,720
Customer Deposits CNY mil 3,647,540 3,821,220 4,034,440
Issued Debt Securities CNY mil 208,421 608,811 854,565
Ratios Dec 2018 Mar 2019 Jun 2019
ROE % 6.93 11.5 12.8
ROA % 0.517 0.859 0.955
Costs (As % Of Assets) % 1.23 0.805 0.660
Costs (As % Of Income) % 48.0 25.4 23.1
Capital Adequacy Ratio % 12.5 12.6 12.3
Net Interest Margin % 1.87 1.82 1.84
Loans (As % Of Deposits) % 96.4 94.9 92.4
NPLs (As % Of Loans) % 1.88 1.72 2.33
Provisions (As % Of NPLs) % 6.92 156 122
Valuation Dec 2018 Mar 2019 Jun 2019
Price/Earnings (P/E) 5.23 7.13 4.62
Price/Book Value (P/BV) 0.514 0.692 0.461
Dividend Yield % 0 0 0
Earnings Per Share (EPS) CNY 0.910 0.931 0.962
Book Value Per Share CNY 9.26 9.60 9.64
Dividend Per Share CNY 0 0 0

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summary Unit Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
income statement                                                                                
Net Interest Income CNY mil ... ...                                                               25,372 24,211 25,597 27,052 27,912    
Total Revenues CNY mil ... ...                                                               41,453 40,674 41,165 41,714 38,254    
Operating Profit CNY mil ... ...                                                               24,408 29,237 30,199 30,075 19,873    
Net Profit CNY mil ... ...                                                               7,828 12,166 13,555 11,078 7,714    
balance sheet                                                                                
Interbank Loans CNY mil                                                                   351,045 401,831 355,928 282,364 286,103    
Customer Loans CNY mil                                                                   3,105,980 3,193,310 3,287,320 3,410,070 3,515,650    
Debt Securities CNY mil                                                                   1,448,940 1,322,940 1,469,540 1,538,490 1,605,590    
Total Assets CNY mil                                                                   5,677,690 5,624,700 5,807,440 5,864,800 6,066,710    
Shareholders' Equity CNY mil                                                                   412,433 419,542 423,761 437,147 453,086    
Interbank Borrowing CNY mil                                                                   1,010,100 1,032,940 1,472,340 950,023 1,646,640    
Customer Deposits CNY mil                                                                   3,680,580 3,477,530 3,579,300 3,578,400 3,647,540    
Issued Debt Securities CNY mil                                                                   405,899 524,723 168,572 749,536 208,421    
ratios                                                                                
ROE % ... ...                                                               7.70 11.7 12.9 10.3 6.93    
ROA % ... ...                                                               0.558 0.861 0.949 0.759 0.517    
Costs (As % Of Assets) % ... ...                                                               1.22 0.810 0.767 0.798 1.23    
Costs (As % Of Income) % ... ...                                                               41.1 28.1 26.6 27.9 48.0    
Capital Adequacy Ratio % ... ...                                                               11.7 11.9 11.3 12.2 12.5    
Net Interest Margin % ... ...                                                               1.81 1.71 1.79 1.85 1.87    
Interest Income (As % Of Revenues) % ... ...                                                               61.2 59.5 62.2 64.9 73.0    
Fee Income (As % Of Revenues) % ... ...                                                               30.5 25.7 27.7 25.8 32.8    
Equity (As % Of Assets) %                                                                   7.26 7.46 7.30 7.45 7.47    
Loans (As % Of Deposits) %                                                                   84.4 91.8 91.8 95.3 96.4    
Loans (As % Assets) %                                                                   54.7 56.8 56.6 58.1 57.9    
NPLs (As % Of Loans) %                                                                   2.47 1.72 1.89 1.79 1.88    
Provisions (As % Of NPLs) %                                                                   115 119 68.0 161 6.92    
valuation                                                                                
Market Capitalisation (End Of Period) USD mil ... ...                                                               41,761 45,104 30,641 31,325 29,734    
Number Of Shares (Average) mil                                                                   48,935 48,935 48,935 48,935 48,935    
Share Price (End Of Period) HKD ... ...                                                               5.56 5.80 4.15 4.40 4.18    
Earnings Per Share (EPS) CNY                                                                   0.870 0.886 0.905 0.912 0.910    
Book Value Per Share CNY                                                                   8.43 8.57 8.66 8.93 9.26    
Dividend Per Share CNY                                                                   0 0 0 0 0    
Price/Earnings (P/E) ... ...                                                               7.66 8.17 5.43 5.50 5.23    
Price/Book Value (P/BV) ... ...                                                               0.791 0.844 0.568 0.561 0.514    
Dividend Yield % ... ...                                                               0 0 0 0 0    
Earnings Per Share Growth % ... ... ... ... ... ...                                                       2.25 3.65 5.32 6.70 4.57    
