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1、This Annual Report is printed on recyclable paperAnnual Report2024Address:6-30/F and 32-42/F,Building No.1,10 Guanghua Road,Chaoyang District,BeijingPostal Code:100020Investor Hot line:+86-10-66638188Email Address:Website:(A joint stock limited company incorporated in the Peoples Republic of China w
2、ith limited liability)Stock Code:09982024 Annual ReportChina CITIC Bank Corporation LimitedCorporate ProfileChina CITIC Bank was founded in 1987.It is one of the earliest emerging commercial banks established during Chinas reform and opening-up and also Chinas first commercial bank participating in
3、financing at both domestic and international financial markets.As a keen contributor to Chinas economic development,the Bank is renowned at home and abroad for brushing numerous track records in the modern Chinese financial history.In April 2007,the Bank simultaneously listed its A and H shares at t
4、he Shanghai Stock Exchange and The Stock Exchange of Hong Kong Limited.Relying on the comprehensive resources of CITIC Group in terms of“Finance+Real Economy”,the Bank,with the vision to become a bank with“Four Features”1 and one of the worlds first-class banks,upholds honesty and trustworthiness,pu
5、rsuit of benefits through righteous means,steadiness and prudence,integrity and innovation,and legal compliance.Being customer-centric,the Bank worked to create a distinctive and differentiated model for financial services by implementing the“Five Leading”2 strategy.For government and institutional
6、customers,corporate customers and inter-bank market customers,the Bank offers integrated financial solutions in corporate banking business,investment banking business,international business,transaction banking business,custody business,financial market business etc.For individual customers,the Bank
7、provides diversified financial products and services related to wealth management,personal credit,credit cards,private banking,pension finance and going abroad finance,etc.As such,the Bank satisfies the needs of government and institutional,corporate,inter-bank market and individual customers for co
8、mprehensive financial services on all fronts.As at the end of reporting period,the Bank had 1,470 outlets in 153 large and medium-sized cities in China and 7 affiliates at home and abroad,namely CITIC International Financial Holdings Limited,CNCB(Hong Kong)Investment Co.,Ltd.,CITIC Financial Leasing
9、 Co.,Ltd.,CITIC Wealth Management Corporation Limited,CITIC aiBank Corporation Limited,JSC Altyn Bank and Zhejiang Linan CITIC Rural Bank Limited.CITIC Bank International Limited,a subsidiary of CITIC International Financial Holdings Limited,recorded 31 outlets and 2 business wealth management cente
10、rs in Hong Kong SAR,Macao SAR,New York,Los Angeles,Singapore and the Chinese mainland.CNCB(Hong Kong)Investment Co.,Ltd.had 3 subsidiaries in Hong Kong SAR and the Chinese mainland.CITIC Wealth Management Corporation Limited is the wholly-owned wealth management subsidiary of the Bank.CITIC aiBank C
11、orporation Limited,a joint venture co-sponsored by the Bank and Baidu,is the first independent legal entity practicing direct banking in China.JSC Altyn Bank had 7 outlets and 1 private banking center in Kazakhstan.With a firm grasp of the political and people-oriented nature of financial work,the B
12、ank has remained committed to its financial positioning and responsibility under overall strategies of the Party and the country,and worked unswervingly to be a loyal practitioner of national strategies,a strong supporter of the real economy,and an active builder of China as a financial powerhouse.T
13、hriving through 37 years since its establishment,the Bank has become a financial conglomerate with strong comprehensive strength and brand competitiveness,registering more than RMB9.5 trillion total assets and more than 65,000 employees.In 2024,Brand Finance of the United Kingdom rated the Bank the
14、19th on its list of the“Top 500 Banking Brands”,and The Banker magazine of the United Kingdom rated the Bank the 18th on its list of the“Top 1,000 World Banks”in terms of tier-one capital.Important NoticeThe Board of Directors,the Board of Supervisors,directors,supervisors and senior management of t
15、he Bank guarantee that the information contained in the 2024 Annual Report does not include any false record,misleading statement or material omission,and assume several and joint liabilities for its truthfulness,accuracy and completeness.The Board of Directors of the Bank adopted the full text and
16、summary of the Banks 2024 Annual Report on 26 March 2025.9 of the 9 eligible directors attended the meeting with director Mr.Wang Yankang entrusting director Ms.Huang Fang to attend and vote on his behalf as proxy due to conflicting schedule.The supervisors and senior management of the Bank attended
17、 the meeting as non-voting delegates.The 2024 annual financial reports prepared by the Bank in accordance with the PRC Accounting Standards and International Financial Reporting Standards(IFRS)Accounting Standards were audited respectively by KPMG Huazhen LLP and KPMG in accordance with China Auditi
18、ng Standards and Hong Kong Standards on Auditing respectively,with both firms producing an auditors report with a standard unqualified audit opinion.Mr.Fang Heying as Chairman and executive director of the Bank,Mr.Lu Wei(performing the duties of the President)as person-in-charge of finance and accou
19、nting of the Bank and Mr.Kang Chao as the head of the Finance and Accounting Department of the Bank hereby declare and guarantee the truthfulness,accuracy and completeness of the financial report contained in the Banks 2024 Annual Report.Profit Distribution Plan:Chapter 3“Corporate Governance Profit
20、 and Dividend Distribution of Ordinary Shares”of this report discloses the Banks Final Profit Distribution Plan for 2024 as reviewed and adopted by the Board of Directors and will be submitted to the 2024 Annual General Meeting for deliberation.The plan proposes to pay a cash dividend of RMB1.722 pe
21、r 10 shares(tax inclusive,the same below).With reference to the total of 55.645 billion A shares and H shares on the register as at 4 March 2025 of the Bank,the total amount of the final cash dividends for ordinary shares of the year 2024 shall be RMB9.582 billion,together with the paid out interim
22、cash dividends of RMB9.873 billion(RMB1.825 per 10 shares),amounting to RMB19.455 billion(RMB3.547 per 10 shares)of cash dividends in the whole year.The Bank shall maintain the total amount of dividends unchanged and adjust the dividends per share when there is a change in the Banks total shares bef
23、ore the register date.No scheme for transfer of capital reserve to share capital will be applied for the current year.Cautionary note on forward-looking statements:Forward-looking statements such as future plans and development strategies contained in this report do not constitute substantive commit
24、ments of the Bank to its investors.Investors and relevant persons are kindly reminded to maintain adequate risk awareness of such statements and understand the differences between plans,forecasts and commitments.Material risk reminder:During the reporting period,the Bank was not aware of any materia
25、l risk that would adversely affect its future development strategies and business targets.The Bank has disclosed in this report the major risks it exposed to in its operation and management and the risk management and controls thereof.For relevant information thereof,please refer to related parts in
26、 Chapter 2“Management Discussion and Analysis”of this report.For the purpose of this report,numbers are expressed in Renminbi(RMB)unless otherwise specified.This report is prepared in both Chinese and English.Shall there be discrepancy between the two versions,the Chinese version shall prevail.1 A b
27、ank with“Four Features”:a responsible,unique,valuable and caring provider of the best comprehensive financial services.2“Five Leading”:a leading wealth management bank,a leading comprehensive financing bank,a leading trading settlement bank,a leading forex service bank,and a leading digital bank.Con
28、tentsDefinitions4Chairmans Letter to Shareholders5Chapter 1Corporate Introduction9Chapter 2Management Discussion and Analysis182.1 Industry Overview of the Company182.2 Main Business of the Company192.3 Core Competitiveness Analysis192.4 Overview of the Operating Results212.5 Analysis of the Financi
29、al Statements212.6 Key Issues in Operations442.7 Strategic Planning492.8“Five Leading”Bank Strategy502.9 Business Overview562.10 Risk Management842.11 Material Investments,Material Acquisitions,Material Sales of Assets and Equity912.12 Outlook912.13 Information about Structured Entities92Chapter 3Co
30、rporate Governance93Chapter 4Environmental,Social and Governance(ESG)141Chapter 5Report of the Board of Directors153Chapter 6 Changes in Ordinary Shares and Information on Ordinary Shareholders173Chapter 7Preference Shares184Chapter 8Convertible Corporate Bonds186Chapter 9Independent Auditors Report
31、 and Financial Report189China CITIC Bank Corporation Limited2VisionStrategyBrand mottoBecome a responsible,unique,valuable and caring bank and strive to be a competitive player among the worlds first-class banks.Becoming a leading wealth management bank,a leading comprehensive financing bank,a leadi
32、ng trading settlement bank,a leading forex service bank,and a leading digital bank.The more we care,the more you gain.32024 Annual ReportPerformance OverviewOperating performance:Asset quality:Customer base:Core Business Capabilities:Profitability:NPL ratioBalance of comprehensive finance The ratio
33、of allowance for impairment of loans to total loansScale of wealth management produc tsAllowance coverage ratioRetail asset under management1.16%14.29 trillion RMB2.43%1.99 trillion RMB209.43%4.69 trillion RMBCorporate customersRetail banking customers1.2666 million145 millionOnline monthly ac tive
34、users41.3521 millionOperating incomeROAAROAETotal assetsNet interest marginNet profit attributable to the equity holders of the BankCost-to-income ratioNet profit growth213.223 billion RMB0.75%9.92%9,532.722 billion RMB1.77%68.576 billion RMB32.71%2.33%Note:Indicators under customer base are data of
35、 the Bank while other indicators are data of the Group.China CITIC Bank Corporation Limited4Definitionsthe reporting periodFrom 1 January 2024 to 31 December 2024CSRC Beijing BureauBeijing Bureau of the China Securities Regulatory Commissionthe Bank/China CITIC Bank/CITIC Bank/CNCBChina CITIC Bank C
