China CITIC Bank

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

By Helgi Analytics - 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 npls (as % of loans) rose 23.4% yoy to 2.33% in 2Q2019

By Helgi Analytics - 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 prev...

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

By Helgi Analytics - 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...

Profit Statement 2016 2017 2018
Net Interest Income CNY mil 106,138 99,645 104,772
Net Fee Income CNY mil 42,280 46,858 45,148
Other Income CNY mil 2,248 9,940 13,701
Total Revenues CNY mil 150,666 156,443 163,621
Operating Profit CNY mil 103,396 107,811 108,482
Provisions CNY mil 45,715 50,170 47,753
Net Profit CNY mil 41,629 42,566 44,513
Balance Sheet 2016 2017 2018
Interbank Loans CNY mil 546,653 351,045 286,103
Customer Loans CNY mil 2,802,380 3,105,980 3,515,650
Debt Securities CNY mil 1,856,350 1,448,940 1,605,590
Total Assets CNY mil 5,931,050 5,677,690 6,066,710
Shareholders' Equity CNY mil 384,496 412,433 453,086
Interbank Borrowing CNY mil 1,185,510 1,010,100 1,646,640
Customer Deposits CNY mil 3,918,710 3,680,580 3,647,540
Issued Debt Securities CNY mil 291,580 405,899 208,421
Ratios 2016 2017 2018
ROE % 11.8 10.7 10.3
ROA % 0.753 0.733 0.758
Costs (As % Of Assets) % 0.855 0.838 0.939
Costs (As % Of Income) % 31.4 31.1 33.7
Capital Adequacy Ratio % 12.0 11.7 12.5
Net Interest Margin % 1.92 1.72 1.78
Loans (As % Of Deposits) % 71.5 84.4 96.4
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 36,619 34,788 26,126
Share Price (End Of Period) HKD 5.80 5.56 4.18
Price/Earnings (P/E) 7.61 7.67 5.23
Price/Book Value (P/BV) 0.824 0.791 0.514
Earnings Per Share (EPS) CNY 0.851 0.870 0.910
Book Value Per Share CNY 7.86 8.43 9.26