Book Value Per Share Growth % ... ... ... ...                                                           7.27 6.71 7.91 8.95 9.86    
income statement Unit Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
income statement                                                                                
Interest Income CNY mil ... ...                                                               55,506 54,982 57,397 60,342 61,072    
Interest Cost CNY mil ... ...                                                               30,134 30,771 31,800 33,290 33,160    
Net Interest Income CNY mil ... ...                                                               25,372 24,211 25,597 27,052 27,912    
Net Fee Income CNY mil ... ...                                                               12,642 10,473 11,389 10,742 12,544    
Other Income CNY mil ... ...                                                               3,439 5,990 4,179 3,920 -2,202    
Total Revenues CNY mil ... ...                                                               41,453 40,674 41,165 41,714 38,254    
Operating Cost CNY mil ... ...                                                               17,045 11,437 10,966 11,639 18,381    
Operating Profit CNY mil ... ...                                                               24,408 29,237 30,199 30,075 19,873    
Provisions CNY mil ... ...                                                               14,458 12,457 12,008 15,013 9,120    
Extra and Other Cost CNY mil ... ...                                                               2,108 1,034 1,495 1,489 2,442    
Pre-Tax Profit CNY mil ... ...                                                               7,842 15,746 16,696 13,573 8,311    
Tax CNY mil ... ...                                                               -141 3,317 2,950 2,276 407    
Minorities CNY mil ... ...                                                               155 263 191 219 190    
Net Profit CNY mil ... ...                                                               7,828 12,166 13,555 11,078 7,714    
growth rates                                                                                
Net Interest Income Growth % ... ... ... ... ... ...                                                       -4.67 -3.57 4.97 9.17 10.0    
Net Fee Income Growth % ... ... ... ... ... ...                                                       11.8 -3.07 -4.74 -6.22 -0.775    
Total Revenue Growth % ... ... ... ... ... ...                                                       16.8 7.16 8.91 6.32 -7.72    
Operating Cost Growth % ... ... ... ... ... ...                                                       72.3 11.8 0.265 11.7 7.84    
Operating Profit Growth % ... ... ... ... ... ...                                                       -4.70 5.43 12.4 4.39 -18.6    
Pre-Tax Profit Growth % ... ... ... ... ... ...                                                       -12.9 6.32 2.39 1.91 5.98    
Net Profit Growth % ... ... ... ... ... ...                                                       10.5 6.82 7.39 3.27 -1.46    
balance sheet Unit Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
balance sheet                                                                                
Cash CNY mil                                                                   568,300 493,448 521,826 470,374 538,708    
Interbank Loans CNY mil                                                                   351,045 401,831 355,928 282,364 286,103    
Customer Loans CNY mil                                                                   3,105,980 3,193,310 3,287,320 3,410,070 3,515,650    
Retail Loans CNY mil ...                                                                 1,231,580 1,263,600 1,295,620 1,390,050 1,484,490    
Mortgage Loans CNY mil ...                                                                 505,305 535,880 566,456 604,932 643,407    
Consumer Loans CNY mil ...                                                                 726,279 727,721 729,163 785,123 841,083    
Corporate Loans CNY mil ...                                                                 1,965,300 1,999,910 2,034,520 2,030,960 2,027,400    
Debt Securities CNY mil                                                                   1,448,940 1,322,940 1,469,540 1,538,490 1,605,590    
Fixed Assets CNY mil                                                                   22,354 20,896 20,610 21,646 21,385    
Total Assets CNY mil                                                                   5,677,690 5,624,700 5,807,440 5,864,800 6,066,710    
Shareholders' Equity CNY mil                                                                   412,433 419,542 423,761 437,147 453,086    
Of Which Minority Interest CNY mil                                                                   12,795 12,780 12,778 12,999 16,425    
Liabilities CNY mil                                                                   5,265,260 5,205,160 5,383,680 5,427,650 5,613,630    
Interbank Borrowing CNY mil                                                                   1,010,100 1,032,940 1,472,340 950,023 1,646,640    
Customer Deposits CNY mil                                                                   3,680,580 3,477,530 3,579,300 3,578,400 3,647,540    
Sight Deposits CNY mil ...                                                                 1,886,140 1,851,160 1,816,170 1,798,000 1,779,820    
Term Deposits CNY mil ...                                                                 1,794,440 1,626,370 1,763,120 1,780,400 1,867,720    