36、orporation Limitedthe GroupChina CITIC Bank Corporation Limited and its subsidiariesNFRANational Financial Regulatory AdministrationLinan CITIC Rural BankZhejiang Linan CITIC Rural Bank LimitedQuzhou DevelopmentQuzhou Xinan Development Co.,Ltd.(formerly known as Xinhu Zhongbao Co.,Ltd.)SSEShanghai S
37、tock ExchangeSEHKThe Stock Exchange of Hong Kong LimitedHong Kong Listing RulesThe Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong LimitedCITIC Wealth ManagementCITIC Wealth Management Corporation LimitedCNCB InvestmentCNCB(Hong Kong)Investment Co.,Ltd.(formerly known as
38、 China Investment and Finance Limited)former CBIRCformer China Banking and Insurance Regulatory Commissionformer CBRCformer China Banking Regulatory CommissionChina TobaccoChina National Tobacco CorporationCSRCChina Securities Regulatory CommissionCITIC aiBankCITIC aiBank Corporation LimitedCITIC Li
39、mitedCITIC Limited(formerly known as CITIC Pacific Limited prior to renaming in August 2014)CIAMCITIC International Assets Management LimitedCIFHCITIC International Financial Holdings LimitedCITIC Financial HoldingsChina CITIC Financial Holdings Co.,Ltd.CITIC Financial LeasingCITIC Financial Leasing
40、 Co.,Ltd.CITIC GroupCITIC Group Corporation(formerly known as CITIC Group Corporation prior to restructuring in December 2011)CITIC PacificCITIC Pacific LimitedCNCBICITIC Bank International Limited(formerly known as CITIC Ka Wah Bank Limited)CITIC Corporation LimitedCITIC Corporation Limited(formerl
41、y known as CITIC Limited prior to renaming in August 2014)(Note:The definitions are arranged in the alphabetic order of Mandarin Pin Yin)Fang HeyingChairman and executive direc torChina CITIC Bank Corporation Limited6Chairmans Letter to ShareholdersDear shareholders,The year 2024 is a crucial year f
42、or achieving the goals and tasks in the 14th Five-Year Plan(2021-2025).Under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core,China continuously enhanced its economic strength,scientific and technological capabilities and composite national strength,and took new
43、 solid steps to promote Chinese modernisation.The year 2024 also witnessed the commencement of CITIC Banks new Three-Year Development Plan.CITIC Bank,committed to the mission of serving the real economy and enhancing peoples well-being,fully implemented the guiding principles of the 3rd plenary sess
44、ion of the 20th CPC Central Committee,the Central Economic Work Conference and the National Financial Work Conference,and held fast to our mission of serving the real economy and helping people enjoy a happy life.With a vision of becoming one of the word class bank with leading competitive edge,we d
45、evoted ourselves to the building of a bank of value and wrote a new chapter in advancing the high quality development.This past year,we held to the principles that“the higher we climb,the brighter the light”and“the further we go,the more brilliant the journey”in the face of the increasingly uncertai
46、n external environment and rapidly evolving industry ecosystem.As we strove forward,we made continual breakthroughs and exceeded ourselves.This past year,we delivered solid results:dual growth in both revenue and profit,dual excellence in loan-deposit volume and pricing,dual stability in non-perform
47、ing loans(NPL)and allowance coverage,and dual expansion in both corporate and retail customer bases.CITIC Banks image as a balanced,steady,and sustainable financial institution has become even clearer.This past year,we also received increasing recognition from external parties and the market:an upgr
48、ade in our corporate regulatory rating,a leap in our ESG rating,and global ranking improvements to 18th in tier-one capital and 19th in brand value.Our total market value growth outpaced the broader market for the third consecutive year.Our strategic planning that keeps pace with the times is what g
49、uides in creating distinct value and pursuing more.Our increasingly balanced business structure is the driving force behind our ability to generate diversified value and achieve cross-cyclical growth.Our due reverence for risks is how we staunchly guarantee lasting value and steady progress for long
50、-term success.Thanks to this solid foundation,our net profit surged from RMB50 billion to RMB60 billion over the past four years,with strong momentum toward RMB70 billion.To better share the fruits of our success with you,our investors,and express our sincere gratitude for your trust and support,we
51、plan to further increase our dividend ratio,building on the foundation of our interim dividend distribution.Looking back at this past years growth,what lies behind the numbers is the legacy and perseverance of those at CITIC Bank coupled with the never-ending advancements in our system and ability.I
52、t is this enduring commitment that drives us forward on the path to becoming a bank of enduring value and unwavering trust.We remained true to our original mission,focusing on the countrys most fundamental interests as our guiding principle for development.Over the past year,we made advancing the“Fi
53、ve Priorities”of technology finance,green finance,inclusive finance,pension finance,and digital finance our top priority,leveraging CITIC Banks capabilities to better serve the economy and improve peoples livelihoods.Our full-chain,full-lifecycle comprehensive financial service model for technology
54、finance has gained significant momentum,leading to a growth of nearly 20%in outstanding loans to technology enterprises.Our green finance ecosystem expanded and increased in quality,pushing the balance of green credit past the RMB600-billion mark for an annual growth of 31%.The professional operatio
55、n of our inclusive finance mechanism continually advanced.As the“CITIC Easy Loan”product portfolio maintained expansion,we provided service to over 300,000 micro and small businesses,covering nearly 80%of the nations economic industries.In pension finance,we upgraded our“Happiness+”service system fo
56、r the elderly,pushing the number of pension account book users to over five million.Our pension custody scale led the industry,further solidifying our industry clout.We also made remarkable strides in digital finance,with a range of tangible,impactful innovations.These included our retail customer i
57、nsight system,corporate AI digital assistant,and financial market quant trading platform,all of which provided more advanced and effective support for our business growth.72024 Annual ReportChairmans Letter to ShareholdersWe maintained firm strategic resolve with a focus on distinct development via
58、our“Five Leading”strategy.This past year,with a rise in homogeneous competition,we fully leveraged our distinctive advantages of“CITIC Synergy”,and intensely advanced our“Five Leading”strategy to become a leading bank in the five areas of wealth management,comprehensive financing,trading settlement,
59、forex service,and digitalisation,by developing distinct features.We are overjoyed to see that the scale of our wealth management reached around RMB2 trillion,growing by 15%compared with previous year.Our debt financing instrument underwriting hit a market record of RMB960 billion.The balance of our
60、trading settlements and number of active customers held steadily at the industry forefront.Our balance of payments,forex settlement and sales volume,and transnational e-commerce scale hit historical highs.Our technology investments exceeded RMB10 billion,and we deepened integration among industry,te
61、chnology,and data while conducting adept organisational transformation,whose resulting value is being rapidly unlocked.These achievements not only reflect the significant strides we have made in building a“Five Leading”bank but also represent our gradual progress in deeply cultivating the traditiona
62、l credit market,connecting to the capital market,and expanding into the international market.These are our attempts at and exploration of building a protective“moat around ourselves and a reflection of our vision and determination to stride confidently into the future.We advanced the reform and tran
63、sformation with a focus on achieving balanced development in three major areas of operation.This past year,we continued the transformation of our business structure from one of“one body with two wings”to one of“three engines jointly pushing forward”,to benefit peoples well-being with even more finan
64、cial values and enable our further diversified development at the same time.We remained firmly committed to our“retail first”strategy.Our retail customer base grew to 145 million,with assets under management(AUM)steadily rising to RMB4.69 trillion and the balance of personal mortgage loans surpassin
65、g the RMB1 trillion mark.We accelerated the reshaping of our corporate business advantages.There was rapid growth in credit for strategic emerging industries,mid-and long-term manufacturing industries business and for private enterprises,and the balance of RMB general corporate loans grew to histori
66、c highs.We deeply advanced integrated business management for interbank customers,achieving a coverage rate of over 80%among the target interbank customers,and fee-based business income from the financial markets segment again hit a new high.Thanks to years of system accumulation and capability brea
67、kthroughs,we are now gathering strong momentum for development in three business sectors alongside balanced development in quantity,pricing,quality,customer care,and efficiency.The ratio of contribution to CITIC Banks revenue by the three business sectorsthe corporate,retail,and financial marketswas
68、 about 4:4:2,which enables both proactive expansion and strategic defense,significantly enhancing our resilience to cyclical challenges.We continued to temper quality with a focus on our risk control system to promote steady development.This past year,we kept pace with changing circumstances,continu
69、ously advanced the implementation and the effectiveness of our risk management,and firmly held the risk bottom line and the positive trend.As at the end of 2024,our non-performing asset ratio was 1.16%,marking the sixth consecutive year of decline,and our allowance coverage ratio rose to more than 2
70、09%,the highest since 2013.In the face of the increasingly complex external environment,we have tirelessly boosted our consciousness of the principle that revenue is immediate,while risks are delayed and of our preference to“concession in profit to concessions in risks”.We continued to improve the r
71、isk management system featuring“effective risk control and vigorous development promotion”,persisting in achieving coordinated efforts in our“Five Policies”concerning industry research,credit policies,approval standards,marketing guidelines,and resource allocation.This integrated practice,driven by