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summary Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                              
Net Interest Income CNY mil                 75,486 85,688 94,741 104,433 106,138    
Total Revenues CNY mil                 90,584 106,344 126,380 142,593 150,666    
Operating Profit CNY mil                 55,420 65,244 78,184 92,041 103,396    
Net Profit CNY mil                 31,032 39,175 40,692 41,158 41,629    
balance sheet                              
Interbank Loans CNY mil                 457,476 540,792 297,936 338,140 546,653    
Customer Loans CNY mil                 1,627,580 1,899,920 2,136,330 2,468,280 2,802,380    
Debt Securities CNY mil                 400,916 644,262 1,068,820 1,693,640 1,856,350    
Total Assets CNY mil                 2,959,940 3,641,190 4,138,820 5,122,290 5,931,050    
Shareholders' Equity CNY mil                 203,086 230,725 267,346 319,686 384,496    
Interbank Borrowing CNY mil                 399,734 609,568 749,549 1,188,960 1,185,510    
Customer Deposits CNY mil                 2,266,730 2,654,650 2,884,430 3,362,840 3,918,710    
Issued Debt Securities CNY mil                 44,809 73,901 148,685 146,574 291,580    
ratios                              
ROE %                 16.3 18.1 16.3 14.0 11.8    
ROA %                 1.08 1.19 1.05 0.889 0.753    
Costs (As % Of Assets) %                 1.23 1.25 1.24 1.09 0.855    
Costs (As % Of Income) %                 38.8 38.6 38.1 35.5 31.4    
Capital Adequacy Ratio % ... ... ...           13.4 11.2 12.3 11.9 12.0    
Net Interest Margin %                 2.64 2.60 2.44 2.26 1.92    
Interest Income (As % Of Revenues) %                 83.3 80.6 75.0 73.2 70.4    
Fee Income (As % Of Revenues) %                 12.4 15.8 20.0 25.0 28.1    
Equity (As % Of Assets) %                 6.86 6.34 6.46 6.24 6.48    
Loans (As % Of Deposits) %                 71.8 71.6 74.1 73.4 71.5    
Loans (As % Assets) %                 55.0 52.2 51.6 48.2 47.2    
valuation                              
Market Capitalisation (End Of Period) USD mil ... ... ...           24,911 19,829 43,051 37,790 36,619    
Number Of Shares (Average) mil                 46,787 46,787 46,787 46,787 48,935    
Share Price (End Of Period) HKD ... ... ...           4.13 3.29 7.13 6.26 5.80    
Earnings Per Share (EPS) CNY                 0.663 0.837 0.870 0.880 0.851    
Book Value Per Share CNY                 4.34 4.93 5.71 6.83 7.86    
Price/Earnings (P/E) ... ... ...           7.74 5.03 10.3 8.50 7.61    
Price/Book Value (P/BV) ... ... ...           1.18 0.853 1.56 1.09 0.824    
Earnings Per Share Growth % ...               -6.69 26.2 3.87 1.15 -3.30    
Book Value Per Share Growth % ...               5.27 13.6 15.9 19.6 15.0    
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                              
Interest Income CNY mil                 138,810 163,335 205,639 215,661 213,474    
Interest Cost CNY mil                 63,324 77,647 110,898 111,228 107,336    
Net Interest Income CNY mil                 75,486 85,688 94,741 104,433 106,138    
Net Fee Income CNY mil                 11,210 16,811 25,313 35,674 42,280    
Other Income CNY mil                 3,888 3,845 6,326 2,486 2,248    
Total Revenues CNY mil                 90,584 106,344 126,380 142,593 150,666    
Operating Cost CNY mil                 35,164 41,100 48,196 50,552 47,270    
Operating Profit CNY mil                 55,420 65,244 78,184 92,041 103,396    
Provisions CNY mil                 12,804 11,327 22,074 35,120 45,715    
Extra and Other Cost CNY mil                 1,007 1,368 1,536 1,935 3,073    
Pre-Tax Profit CNY mil                 41,609 52,549 54,574 54,986 54,608    
Tax CNY mil                 10,224 12,832 13,120 13,246 12,822    
Minorities CNY mil                 353 542 762 582 157    
Net Profit CNY mil                 31,032 39,175 40,692 41,158 41,629    
growth rates                              
Net Interest Income Growth % ...               15.9 13.5 10.6 10.2 1.63    
Net Fee Income Growth % ...               26.9 50.0 50.6 40.9 18.5    
Total Revenue Growth % ...               18.6 17.4 18.8 12.8 5.66    
Operating Cost Growth % ...               23.3 16.9 17.3 4.89 -6.49    
Operating Profit Growth % ...               15.8 17.7 19.8 17.7 12.3    
Pre-Tax Profit Growth % ...               0.046 26.3 3.85 0.755 -0.687    
Net Profit Growth % ...               0.691 26.2 3.87 1.15 1.14    
market share                              
Market Share in Revenues % ... ... ... ... ... ...     2.86 2.97 3.01 3.07 3.21   ...
Market Share in Net Profit % ... ... ...           2.05 ... ... ... ... ... ...
Market Share in Employees % ... ... ... ... ... ...   ... ... ... ... ... ... ... ...
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                              
Cash CNY mil                 428,167 496,476 538,486 511,189 553,328    
Interbank Loans CNY mil                 457,476 540,792 297,936 338,140 546,653    
Customer Loans CNY mil                 1,627,580 1,899,920 2,136,330 2,468,280 2,802,380    
Retail Loans CNY mil                 334,647 440,553 554,547 668,613 956,606    
Mortgage Loans CNY mil ... ... ... ... ...       194,614 220,369 232,117 268,926 433,210    
Consumer Loans CNY mil ... ... ... ... ...       140,033 220,184 322,430 399,687 523,396    
Corporate Loans CNY mil                 1,328,250 1,500,620 1,633,360 1,860,170 1,921,320    
Debt Securities CNY mil                 400,916 644,262 1,068,820 1,693,640 1,856,350    
Fixed Assets CNY mil                 12,147 14,634 15,614 16,834 18,888    
Total Assets CNY mil                 2,959,940 3,641,190 4,138,820 5,122,290 5,931,050    
Shareholders' Equity CNY mil                 203,086 230,725 267,346 319,686 384,496    
Of Which Minority Interest CNY mil                 4,730 5,124 7,669 1,946 5,272    
Liabilities CNY mil                 2,756,850 3,410,470 3,871,470 4,802,610 5,546,550    
Interbank Borrowing CNY mil                 399,734 609,568 749,549 1,188,960 1,185,510    
Customer Deposits CNY mil                 2,266,730 2,654,650 2,884,430 3,362,840 3,918,710    
Sight Deposits CNY mil                 947,635 1,066,320 1,117,170 1,373,400 1,924,020    
Term Deposits CNY mil                 1,319,100 1,588,320 1,767,260 1,989,430 1,994,680    
Issued Debt Securities CNY mil                 44,809 73,901 148,685 146,574 291,580    
Other Liabilities CNY mil                 45,576 72,353 88,808 104,236 150,757    
asset quality                              
Gross Loans CNY mil                 1,662,900 1,941,180 2,187,910 2,528,780 2,877,930    
Total Provisions CNY mil                 35,325 41,254 51,576 60,497 75,543    
growth rates                              
Customer Loan Growth % ...               15.4 16.7 12.4 15.5 13.5    
Retail Loan Growth % ...               24.8 31.6 25.9 20.6 43.1    
Mortgage Loan Growth % ... ... ... ... ... ...     8.79 13.2 5.33 15.9 61.1    
Consumer Loan Growth % ... ... ... ... ... ...     56.8 57.2 46.4 24.0 31.0    
Corporate Loan Growth % ...               13.9 13.0 8.85 13.9 3.29    
Total Asset Growth % ...               7.02 23.0 13.7 23.8 15.8    
Shareholders' Equity Growth % ...               13.6 13.6 15.9 19.6 20.3    
Customer Deposit Growth % ...               14.7 17.1 8.66 16.6 16.5    
market share                              
Market Share in Customer Loans %                 2.42 2.39 2.37 2.35 2.40    
Market Share in Total Assets %                 2.22 2.39 2.40 2.57 2.57    
Market Share in Customer Deposits %                 2.40 6.37 6.38 5.91 5.52    
ratios Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                              
ROE %                 16.3 18.1 16.3 14.0 11.8    
ROA %                 1.08 1.19 1.05 0.889 0.753    
Costs (As % Of Assets) %                 1.23 1.25 1.24 1.09 0.855    
Costs (As % Of Income) %                 38.8 38.6 38.1 35.5 31.4    
Capital Adequacy Ratio % ... ... ...           13.4 11.2 12.3 11.9 12.0    
Tier 1 Ratio % ... ... ...           9.89 8.78 8.99 9.17 9.65    
Net Interest Margin %                 2.64 2.60 2.44 2.26 1.92    
Interest Spread % ...               2.48 2.43 2.24 2.09 1.79    
Asset Yield %                 4.85 4.95 5.29 4.66 3.86    
Cost Of Liabilities % ...               2.37 2.52 3.05 2.56 2.07    
Interest Income (As % Of Revenues) %                 83.3 80.6 75.0 73.2 70.4    
Fee Income (As % Of Revenues) %                 12.4 15.8 20.0 25.0 28.1    
Other Income (As % Of Revenues) %                 4.29 3.62 5.01 1.74 1.49    
Equity (As % Of Assets) %                 6.86 6.34 6.46 6.24 6.48    
Loans (As % Of Deposits) %                 71.8 71.6 74.1 73.4 71.5    
Loans (As % Assets) %                 55.0 52.2 51.6 48.2 47.2    
Provisions (As % Of Loans) %                 2.17 2.17 2.41 2.45 2.70    
Cost of Provisions (As % Of Loans) %                 0.843 0.642 1.09 1.53 1.73    
other data Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                              
Employees ... ... ...           41,365 46,822 50,735 56,489 58,023    
Sight (As % Of Customer Deposits) %                 41.8 40.2 38.7 40.8 49.1    
On-balance Sheet Loans RMB mil ... ... ... ... ... ... ... ... ... 1,899,920 2,136,330 2,468,280 2,802,380    