Issued Debt Securities CNY mil                                                                   405,899 524,723 168,572 749,536 208,421    
Other Liabilities CNY mil                                                                   168,676 169,971 163,471 149,692 111,028    
asset quality                                                                                
Non-Performing Loans CNY mil                                                                   78,942 56,008 62,997 62,794 66,231    
Gross Loans CNY mil                                                                   3,196,890 3,263,510 3,330,140 3,511,100 3,520,230    
Total Provisions CNY mil                                                                   90,903 66,859 42,815 101,021 4,580    
growth rates                                                                                
Customer Loan Growth % ... ... ... ...                                                           10.8 11.2 9.11 10.6 13.2    
Retail Loan Growth % ... ... ... ... ...                                                         28.7 21.0 14.4 17.6 20.5    
Mortgage Loan Growth % ... ... ... ... ...                                                         16.6 15.4 14.3 20.9 27.3    
Consumer Loan Growth % ... ... ... ... ...                                                         38.8 25.4 14.5 15.2 15.8    
Corporate Loan Growth % ... ... ... ... ...                                                         2.29 3.08 3.87 3.51 3.16    
Total Asset Growth % ... ... ... ...                                                           -4.27 -2.21 2.76 5.92 6.85    
Shareholders' Equity Growth % ... ... ... ...                                                           7.27 6.71 7.91 8.95 9.86    
Customer Deposit Growth % ... ... ... ...                                                           -6.08 1.37 -4.98 7.89 -0.898    
market share                                                                                
Market Share in Customer Loans %                                                                   2.41 2.39 2.39 2.40 2.42   ...
Market Share in Total Assets % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 ... ... ... ... ... ... ... ... ... ...
Market Share in Customer Deposits % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 ... ... ... ... ... ... ... ... ... ...
ratios Unit Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
ratios                                                                                
ROE % ... ...                                                               7.70 11.7 12.9 10.3 6.93    
ROA % ... ...                                                               0.558 0.861 0.949 0.759 0.517    
Costs (As % Of Assets) % ... ...                                                               1.22 0.810 0.767 0.798 1.23    
Costs (As % Of Income) % ... ...                                                               41.1 28.1 26.6 27.9 48.0    
Capital Adequacy Ratio % ... ...                                                               11.7 11.9 11.3 12.2 12.5    
Tier 1 Ratio % ... ...                                                               9.34 9.42 9.36 9.46 9.43    
Net Interest Margin % ... ...                                                               1.81 1.71 1.79 1.85 1.87    
Interest Spread % ... ...                                                               1.64 1.54 1.61 1.67 1.69    
Asset Yield % ... ...                                                               3.96 3.89 4.02 4.14 4.09    
Cost Of Liabilities % ... ...                                                               2.32 2.35 2.40 2.46 2.40    
Payout Ratio % ... ...                                                               0 0 0 0 0    
Interest Income (As % Of Revenues) % ... ...                                                               61.2 59.5 62.2 64.9 73.0    
Fee Income (As % Of Revenues) % ... ...                                                               30.5 25.7 27.7 25.8 32.8    
Other Income (As % Of Revenues) % ... ...                                                               8.30 14.7 10.2 9.40 -5.76    
Equity (As % Of Assets) %                                                                   7.26 7.46 7.30 7.45 7.47    
Loans (As % Of Deposits) %                                                                   84.4 91.8 91.8 95.3 96.4    
Loans (As % Assets) %                                                                   54.7 56.8 56.6 58.1 57.9    
NPLs (As % Of Loans) %                                                                   2.47 1.72 1.89 1.79 1.88    
Provisions (As % Of NPLs) %                                                                   115 119 68.0 161 6.92    
Provisions (As % Of Loans) %                                                                   2.93 2.09 1.30 2.96 0.130    
Cost of Provisions (As % Of Loans) % ... ...                                                               1.87 1.58 1.48 1.79 1.05    
other data Unit Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
other data                                                                                
Employees ...                                                                 60,000 52,739 45,477 50,946 56,415    
Sight (As % Of Customer Deposits) % ...                                                                 51.2 53.2 50.7 50.2 48.8    
On-balance Sheet Loans RMB mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                                 3,105,980 3,193,310 3,287,320 3,410,070 3,515,650    