72、concept-based guidance,system consolidation,and capability enhancement,has given us a distinct advantage in asset quality,fueling long-term value growth.It is also the key to our successful transition from the“development recovery phase”through the“capability-building phase”and into the current“stab
73、le development phase”and“competitive advancement phase.”We intensely expanded room for value enhancement with a focus on balanced quantity and pricing to pursue sustainable development.This past year,we maintained interest margin stability as the priority of our“four operation themes”,consistently d
74、riving efficiency through professional and refined management and seeing exceptional results.At the end of 2024,we had a net interest margin of 1.77%,roughly the same as the previous year,accounting for the third successive year of beating the market and strongly supporting revenue growth momentum.T
75、his accomplishment was made possible by the operational philosophy of“balancing quantity and pricing”that deeply rooted among people as well as the gradual shaping of our pricing management system and customer relationship capabilities.We made efforts in both operation and management and shifted the
76、 development towards the endogenous and intensive mode achieving constant improvement in customer loyalty,asset and liability structure as well as more advantage in interest margin.In particular,in the low-interest,low-interest-margin market environment of recent years,this direction has provided us
77、 a stronger momentum for sustainable development.China CITIC Bank Corporation Limited8Chairmans Letter to ShareholdersWeathering storms keeps one tough,and though part of the journey is complete,the road ahead is still long.Today,CITIC Bank stands at the threshold of surpassing RMB10 trillion in tot
78、al assets.We are spurring on the growth achieved while holding to a strong sense of responsibility.We deeply know that our large scale of assets is meant to build up and serve as leverage for Chinas national strategy,and that our refined management capacity is aimed at finding even better solutions
79、to meet peoples needs.In the future,we will continue to improve strategic foresight and rapidly expand into new frontiers,further integrating with CITIC Groups synergistic ecosystem to drive mutual progress.We will continue to enhance quality and efficiency and realise endogenous development through
80、 our strategy of being“capital light,asset light,and cost light”.All of our effort is aimed at finding a path from a single growth curve to a dual growth curve,combining“large yet light”efficiency reforms with“large and strong”momentum building.This will enable us to achieve breakthrough development
81、 and elevate our status as a bank of enduring value.With self-confidence,we will strive forward with assurance amid cyclical transitions.To befriend time,one needs not only passion and perseverance but also foresight and insight.At this new starting point,we will keep fostering finance culture with
82、Chinese characteristics,and achieve success through persistence in building up our system and boosting our ability.We will remain devoted to our“Five Priorities”and“Five Leading”strategy in the integrated promotion of building up the Bank,leverage collective wisdom to support strategic foresight,ena
83、ble the organizations adaptive capacity to support strategic resolve,and ensure the transmission of a well-developed strategic framework and scientific operational philosophy for generations to come.We firmly believe that by staying true to our founding mission and consistently doing what is right,w
84、hether the path is easy or difficult,we will ultimately lay the solid foundation for becoming a century-old institution.With our vision to better understand our customers,we grow and forge ahead with each of them.Empowering our customers and growing with them has always been the direction of our eff
85、orts.Today,digital and intelligent technologies have transformed us,giving wings to this journey.In the future,we will further deepen integration among industry,technology and data,and comprehensively meet the different needs and greater expectations of consumers throughout their lifecycles within t
86、he new landscape by making breakthroughs in digital and intelligent transformation of management,business and operations.In this way,we will accelerate our transition from simply responding to service demands to anticipating them,and deepen the partnership of mutual growth with customers within the
87、scenarios of serving individuals,families,enterprises and the society.We journey toward the light,co-creating value following the principle of altruism.As we grow in this era of development,we have the duty and capacity to undertake greater social responsibility.With the nations fundamental interest
88、s at heart,we actively contribute to Chinas modernization,effectively balancing functionality with profitability.We remain committed to the core purpose of financial services,further embracing ESG principles,and balancing functionality with profitability.We will continue to deliver the CITIC answer
89、that goes“beyond banking and beyond finance,”constantly exploring new possibilities through shared prosperity and co-creation.As vast as the galaxy is,so is our journey.Looking back,the strategic resolve and solid fundamentals forged through time and efforts gives us the confidence and courage to ac
90、t.As we sail forward,our commitment to reform and innovation as well as the resilience in development shall rally the confidence and strength to star new journey.The road ahead is wide and boundless.We will continue go further with our commitment to action.Fang HeyingChairman and executive director2
91、6 March 202592024 Annual ReportChapter 1 Corporate Introduction 1.1 Corporate InformationRegistered Name in Chinese中信銀行股份有限公司(abbreviated as“中信銀行”)Registered Name in EnglishCHINA CITIC BANK CORPORATION LIMITED(abbreviated as“CNCB”)Legal RepresentativeFang HeyingAuthorized RepresentativeFang Heying,Z
92、hang QingSecretary to the Board of DirectorsZhang QingJoint Company SecretariesZhang Qing,Kam Mei Ha Wendy(FCG,HKFCG)(resigned on 28 August 2024),Cheung Yuet Fan(FCG,HKFCG)(appointed on 28 August 2024)Securities Representative of the CompanyWang JunweiRegistered and Office Address3 6-30/F and 32-42/
93、F,Building No.1,10 Guanghua Road,Chaoyang District,BeijingPostal Code of the Registered and Office Address100020Official WTelephone Number/Fax Number for Investors+86-10-66638188/+86-10-65559255Email Address for ICustomer Service and Complaint Telephone Number95558Principal Place of Business in Hong
94、 Kong80/F.,International Commerce Centre,1 Austin Road West,Kowloon,Hong KongMedia for Information DisclosureChina Securities Journal()Shanghai Securities News()Securities Times()Websites for Information DisclosureSSE website publishing A-share annual report:SEHK website publishing H-share annual re
95、port:www.hkexnews.hkPlace Where Annual Reports Are KeptOffice of the Board of Directors of CITIC Bank,Building No.1,10 Guanghua Road,Chaoyang District,BeijingLegal Adviser as to PRC LawsEast&Concord PartnersLegal Adviser as to Hong Kong LawsClifford Chance LLPDomestic AuditorKPMG Huazhen LLP8th Floo
96、r,Office Building Tower 2,Oriental Plaza East,No.1 East Chang An Avenue,Beijing,China(Postal code:100738)Domestic Signing CPAsShi Jian and Ye HongmingOverseas AuditorKPMG8th Floor,Princes Building,No.10 Chater Road,Central Hong KongChina Overseas Signing CPAElise Wong(Wong Yuen Shan)Sponsor 1 for Co
97、ntinuous Supervision and Guidance4 CITIC Securities Co.,Ltd.Office Address and Telephone23/F,CITIC Securities Mansion,No.48 Liangmaqiao Road,Chaoyang District,Beijing+86-10-60838888Signing Sponsor RepresentativesMa Xiaolong and Hu Yan3 The registered address of the Bank was changed from“Building C o
98、f Fuhua Building,No.8 Chaoyangmen Beidajie,Dongcheng District,Beijing”to“No.9 Chaoyangmen Beidajie,Dongcheng District,Beijing”in 2015 and to“6-30/F and 32-42/F,Building No.1,10 Guanghua Road,Chaoyang District,Beijing”in 2020.4 The A-share convertible corporate bonds issued by the Bank in 2019 were d
99、elisted upon maturity on 4 March 2025.In accordance with the Rules Governing the Listing of Stocks on Shanghai Stock Exchange and other relevant regulations,the duration of continuous supervision and guidance of the Banks sponsors for continuous supervision and guidance expired on 3 March 2025.China
100、 CITIC Bank Corporation Limited10Chapter 1 Corporate IntroductionDuration of Continuous Supervision and GuidanceFrom 19 March 2019 to 31 December 2020(Where the convertible bonds are not fully converted to shares upon expiry of the duration of continuous supervision and guidance,the duration shall b
101、e extended to the time of full conversion or redemption upon maturity,whichever is earlier)Sponsor 2 for Continuous Supervision and GuidanceChina International Capital Corporation LimitedOffice Address and Telephone27-28/F,China World Office 2,No.1 Jianguomen Waidajie,Beijing+86-10-65051166Signing S
102、ponsor RepresentativesAi Yu and Zhou YinbinDuration of Continuous Supervision and GuidanceFrom 19 March 2019 to 31 December 2020(Where the convertible bonds are not fully converted to shares upon expiry of the duration of continuous supervision and guidance,the duration shall be extended to the time
103、 of full conversion or redemption upon maturity,whichever is earlier)A-share RegistrarChina Securities Depository and Clearing Corporation Limited Shanghai Branch188 Yanggao South Road,China(Shanghai)Pilot Free Trade ZoneH-share RegistrarComputershare Hong Kong Investor Services LimitedShops 1712-17
104、16,Hopewell Centre,183 Queens Road East,Wanchai,Hong KongListing Venue,Stock Name and Stock CodeA-share Ordinary shares SSE CNCB 601998 Preference shares SSE CITIC Excellent 1 360025 Convertible SSE corporate bonds5 CITIC Convertible 113021 BondsH-share Ordinary shares SEHK CITIC Bank 0998Constituen
105、t Stock of Major IndexesSSE A Share Index,SSE Composite Index,SSE 180 Index,Shanghai-Shenzhen 300 Index,CSI Bonus Index,CSI Bank Index,CSI 800 Index,Hang Seng China H-Financials Index,FTSE China A50 IndexCredit RatingsStandard&PoorsLong-term issuer credit rating A-Short-term rating A-2Outlook Stable
106、MoodysDeposit rating Baa2/P-2Baseline credit assessment ba2Outlook StableFitch RatingsDefault rating BBB+Viability rating bb-Outlook StableDagongIssuer rating AAAOutlook StableCCXIssuer rating AAAOutlook Stable5 The A-share convertible corporate bonds worth RMB40 billion issued by the Bank in March