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

By Helgi Analytics - 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 Analytics - 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 Analytics - 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...

CITIC Bank's net interest income rose 13.7% yoy to CNY 29,092 mil in 2Q2019

By Helgi Analytics - October 11, 2019

China CITIC Bank generated total banking revenues of CNY 45,207 mil in the second quarter of 2019, up 9.82% when compared to the same period of last year and down 7.23% when compared to the previous quarter. Historically, the bank’s revenues conta...

CITIC Bank's capital adequacy ratio rose 8.20% yoy to 12.3% in 2Q2019

By Helgi Analytics - October 11, 2019

China CITIC Bank's capital adequacy ratio reached 12.3% at the end of second quarter of 2019, down from 12.6% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 13.7% in 3Q2012 and an all time low of 9.34% in 1Q201...

CITIC Bank's share price (end of period) fell 5.62% yoy to HKD 3.91 in 2Q2019

By Helgi Analytics - October 11, 2019

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

CITIC Bank's equity (as % of assets) rose 1.08% yoy to 7.38% in 2Q2019

By Helgi Analytics - October 11, 2019

China CITIC Bank's Equity reached 8.57% of total assets in the 2Q2019, up from 7.94% for the previous year. As a share of net customer loans, the ratio amounted to 15.6% at the end of the second quarter of 2019. ...

CITIC Bank's retail loan growth rose 88.4% yoy to 27.2% in 2Q2019

By Helgi Analytics - October 11, 2019

China CITIC Bank's retail loans reached CNY 1,647,670 mil at the end of 2019-06-30, up 5.21% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 44.2% of the bank's loan book ...

CITIC Bank's customer loan growth rose 46.8% yoy to 13.4% in 2Q2019

By Helgi Analytics - October 11, 2019

China CITIC Bank's customer loan growth reached 13.4% in 2019-06-30, up from 9.11% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 21.2% in 2010-09-30 and an all time low of 8.84% in 2015-06-30. In the last...

CITIC Bank's net profit rose 4.57% to CNY 44,513 mil in 2018

By Helgi Analytics - October 11, 2019

China CITIC Bank made a net profit of CNY 44,513 mil under revenues of CNY 163,621 mil in 2018, up 4.57% and 4.59% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of CNY 44,513 mil in 2018 and an all time low of ...

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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.