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CITIC Bank's customer deposits rose 23.4% yoy to CNY 3,918,710 mil in 4Q2016

By Helgi Library - October 11, 2019

China CITIC Bank's customer deposits reached CNY 3,918,710 mil in 2016-12-31, up 15.5% compared to the previous year. Chinese banking sector accepted customer deposits of CNY 71,030 bil in 2016-12-31, up 6.68% when compared to the last year. China CITIC B...

CITIC Bank's npls (as % of loans) rose 23.4% yoy to 2.33% in 2Q2019

By Helgi Library - October 11, 2019

China CITIC Bank's non-performing loans reached 2.33% of total loans at the end of 2019-06-30, up from 1.89% compared to the previous year. Historically, the NPL ratio hit an all time high of 2.47% in 2017-12-31 and an all time low of 0.560% in 2012-03-31. ...

CITIC Bank's npls (as % of loans) rose 23.4% yoy to 2.33% in 2Q2019

By Helgi Library - October 11, 2019

China CITIC Bank's non-performing loans reached 2.33% of total loans at the end of 2019-06-30, up from 1.89% compared to the previous year. Historically, the NPL ratio hit an all time high of 2.47% in 2017-12-31 and an all time low of 0.560% in 2012-03-31. ...

CITIC Bank's corporate loans fell 4.55% yoy to CNY 1,941,880 mil in 2Q2019

By Helgi Library - October 11, 2019

China CITIC Bank's loans reached CNY 3,835,880 mil in the second quarter of 2019, up from CNY 3,725,960 mil when compared to the previous quarter and up from CNY 3,330,140 mil when compared to the same period of last year. Historically, the bank’s l...

CITIC Bank's corporate loans fell 4.55% yoy to CNY 1,941,880 mil in 2Q2019

By Helgi Library - October 11, 2019

China CITIC Bank's loans reached CNY 3,835,880 mil in the second quarter of 2019, up from CNY 3,725,960 mil when compared to the previous quarter and up from CNY 3,330,140 mil when compared to the same period of last year. Historically, the bank’s l...

CITIC Bank's price/earnings (P/E) fell 14.9% yoy to 4.62 in 2Q2019

By Helgi Library - October 11, 2019

China CITIC Bank stock traded at HKD 3.91 per share at the end second quarter of 2019 implying a market capitalization of USD 27,866 mil. Since the end of 2Q2014, the stock has appreciated by 3.98 % implying an annual average growth of 0.784 %. In absolute terms, the ...

CITIC Bank's net interest margin rose 2.79% yoy to 1.84% in 2Q2019

By Helgi Library - October 11, 2019

China CITIC Bank's net interest margin amounted to 1.84% in the second quarter of 2019, up from 1.82% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 3.04% in 3Q2011 and an all time low of ...

CITIC Bank's net interest margin rose 2.79% yoy to 1.84% in 2Q2019

By Helgi Library - October 11, 2019

China CITIC Bank's net interest margin amounted to 1.84% in the second quarter of 2019, up from 1.82% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 3.04% in 3Q2011 and an all time low of ...

CITIC Bank's price/earnings (P/E) fell 14.9% yoy to 4.62 in 2Q2019

By Helgi Library - October 11, 2019

China CITIC Bank stock traded at HKD 3.91 per share at the end second quarter of 2019 implying a market capitalization of USD 27,866 mil. Since the end of 2Q2014, the stock has appreciated by 3.98 % implying an annual average growth of 0.784 %. In absolute terms, the ...

CITIC Bank's market capitalisation (end of period) fell 32.7% to USD 27,866 mil in 2Q2019

By Helgi Library - October 23, 2019

China CITIC Bank stock traded at JPY 1,645 per share at the end of second quarter of 2019 implying a market capitalization of USD 3,477 mil. Over the last five years, the stock has depreciated by 36.4 implying an annual average growth of -8.65% In absolut...

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Finance

China CITIC Bank has been growing its revenues and asset by 4.69% and 5.80% a year on average in the last 3 years. Its loans and deposits have grown by 12.5% and 2.75% a year during that time and loans to deposits ratio reached 96.4% at the end of 2018. The company achieved an average return on equity of 10.9% in the last three years with net profit growing 2.65% a year on average. In terms of operating efficiency, its cost to income ratio reached 33.7% in 2018, compared to 32.1% average in the last three years.

Equity represented 7.47% of total assets or 12.9% of loans at the end of 2018. China CITIC Bank's non-performing loans were of total loans while provisions covered some of NPLs at the end of 2018.

Valuation

China CITIC Bank stock traded at HKD 4.18 per share at the end of 2018 resulting in a market capitalization of USD 26,126 mil. Over the previous five years, stock price rose by 27.2% or 4.93% a year on average. That’s compared to an average ROE of 12.6% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 5.23x and price to book value (PBV) of 0.514x in 2018.