107、2019 were delisted upon maturity on 4 March 2025.For relevant information please refer to Chapter 8 Convertible Corporate Bonds of this report.112024 Annual ReportChapter 1 Corporate Introduction 1.2 Contact Persons and Contact DetailsSecretary to the Board of DirectorsSecurities RepresentativeNameZ
108、hang QingWang JunweiAddressBuilding No.1,10 Guanghua Road,Chaoyang District,BeijingBuilding No.1,10 Guanghua Road,Chaoyang District,BeijingTelephone+86-10-66638188+86-10-66638188Fax+86-10-65559255+86-10-65559255Email AChina CITIC Bank Corporation Limited121.3 Honors and Awardsthe Bank ranked 19th am
109、ong the“Top 500 Banking Brands”published by Brand Finance of the United Kingdom.the Bank was named the“Best Advertiser of the Year 2024”in the selection of the IAI International Advertising Awards.Its agricultural business model was included in the“Top Ten Innovative Models of Financial Support for
110、Agriculture”by the Ministry of Agriculture and Rural Affairs.the Bank was named the“Market Influence Institution”and“Market Innovation Business Institution”by National Interbank Funding Center.It was honored as the“Excellent Comprehensive Business Institution”,“Excellent Acceptance Institution”,“Exc
111、ellent Discounting Institution”,“Excellent Transaction Institution”,“Excellent Settlement Institution”,“Excellent Institution for Promoting New Generation System Business”,“Excellent Institution of Corporate Promotion of New Generation System”,and“Excellent Service Institution of Commercial Paper In
112、formation Disclosure”by Shanghai Commercial Paper Exchange Corporation Ltd.It was granted as the“Bond Market Leading Institution”,“Excellent Financial Bond Issuer”,“Excellent Bond Underwriting Institution”,“Top 100 Proprietary Settlement”,“Outstanding Contributor to Collateral Business”,“Outstanding
113、 Settlement Agency of Global Connect Business”,“Outstanding Institution of Valuation Services”,and“Outstanding Underwriting Institution of ChinaBond Green Bond Index”in CCDC Member Business Development Quality Evaluation by China Central Depository&Clearing Co.,Ltd.the Bank was named the“Best Instit
114、ution in the Interbank Inquiry Market”,“Best Market Makers in the Interbank Inquiry Market”,“Best Business Innovation Members of the Year”,and“Member with Special Achievement in International Institution”by Shanghai Gold Exchange.It won honors of the“Outstanding Clearing Member”,“Excellence in Propr
115、ietary Foreign Currency Pair Clearing”,“Progress Award in Proprietary Interest Rate Swap Clearing”,“Outstanding Settlement Member”,“Outstanding Issuer of Capital Supplement Bonds”,“Outstanding Institution for Over-the-Counter Debt Business”,and“Outstanding Institution for Advancing Innovative Busine
116、ss Initiatives”in the High-quality Development Evaluation of Centralized Clearing Business and Issuance,Registration,Custody and Settlement Business by Shanghai Clearing House.the Bank was rated“A-”by Standard&Poors,and was named“Excellent RMB Foreign Exchange ESP Market Maker of Interbank RMB Forei
117、gn Exchange Market”,“Excellent Service Enterprise Exchange Rate Risk Management Member”,“Excellent Foreign Currency Pair Market Maker”,and“Excellent Data and Information Service Support Institution”by the China Foreign Exchange Trade System.It was granted“Market Outlook Award Second Place of Overall
118、 Award”by London Stock Exchange Group.the Bank was selected as the“Best Practice Case of Investor Relations Management of Chinese Listed Companies”by the China Association for Public Companies,and was granted the“Outstanding Mobile Payment Cooperation Award”by China UnionPay.JanuaryMarchMay2024Febru
119、aryAprilJune132024 Annual Reportthe Bank ranked 18th on the list of“Top 1,000 World Banks”by The Banker magazine of the United Kingdom in terms of tier-one capital,was rated“AAA”by ESG ratings for constituent stocks of the CSI 800 Index,and was also named the“Excellent Northbound Market Maker”by Bon
120、d Connect Company Limited.The“Sentry Intelligent Anti-Fraud System”and the“DNA Service Management Engineering Project”were recognized as“Chinas Best Anti-Fraud and Risk Management Project”and“Chinas Best Customer Service Technology Implementation”by The Asian Banker,respectively.The Bank was also gr
121、anted the“ESG New Benchmark Enterprise Award”by .the Bank was ranked as“Excellent”in the rural revitalization assessment by the PBOC and NFRA;and was named“Excellent Wealth Management Bank”in the selection of the“Golden-Shell Award for Competitive Wealth Management Cases”by 21st Century Business Her
122、ald.the Bank was granted“Ingenuity Brand”by ,the“Outstanding Bank with Practice in Five Priorities in Finance”by The Economic Observer,and the“Bank for Forex Services of the Year”by Jiemian News.It won the“Award of Global Influential Brand”and the“Outstanding Case for Five Priorities in Finance”by C
123、hina Investment Network.The“enhancing quality and efficiency in serving the real economy”case of the Banks corporate business was included in the“Innovative Practice Case Repository for Building a Financial Powerhouse”by ,and the“Letters from the Polar Regions”integrated brand activity was recognize
124、d as a“Demonstration Case for Public Relations”by China Public Relations Association.the Bank was rated“Tier 1”in the financial service regulatory assessment on small and micro-sized enterprise conducted by the NFRA,and won the first place in the“Artificial Intelligence Technology Empowering Cyberse
125、curity Application Test”organized by the National Computer Network Emergency Response Technical Team/Coordination Center of China(CNCERT/CC),and obtained“Ecosystem Brand Certification”from National Brand Project of Xinhua News Agency,Xinhua Publishing House,Kantar Group and Caijing magazine.The“Lv X
126、in Hui”Low-Carbon Ecosystem Platform for credit cards,the“CITIC Interbank+”Platform,and the“Happiness+”Pension Finance Case were selected as“Ecosystem Brand Benchmark Cases”.The digital wealth advisor Xiaoxin was honored as “China Service Practice Case”among service demonstration cases by the Organi
127、zing Committee of the China International Fair for Trade in Services(CIFTIS),and was included in the“Leading Outstanding Cases of Internal Audit Digital Transformation”by the China Academy of Information and Communications Technology(CAICT).the Bank was granted the“Second Prize in the Financial Tech
128、nology Development Award”by the Peoples Bank of China(PBOC)for the“Data Integration Project Based on Privacy Computing”,“Trust Technology Platform”,and“Integrated Platform(Ben Teng)Project for Wealth Management Product Comprehensive Sales and Collaborative Operation”.It was named“Responsible Brand”b
129、y China Newsweek,and“Demonstration Case of Auto Financial Services in the Research of Gold Engine Auto Industry Competitiveness”by 21st Century Business Herald.the Bank was included in“Chinas Top 30 ESG Pioneer Listed Companies in Financial Industry(2024)”list and“Chinas Top 50 ESG Pioneer Listed Co
130、mpanies in Beijing-Tianjin-Hebei Region(2024)”list by CCTV Finance,the“Top 20 ESG Comprehensive Performance for Banks”list by China Financial Media,and awarded the“ESG Financial Annual Prize of Clear Waters and Green Mountains Award”by CLS.cn.It was listed in the“Top 20 A-share Listed Companies in F
131、inancial Industry of ESG Information Disclosure 2024”and“Top 100 A-share Listed Companies of ESG Information Disclosure 2024”by Sino-Securities Index.It was recognized as“Outstanding Wealth Management Institution”and“Outstanding Wealth Management Sales Bank”in the selection of the“Excellence Demonst
132、ration Cases of Wealth Management for Chinas Banking Industry”hosted by China Fund.The“Happiness+”pension finance service system was named the“Outstanding Pension Finance Brand of Financial Institutions”by Xinhuanet,and the“CITIC Forex+”cross-border financial service system was recognized as the“Bes
133、t Global Service Practice Demonstration Case”at the China International Fair for Trade in Services(CIFTIS)Financial Services Thematic Event.AugustOctoberDecemberJulySeptemberNovemberChina CITIC Bank Corporation Limited14Chapter 1 Corporate Introduction 1.4 Financial Highlights1.4.1 Operating Perform
134、anceUnit:RMB millionItem20242023Growth rate(%)2022 Operating income213,223205,5703.72211,109Profit before tax80,86374,8877.9873,416Net profit attributable to the equity holders of the Bank68,57667,0162.3362,103Net cash flow from/(used in)operating activities(181,032)(918)Negative in previous year195
135、,066Per shareBasic earnings per share(RMB)1.221.27(3.94)1.17Diluted earnings per share(RMB)1.201.145.261.06Net cash flows from/(used in)operating activities per share(RMB)(3.33)(0.02)Negative in previous year3.99 Unit:RMB million2024 Item1st Quarter2nd Quarter3rd Quarter4th Quarter Operating income5
136、3,56955,07153,18051,403Net profit attributable to the equity holders of the Bank19,19116,29916,33616,750Net cash flows from/(used in)operating activities(333,139)(8,770)119,51241,365 1.4.2 Profitability IndicatorsItem20242023Increase/(decrease)in percentage point2022 Return on average assets(ROAA)(1
137、)0.75%0.77%(0.02)0.76%Return on average equity(ROAE,not including non-controlling equity)(2)9.92%10.80%(0.88)10.80%Cost-to-income ratio(excluding tax and surcharges)(3)32.71%32.61%0.1030.66%Credit cost(4)0.95%0.93%0.021.12%Net interest spread(5)1.71%1.75%(0.04)1.92%Net interest margin(6)1.77%1.78%(0
138、.01)1.97%Notes:(1)Return on average assets(ROAA)=net profit/the average of the balances of total assets at the beginning and end of the period.(2)Return on average equity(ROAE)=net profit attributable to the ordinary shareholders of the Bank/the average of beginning and ending total equity attributa
139、ble to the ordinary shareholders of the Bank.(3)Cost-to-income ratio=(operating expenses tax and surcharges)/operating income.(4)Credit cost=current-year accruals of allowance for impairment losses on loans and advances to customers/average balance of loans and advances to customers.(5)Net interest
140、spread=average yield on total interest-earning assets average cost rate of total interest-bearing liabilities.(6)Net interest margin=net interest income/average balance of total interest-earning assets.152024 Annual ReportChapter 1 Corporate Introduction1.4.3 Scale IndicatorsUnit:RMB millionItem31 D
141、ecember 202431 December 2023Growth rate(%)31 December 2022 Total assets9,532,7229,052,4845.318,547,543Total loans and advances to customers(1)5,720,1285,498,3444.035,152,772 Corporate loans2,908,1172,697,1507.822,524,016 Discounted bills449,901517,348(13.04)511,846 Personal loans2,362,1102,283,8463.
142、432,116,910Total liabilities8,725,3578,317,8094.907,861,713Total deposits from customers(1)5,778,2315,398,1837.045,099,348 Corporate demand deposits(2)2,054,2712,187,273(6.08)1,951,555 Corporate time and call deposits2,062,3151,745,09418.181,855,977 Personal demand deposits439,965340,43229.24349,013
143、 Personal time and call deposits1,221,6801,125,3848.56942,803Deposits from banks and non-bank financial institutions968,492927,8874.381,143,776Placements from banks and non-bank financial institutions88,55086,3272.5870,741Total equity attributable to the equity holders of the Bank789,264717,22210.04
144、665,418Total equity attributable to the ordinary shareholders of the Bank684,316602,28113.62550,477Net asset per share attributable to the ordinary shareholders of the Bank(RMB)12.5812.302.2811.25 Notes:(1)As per the Notice on Amending and Issuing the Formats of Financial Statements for Financial En
145、terprises for 2018(Finance and Accounting 2018 No.36)issued by the Ministry of Finance(MOF),the interest of a financial instrument accrued according to the effective interest method should be included in the book balance of the corresponding financial instrument and reflected in relevant items of th
146、e balance sheet.The Group prepared the financial statements according to requirements in the above notice since 2018.For the convenience of analysis,“total loans and advances to customers”and“total deposits from customers”do not include relevant interest.(2)Corporate demand deposits included demand
147、deposits from corporate customers and outward remittance and remittance payables of corporate customers.1.4.4 Asset Quality IndicatorsItem31 December 202431 December 2023Increase/(decrease)in percentage point31 December 2022 NPL ratio(1)1.16%1.18%(0.02)1.27%Allowance coverage ratio(2)209.43%207.59%1
148、.84201.19%Allowance for loan impairment losses to total loans(3)2.43%2.45%(0.02)2.55%Notes:(1)NPL ratio=balance of non-performing loans(NPLs)/total loans and advances to customers.(2)Allowance coverage ratio=balance of allowance for impairment losses on loans and advances to customers(excluding allo
149、wance for impairment losses on accrued interest)/balance of NPLs.(3)The ratio of allowance for loan impairment losses to total loans=balance of allowance for impairment losses on loans and advances to customers(excluding allowance for impairment losses on accrued interest)/total loans and advances t
150、o customers.China CITIC Bank Corporation Limited16Chapter 1 Corporate Introduction1.4.5 Other Main Regulatory IndicatorsItem(note)Regulatory value31 December 202431 December 2023Increase/(decrease)in percentage point31 December 2022 Capital adequacy profileCore tier-one capital adequacy ratio8.00%9.
151、72%8.99%0.738.74%Tier-one capital adequacy ratio9.00%11.26%10.75%0.5110.63%Capital adequacy ratio11.00%13.36%12.93%0.4313.18%Leverage profileLeverage ratio4.25%7.06%6.66%0.406.59%Liquidity risk profileLiquidity coverage ratio100%218.13%167.48%50.65168.03%Liquidity ratioIncluding:Local and foreign cu
152、rrencies25%72.08%52.79%19.2962.61%Renminbi25%73.47%52.00%21.4762.18%Foreign currencies25%67.23%64.83%2.4069.24%Note:The figures in the table were calculated in accordance with the regulatory consolidation standards of the Chinese banking industry.1.4.6 Differences between IFRS and PRC Accounting Sta
153、ndardsThere is no difference between the 2024 year-end net assets and the net profit of 2024 of the Group calculated according to the PRC Accounting Standards and those calculated according to the International Financial Reporting Standards(IFRS)Accounting Standards.172024 Annual ReportChapter 1 Cor
154、porate Introduction1.4.7 Five-Year Financial SummaryUnit:RMB millionItem20242023202220212020 Operating performanceOperating income213,223205,570211,109204,554195,399Profit before tax80,86374,88773,41665,51757,857Net profit attributable to the equity holders of the Bank68,57667,01662,10355,64148,980N
155、et cash flow from/(used in)operating activities(181,032)(918)195,066(75,394)156,863Per shareBasic earnings per share(RMB)1.221.271.171.080.94Diluted earnings per share(RMB)1.201.141.060.980.86Net cash flow from/(used in)operating activities per share(RMB)(3.33)(0.02)3.99(1.54)3.21Scale indicatorsTot
156、al assets9,532,7229,052,4848,547,5438,042,8847,511,161Total loans and advances to customers5,720,1285,498,3445,152,7724,855,9694,473,307Total liabilities8,725,3578,317,8097,861,7137,400,2586,951,123Total deposits from customers5,778,2315,398,1835,099,3484,736,5844,528,399Total equity attributable to
157、 the equity holders of the Bank789,264717,222665,418626,303544,573Total equity attributable to the ordinary shareholders of the Bank684,316602,281550,477511,362469,625Net asset per share attributable to the ordinary shareholders of the Bank(RMB)12.5812.3011.2510.459.60Profitability indicatorsReturn
158、on average assets(ROAA)0.75%0.77%0.76%0.72%0.69%Return on average equity(ROAE)9.92%10.80%10.80%10.73%10.08%Cost-to-income ratio(excluding tax and surcharges)32.71%32.61%30.66%29.34%26.73%Credit cost0.95%0.93%1.12%1.08%1.64%Net interest spread(note)1.71%1.75%1.92%1.99%2.18%Net interest margin(note)1.
159、77%1.78%1.97%2.05%2.26%Asset quality indicatorsNPL ratio1.16%1.18%1.27%1.39%1.64%Allowance coverage ratio209.43%207.59%201.19%180.07%171.68%Allowance for loan impairment losses to total loans2.43%2.45%2.55%2.50%2.82%Capital adequacy ratiosCore tier-one capital adequacy ratio9.72%8.99%8.74%8.85%8.74%
160、Tier-one capital adequacy ratio11.26%10.75%10.63%10.88%10.18%Capital adequacy ratio13.36%12.93%13.18%13.53%13.01%China CITIC Bank Corporation Limited18Chapter 2 Management Discussion and Analysis 2.1 Industry Overview of the CompanyThe year 2024 is a critical year for accomplishing the goals and tas
161、ks set forth in the 14th Five-year Plan.In the face of complex and challenging developments marked by mounting external pressures and growing domestic challenges,authorities at the macro level responded with cool-headedness and made comprehensive moves,ensured overall stable performance and steady g
162、rowth of the economy,made solid headway in pursuing high-quality development,and accomplished the main goals and tasks for economic and social development.After deducting price factors,Chinas GDP grew 5.0%year on year,with the consumption expenditure,gross capital formation,and net exports of goods
163、and services each contributing 2.2,1.3 and 1.5 percentage points to economic growth,and their respective share of economic growth contribution being 44.5%,25.2%and 30.3%.Solid headway was made in fostering new quality productive forces.The reform and opening-up continued to deepen,and well-ordered a
164、nd effective steps were taken to defuse risks in key areas.Steady progress was achieved in ensuring the peoples well-being,and solid new strides were made in advancing Chinese modernization.Proactive fiscal policies were effectively implemented.Financial authorities at all levels advanced efforts on
165、 both supply and demand sides,accelerated implementation,and strengthened the execution of existing and new fiscal policies,which actively provided support to boost Chinas strength in science and technology,advanced regional collaborated development,and supported intensified campaigns to prevent and
166、 control pollution.Efforts were made to help enterprises stabilize and expand employment,promote high-quality development across all stages of education.The minimum basic old-age benefits for rural and urban residents were raised,and local governments directed their fiscal resources downward to ensu
167、re basic living needs,salaries and government function at the primary level.They worked to implement a package of policies to defuse debt risk,supported the reform and transformation of financing platforms,and made efforts to stem the downturn and restore stability in the real estate market.These fi
168、scal initiatives achieved new progress and outcomes,effectively contributing to the accomplishment of annual economic and social development goals.Prudent monetary policies were implemented in a flexible,appropriate,precise and effective manner.In 2024,important monetary policies were adjusted multi
169、ple times,and a package of incremental financial policies were adopted,resulting in money and credit grew in a reasonable way.Required reserve ratios were lowered twice,and liquidity remained sound and sufficient.Policy interest rates were also cut twice,and overall financing costs were brought down
170、,with the interest rates of newly granted corporate loans reaching a record low.The monetary policy framework was improved,as the central bank specified the policy interest rates and the LPR formation mechanism was refined.Comprehensive measures were implemented to keep the RMB exchange rate basical
171、ly stable.Concrete steps were taken to advance the Five Priorities in finance to improve the financial services for major national strategies,key areas,and weak links.Growth rates for inclusive loans to small and micro-sized enterprises,loans to sci-tech SMEs,medium and long-term manufacturing,and g
172、reen credit significantly outpaced the average growth of the total loans during the same period.Two new policy tools the swap facility for securities,funds,and insurance companies,and the lending facility for share buybacks and shareholding increases were introduced to bolster the stable growth of c
173、apital markets.Macro-prudential management of real estate finance was improved to support the stable and healthy development of the real estate market.Significant phased progress was achieved in resolving debt risks of local government financing platforms(LGFVs)through financial support.Risk mitigat
174、ion for major institutions and key regions advanced steadily,while financial risk monitoring,assessment,and early warning systems were continuously improved.Regulatory policies supported the high-quality development of the banking industry.Efforts were made to better serve the recovery of real econo
175、my and provide guidance to give full play of the urban real estate financing coordination mechanisms and the coordinated financing working mechanism for small and micro enterprises.Additionally,policies including the administrative measures on business such as fixed asset loans and working capital l
176、oans were released to further enhance credit management capabilities and financial service quality and efficiency of financial institutions of the banking industry to effectively prevent and mitigate risks in key areas.Efforts were made to deepen reform of the regulatory system and accelerate the de
177、velopment of a financial regulatory framework with Chinese characteristics to improve the effectiveness of compliance management of financial institutions and make continuous improvements in risk management.In 2024,the banking industry continued to strengthen its ability to serve the real economy,sa
178、w steady growth in total assets,with overall stable asset quality and strong risk offsetting ability.As at the end of 2024,Chinas financial institutions in the banking industry had total assets in domestic and foreign currency of RMB444.6 trillion,an increase of 6.5%over the end of the previous year
179、.The annual net profits amounted to RMB2.3 trillion.As at the end of 2024,non-performing loans(NPLs)of banking financial institutions stood at RMB3.3 trillion,with the NPL ratio being 1.50%.The provision coverage ratio posted 211.19%,remaining at a relative high level.The overall capital adequacy ra
180、tio of commercial banks was 15.74%.192024 Annual ReportChapter 2 Management Discussion and Analysis 2.2 Main Business of the CompanyRelying on the comprehensive resources of CITIC Group in terms of“Finance+Real Economy”,the Bank,with the vision to become a bank with“Four Features”and one of the worl
181、ds first-class banks,upholds honesty and trustworthiness,pursuit of benefits through righteous means,steadiness and prudence,integrity and innovation,and legal compliance.Being customer-centric,the Bank worked to create a distinctive and differentiated model for financial services by implementing th
182、e“Five Leading”strategy.For government and institutional customers,corporate customers and inter-bank market customers,the Bank offers integrated financial solutions in corporate banking business,investment banking business,international business,transaction banking business,custody business and fin
183、ancial markets business.For individual customers,the Bank provides diversified financial products and services related to wealth management,personal credit,credit cards,private banking,pension finance and going abroad finance,etc.As such,the Bank satisfies the needs of government and institutional,c
184、orporate,inter-bank market and individual customers for comprehensive financial services on all fronts.For details about the Banks business during the reporting period,please refer to the section of“Business Overview”in this chapter.2.3 Core Competitiveness AnalysisStandardized and efficient corpora
185、te governance.The Bank made great headway in boosting the building of a modern enterprise with Chinese characteristics,and persisted to the two“Consistent Adherence”6.It has always adhered to standardized,science-based and effective management and constantly improved its corporate governance and bus
186、iness operation systems and mechanisms,forming an organizational structure characterized by efficient management and professional division of duties.With reference to the theory and practice of modern bank development and considering the requirements for Party building,the Bank set up a science-base
187、d corporate governance framework comprised of the Board of Directors,the Board of Supervisors,the shareholders general meeting and the senior management,and integrated overall Party leadership into its corporate governance.According to the principle of separating the front,middle and back offices,th
188、e Bank established a matrix management model with the Head Office departments as the lines and the branches and sub-branches as the arrays.The governing bodies of the Bank such as the shareholders general meeting,the Board of Directors,the Board of Supervisors and the senior management functioned ac
189、cording to rules and performed duties effectively.Significant edges in synergy.Giving into full play the CITIC Groups advantages of“all financial licenses and wide coverage of industries”and following the development principle of“One CITIC,One Customer”,the Bank intensified efforts in Group-wide col
190、laboration and Bank-wide collaboration,drove the in-depth integration of collaboration in business development and customer management,built featured coordinated service scenarios for the five priorities in finance,capital markets,cross-border finance,revitalization of existing assets and risk resol
191、ution,and continuously expanded the coordination ecosystems,hence providing customers with one-stop,customized,multi-scenario and full-lifecycle specialized comprehensive financial services,and enhancing the quality and efficiency of financial services for the real economy comprehensively.Vigorous e
192、xplorations and innovations.As Chinas first commercial bank participating in financing at both domestic and international financial markets,the Bank is renowned at home and abroad for brushing numerous track records in the modern Chinese financial history.It has the genes of innovation and drives it
193、s development through innovation as well.The Bank has carried forward the CITIC style of exploration and innovation.It further boosted innovation in products and services,and gained unique competitive advantages in businesses such as investment banking,cross-border business,transaction settlement,au
194、to finance,wealth management,going abroad finance,pension finance,credit card,and forex market making.6 Must adhere to the Party leadership over state-owned enterprises as a significant political principle and must adhere to the establishment of a modern enterprise system as the direction of the ref
195、orm of state-owned enterprises.China CITIC Bank Corporation Limited20Chapter 2 Management Discussion and AnalysisEffective risk prevention and control.The Bank continued to improve the risk management system in which risks can be put under control and development can be boosted,and enhanced the qual
196、ity and efficiency of risk management.It strengthened comprehensive risk management,and effectively transmitted sound risk appetite.It pushed forward the combination of Five Policies7 in depth,intensified research on industries aligned with the countrys strategic priorities,and timely adjusted credi
197、t policies and optimized its asset portfolios in response to policy directives,regulatory requirements and market dynamics to enhance risk-adjusted returns.With consistent efforts in controlling new risks and mitigating existing ones,the Bank enhanced credit lifecycle control and continuously reinfo
198、rced asset quality.Meanwhile,the Bank advanced digital risk control to elevate technology-driven safeguards and AI-powered control capabilities.All-around empowerment by financial technology.Adhering to technology empowerment and innovation as core driving force,the Bank comprehensively empowered bu
199、siness development and strove to be a top technology-driven bank.It continued to increase its investment in technology,make its products and services more competitive,drive the transformation of business and operation model and create a data-driven development model.It became the first medium and la
200、rge bank in China to launch the independently developed distributed core system,improving its comprehensive capabilities through financial technology on all fronts.New technologies such as artificial intelligence,blockchain,Internet of Things and big data were gradually and in-depth applied in incre
201、asingly wider business fields,becoming a significant driving force for the development of the Bank.Fostering corporate culture as a solid foundation for development.The Bank thoroughly implemented the guidelines of the Central Financial Work Conference and the National Work Conference on Communicati
202、on and Culture,vigorously promoted the outstanding traditional Chinese culture,proactively promoted the financial culture with Chinese characteristics,and guided all employees to follow it as the common value and action guide.Adhering to the original aspiration of finance for the people,the Bank ser
203、ved the real economy with correct views of operation,performance and risks,promoted the development of the Five Priorities in finance,and provided value guidance and cultural nourish for the vision of building a bank with“Four Features”in an all-around way and ranking in the leading places among wor
204、ld-class banks”.Professional and brilliant talent team.The Bank firmly upheld the idea of“talents are the primary resource”,advanced human resources management reform featuring the orientation of capabilities and value contribution,rolled out new policies on managing the management team,talent devel
205、opment,incentives and constraints,and continued to improve the talent work mechanism conducive to its strategy,development and transformation.It further advanced the 14th Five-Year Plan for Talent Development of China CITIC Bank,continuously advocated the Banks talent concept of“uniting men in progr
206、ession,inspiring men of action and promoting men with achievement”,and strengthened the allocation of talents in key areas and key sectors.It continued to build six talent teams8 through the collaboration between Head Office and branches,and comprehensively implemented the Bank-wide demonstrative ta
207、lent project highlighting source training and independent cultivation.It enhanced the Bank-wide training system,conducted more targeted and effective talent cultivation,and strived to foster a team of talents capable of doing a good job in the work of the Five Priorities in finance and implementing
208、the strategy of building a“Five Leading”bank.Brand premise deeply rooted among the people.The Bank has always been committed to following the CPC and national policies,put into practice the new development concepts,and built a high-quality financial brand,so as to develop into a“value bank worthy of
209、 trust for the future”.During the reporting period,further deepening the brand premise“the more we care,the more you gain”and aiming at brand communication,the Bank formulated the 2024 Brand Communication Plan of China CITIC Bank,held the“Letters from the Polar Regions”brand integration activity in
210、19 cities across the country,and sponsored the China Open for 18 consecutive years,continuously expanding the“friends”of the brand.With business communication as the pillar,the Bank promoted the five priorities in finance of CITIC Bank and held the second“Trustworthy New”high-quality development for
211、um for the brand,promoting the integration of branding and business publicity.Taking daily communication as the cornerstone,the Bank coordinated marketing and communication,and integrated festive brand elements into the branding,so as to publicize the brand among the public.During the reporting peri
212、od,China CITIC Bank rose to 19th place in the list of“Top 500 Banking Brands”of Brand Finance,reflecting the markets high recognition.7 The“Five Policies”refer to industry research,credit policies,check and approval standards(guides),marketing guidelines,and evaluation and resource policies.8 The si
213、x talent teams refer to operation and management personnel,financial professionals,Fintec technicians,excellent youths,frontline backbones and Party building personnel.212024 Annual ReportChapter 2 Management Discussion and Analysis 2.4 Overview of the Operating ResultsIn 2024,in the face of a compl
214、icated and severe external environment,the Group fully implemented the plans and decisions of the CPC Central Committee and the State Council as well as regulatory requirements,fully promoted the development of the Five Priorities in finance,deepened the implementation of the new three-year developm
215、ent plan,and drove the development of the“Five Leading”bank.The Bank overcame difficulties and took the initiative to achieve good operating results,and further consolidated its upward development momentum.Operating results kept improving and net profit increased stably.During the reporting period,t
216、he Group realized RMB213.223 billion in operating income,an increase of 3.72%compared with the previous year.Specifically,net interest income registered RMB146.679 billion,up by 2.19%compared with last year;net non-interest income posted RMB66.544 billion,up by 7.28%compared with the previous year.T
217、he Group realized RMB68.576 billion of net profit attributable to the shareholders of the Bank,up by 2.33%over the previous year.Asset quality remained stable overall,and risk resistance capabilities kept improving.As at the end of the reporting period,the NPL balance of the Group recorded RMB66.485
218、 billion,an increase of RMB1.685 billion or 2.60%over the end of the previous year,corresponding to an NPL ratio of 1.16%,down by 0.02 percentage points over the end of the previous year.The Groups allowance coverage ratio stood at 209.43%,an increase of 1.84 percentage points over the end of the pr
219、evious year.Asset and liability scales grew steadily,and business structure was further improved.As at the end of the reporting period,the Group recorded total assets of RMB9,532.722 billion,an increase of 5.31%over the end of the previous year;its total loans and advances to customers(excluding acc
220、rued interest)stood at RMB5,720.128 billion,a growth of 4.03%over the end of the previous year;and its total deposits from customers(excluding accrued interest)recorded RMB5,778.231 billion,marking a 7.04%increase from the end of last year.During the reporting period,the Group intensified its effort
221、s in serving the real economy,with loans granted to green industries,strategic emerging industries,medium-and long-term manufacturing,inclusive finance and agriculture-related areas growing faster than that of total loans.2.5 Analysis of the Financial Statements2.5.1 Income Statement AnalysisDuring
222、the reporting period,the Group realized RMB68.576 billion net profit attributable to the equity holders of the Bank,up by 2.33%over last year.The table below sets out the changes in the main items of the Groups income statement during the reporting period.Unit:RMB millionItem20242023Increase/(decrea
223、se)Growth rate (%)Operating income213,223205,5707,6533.72 Net interest income146,679143,5393,1402.19 Net non-interest income66,54462,0314,5137.28Operating expenses(71,938)(69,214)(2,724)3.94Credit and other asset impairment losses(61,113)(62,204)1,091(1.75)Profit before tax80,86374,8875,9767.98Incom
224、e tax(11,395)(6,825)(4,570)66.96Profit for the year69,46868,0621,4062.07Including:Ne t profit attributable to the equity holders of the Bank68,57667,0161,5602.33 China CITIC Bank Corporation Limited22Chapter 2 Management Discussion and Analysis2.5.1.1 Operating IncomeDuring the reporting period,the
225、Group realized operating income of RMB213.223 billion,up by 3.72%over last year,of which net interest income accounted for 68.8%,down by 1 percentage point from the previous year,and net non-interest income accounted for 31.2%,up by 1 percentage point over the previous year.Unit:%Item20242023 Share
226、of net interest income68.869.8Share of net non-interest income31.230.2Total100.0100.0 2.5.1.2 Net Interest IncomeDuring the reporting period,the Group realized RMB146.679 billion of net interest income,an increase of RMB3.140 billion or 2.19%over the previous year.The table below sets out the averag
227、e balances and average interest rates of the Groups interest-earning assets and interest-bearing liabilities,of which the average balances of assets and liabilities are average daily balances.Unit:RMB millionItem20242023 Average balanceInterestAverage yield/cost rate(%)Average balanceInterestAverage
228、 yield/cost rate(%)Interest-earning assetsLoans and advances to customers5,569,970235,9224.245,341,336243,3994.56Financial investments(1)1,894,25954,4912.881,898,82456,9383.00Deposits with central banks358,3485,8421.63402,2936,4451.60Deposits and placements with,and loans to banks and non-bank finan
229、cial institutions416,68112,2612.94340,2859,8812.90Financial assets held under resale agreements70,5871,2751.8163,9751,0291.61 Subtotal8,309,845309,7913.738,046,713317,6923.95 Interest-bearing liabilitiesDeposits from customers5,509,436103,9751.895,455,958115,7342.12Deposits and placements from banks
230、 and non-bank financial institutions974,11520,5112.111,138,34424,8452.18Debt securities issued1,139,24827,6082.42953,12924,9962.62Borrowings from central banks256,5766,3672.48163,9694,2812.61Financial assets sold under repurchase agreements197,8504,1482.10176,5673,7622.13Others11,7525034.2810,976535
231、4.87 Subtotal8,088,977163,1122.027,898,943174,1532.20 Net interest income146,679143,539Net interest spread(2)1.711.75Net interest margin(3)1.771.78 Notes:(1)Financial investments included financial investments measured at amortized cost and financial investments measured at fair value through other
232、comprehensive income.(2)Net interest spread=average yield of total interest-earning assets average cost rate of total interest-bearing liabilities.(3)Net interest margin=net interest income/average balance of total interest-earning assets.232024 Annual ReportChapter 2 Management Discussion and Analy
233、sisThe table below sets out the changes in the Groups net interest income resulting from changes in the scale and interest rate factors.Unit:RMB millionItem2024 compared with 2023 Scale factorInterest rate factorTotal AssetsLoans and advances to customers10,426(17,903)(7,477)Financial investments(13
234、7)(2,310)(2,447)Deposits with central banks(703)100(603)Deposits and placements with,and loans to banks and non-bank financial institutions2,2151652,380Financial assets held under resale agreements106140246Changes in interest income11,907(19,808)(7,901)LiabilitiesDeposits from customers1,134(12,893)
235、(11,759)Deposits and placements from banks and non-bank financial institutions(3,580)(754)(4,334)Debt certificates issued4,876(2,264)2,612Borrowings from central banks2,417(331)2,086Financial assets sold under repurchase agreements453(67)386Others38(70)(32)Changes in interest expense5,338(16,379)(11
236、,041)Changes in net interest income6,569(3,429)3,140 Net Interest Margin and Net Interest SpreadDuring the reporting period,the Groups net interest margin and net interest spread registered 1.77%and 1.71%respectively,representing a decrease of 0.01 percentage points and 0.04 percentage points over t
237、he previous year.The Groups yield of interest-earning assets was 3.73%,down by 0.22 percentage points over the previous year;the cost rate of interest-bearing liabilities was 2.02%,down by 0.18 percentage points over the previous year.In recent years,the interest margin of the banking industry conti
238、nued to narrow.The Group attached great importance to the balanced management of quantity and price.On the liability side,it actively implemented market regulatory requirements,and maintained a downward trend of the deposit interest rates.Meanwhile,it optimized the liability structure,improved the l
239、iability quality,and made relentless efforts in cost control.On the asset side,the Group continuously improved the quality and efficiency of serving real economy with credit,and guided the interest rates of new loans to be kept at reasonable levels of the market.It exerted efforts on both sides of a
240、ssets and liabilities to consolidate and enhance its interest margin management advantages.2.5.1.3 Interest IncomeDuring the reporting period,the Group realized an interest income of RMB309.791 billion,a decrease of RMB7.901 billion or 2.49%over last year.The decrease was mainly due to the decline o
241、f interest-earning assets yield.The proportion of interest income from loans and advances to customers,interest income from financial investments,interest income from deposits with central banks,interest income from deposits and placements with,and loans to banks and non-bank financial institutions,
242、and interest income from financial assets held under resale agreements was 76.15%,17.59%,1.89%,3.96%and 0.41%,respectively.Interest income from loans and advances to customers was the main component of interest income.Interest Income from Loans and Advances to CustomersDuring the reporting period,th
243、e Group recorded RMB235.922 billion interest income from loans and advances to customers,a drop of RMB7.477 billion or 3.07%over the previous year,primarily because the decline of 0.32 percentage points in the average yield which offset the impact of a rise of RMB228.634 billion in the average balan
244、ce of loans and advances to customers.Specifically,the average balance of corporate loans increased by RMB174.746 billion,and interest income went down by RMB1.049 billion;the average balance of personal loans increased by RMB119.629 billion,and interest income went down by RMB4.419 billion.China CI
245、TIC Bank Corporation Limited24Chapter 2 Management Discussion and AnalysisClassification by Maturity StructureUnit:RMB millionItem20242023 Average balanceInterest incomeAverage yield(%)Average balanceInterest incomeAverage yield(%)Short-term loans1,825,13083,6664.581,849,51786,4204.67Medium to long-
246、term loans3,744,840152,2564.073,491,819156,9794.50 Total5,569,970235,9224.245,341,336243,3994.56 Classification by BusinessUnit:RMB millionItem20242023 Average balanceInterest incomeAverage yield(%)Average balanceInterest incomeAverage yield(%)Corporate loans2,865,760118,0764.122,691,014119,1254.43P
247、ersonal loans2,306,336112,3304.872,186,707116,7495.34Discounted loans397,8745,5161.39463,6157,5251.62 Total5,569,970235,9224.245,341,336243,3994.56 Interest Income from Financial InvestmentsDuring the reporting period,the Groups interest income from financial investments amounted to RMB54.491 billio
248、n,a decrease of RMB2.447 billion or 4.30%over the previous year,mainly attributable to a fall of 0.12 percentage points in the average yield of financial investments and a decrease of RMB4.565 billion in the average balance.Interest Income from Deposits with Central BanksDuring the reporting period,
249、the Groups interest income from deposits with central banks stood at RMB5.842 billion,a decrease of RMB603 million or 9.36%over the previous year,mainly due to a decrease in the average balance of deposits with central banks.Interest Income from Deposits and Placements with,and Loans to Banks and No
250、n-bank Financial InstitutionsDuring the reporting period,the Groups interest income from deposits and placements with,and loans to banks and non-bank financial institutions was RMB12.261 billion,an increase of RMB2.380 billion or 24.09%over the previous year,mainly due to an increase of RMB76.396 bi
251、llion in the average balance and a rise of 0.04 percentage points in the average yield of deposits and placements with,and loans to banks and non-bank financial institutions.Interest Income from Financial Assets Held under Resale AgreementsDuring the reporting period,the Group recorded RMB1.275 bill
252、ion interest income from financial assets held under resale agreements,an increase of RMB246 million or 23.91%over the previous year,mainly attributable to an increase of RMB6.612 billion in the average balance and an increase of 0.20 percentage points in the average yield of financial assets held u
253、nder resale agreements.2.5.1.4 Interest ExpenseDuring the reporting period,the Groups interest expense was RMB163.112 billion,a decrease of RMB11.041billion or 6.34%over the previous year.Interest expense decreased primarily because of a drop in the cost rate of interest-bearing liabilities.252024 A
254、nnual ReportChapter 2 Management Discussion and AnalysisInterest Expense on Deposits from CustomersDuring the reporting period,the Groups interest expense on deposits from customers was RMB103.975 billion,a decrease of RMB11.759 billion or 10.16%over the previous year,mainly due to a drop of 0.23 pe
255、rcentage points in the average cost rate which offset the effects from an increase of RMB53.478 billion in the average balance of deposits from customers.Unit:RMB millionItem20242023 Average balanceInterest expenseAverage cost rate(%)Average balanceInterest expenseAverage cost rate (%)Corporate depo
256、sitsTime and call deposits1,904,46448,4032.541,848,56551,6892.80Demand deposits2,066,82721,7681.052,202,74031,4061.43Subtotal3,971,29170,1711.774,051,30583,0952.05 Personal depositsTime and call deposits1,150,60032,8912.861,079,37031,6512.93Demand deposits387,5459130.24325,2839880.30Subtotal1,538,14
257、533,8042.201,404,65332,6392.32 Total5,509,436103,9751.895,455,958115,7342.12 Interest Expense on Deposits and Placements from Banks and Non-Bank Financial InstitutionsDuring the reporting period,the Groups interest expense on deposits and placements from banks and non-bank financial institutions amo
258、unted to RMB20.511 billion,a decrease of RMB4.334 billion or 17.44%over the previous year,mainly due to a drop of RMB164.229 billion in the average balance and 0.07 percentage points in the average cost rate of deposits and placements from banks and non-bank financial institutions.Interest Expense o
259、n Debt Certificates IssuedDuring the reporting period,the Groups interest expense on debt certificates issued stood at RMB27.608 billion,an increase of RMB2.612 billion or 10.45%over the previous year,primarily due to an increase of RMB186.119 billion in the average balance which offset the effects
260、from a drop of 0.20 percentage points in the average cost rate of debt certificates issued.Interest Expense on Borrowings from Central BanksDuring the reporting period,the Groups interest expense on borrowings from central banks reached RMB6.367 billion,an increase of RMB2.086 billion or 48.73%over
261、the previous year,mainly due to an increase of RMB92.607 billion in the average balance which offset the effects from a decrease of 0.13 percentage points in the average cost rate of borrowings from central banks.Interest Expense on Financial Assets Sold under Repurchase AgreementsDuring the reporti
262、ng period,the Groups interest expense on financial assets sold under repurchase agreements was RMB4.148 billion,an increase of RMB386 million or 10.26%over the previous year,primarily due to an increase of RMB21.283 billion in the average balance which offset the effects from a decrease of 0.03 perc
263、entage points in the cost rate of financial assets sold under repurchase agreements.Other Interest ExpenseDuring the reporting period,the Groups other interest expenses stood at RMB503 million,a drop of RMB32 million over the previous year.China CITIC Bank Corporation Limited26Chapter 2 Management D
264、iscussion and Analysis2.5.1.5 Net Non-interest IncomeDuring the reporting period,the Group realized RMB66.544 billion of net non-interest income,an increase of RMB4.513 billion or 7.28%over the previous year.The proportion of non-interest rate income stood at 31.21%,a rise of 1.03 percentage points
265、over the previous year.Unit:RMB millionItem20242023Increase/(decrease)Growth(%)Net fee and commission income31,10232,383(1,281)(3.96)Net trading gain6,7697,138(369)(5.17)Net gain from investment securities27,11121,1036,00828.47Net hedging gain22Zero in previous yearOther net operating income1,5601,4
266、0715310.87 Total66,54462,0314,5137.28 2.5.1.6 Net Fee and Commission IncomeDuring the reporting period,the Group realized net fee and commission income of RMB31.102 billion,a decrease of RMB1.281 billion or 3.96%over the previous year,which accounted for 14.59%of the operating net income,down by 1.1
267、6 percentage points over the previous year.Among these,commission for custodian and other fiduciary business went up by RMB1.498 billion or 23.77%over the previous year;settlement and clearing fees increased by RMB215 million or 9.51%over the previous year;bank card fees decreased by RMB1.243 billio
268、n or 7.40%over last year;agency fees dropped by RMB874 million or 14.93%over the previous year;guarantee and consulting fees declined by RMB219 million or 4.20%over last year.Please refer to“2.6.4 Non-interest Income”in this chapter for analysis of reasons under changes in net fee and commission inc
269、ome.Unit:RMB millionItem20242023Increase/(decrease)Growth(%)Bank card fees15,55716,800(1,243)(7.40)Commissions for custodian and other fiduciary business7,8016,3031,49823.77Agency fees4,9815,855(874)(14.93)Guarantee and consulting fees4,9975,216(219)(4.20)Settlement and clearing fees2,4762,2612159.5
270、1Other fees1,6025641,038184.04 Subtotal of fees and commissions37,41436,9994151.12 Fee and commission expense(6,312)(4,616)(1,696)36.74 Net fee and commission income31,10232,383(1,281)(3.96)2.5.1.7 Net Trading Gain and Net Gain from Investment SecuritiesDuring the reporting period,the Groups net tra
271、ding gain and net gain from investment securities registered a combined amount of RMB33.880 billion,an increase of RMB5.639 billion over the previous year,mainly because the Group seized the investment trading opportunities in the market amid the downward movement of market interest rates and achiev
272、ed an increase in income from securities investment.272024 Annual ReportChapter 2 Management Discussion and Analysis2.5.1.8 Operating ExpensesDuring the reporting period,the Group incurred RMB71.938 billion business and management fees,an increase of RMB2.724 billion or 3.94%over the previous year.D
273、uring the reporting period,the cost-to-income ratio(after deducting tax and surcharges)of the Group stood at 32.71%,up by 0.10 percentage points over the previous year.Unit:RMB millionItem20242023Increase/(decrease)Growth(%)Staff costs39,68438,0831,6014.20Property and equipment expenses and amortiza
274、tion12,75111,5751,17610.16Other general operating and administrative expenses17,30917,371(62)(0.36)Subtotal69,74467,0292,7154.05 Tax and surcharges2,1942,18590.41 Total71,93869,2142,7243.94 Cost-to-income ratio33.74%33.67%Up by 0.07 percentage pointsCost-to-income ratio(excluding tax and surcharges)
275、32.71%32.61%Up by 0.10 percentage points 2.5.1.9 Credit and Other Asset Impairment LossesDuring the reporting period,the Groups accrued credit and other asset impairment losses totaled RMB61.113 billion,a decrease of RMB1.091 billion or 1.75%over the previous year.Specifically,allowance for impairme
276、nt losses on loans and advanced to customers was RMB52.699 billion,representing a rise of RMB2.859 billion or 5.74%over previous year.Allowance for impairment losses for financial investments was RMB3.839 billion,up by RMB1.334 billion or 53.25%over previous year.Please refer to the section of“Loan
277、Quality Analysis”of this chapter for analysis of the Groups allowance for impairment losses on loans and advances to customers.Unit:RMB millionItem20242023Increase/(decrease)Growth(%)Loans and advances to customers52,69949,8402,8595.74Financial investments3,8392,5051,33453.25Interbank business(Note)
278、3057(27)(47.37)Other financial assets and accrued interest5,5647,970(2,406)(30.19)Off-balance-sheet items(1,087)1,554(2,641)(169.95)Repossessed assets68278(210)(75.54)Total61,11362,204(1,091)(1.75)Note:Including the impairment losses on deposits and placements with,and loans to banks and non-bank fi
279、nancial institutions,and financial assets held under resale agreements.2.5.1.10 Income Tax ExpenseDuring the reporting period,the Groups income tax expense was RMB11.395 billion,representing an increase of RMB4.570 billion or 66.96%over the previous year.Effective tax rate during the reporting perio
280、d stood at 14.09%,up by 4.98 percentage points over the previous year.Unit:RMB millionItem20242023Increase/(decrease)Growth(%)Profit before tax80,86374,8875,9767.98Income tax expense11,3956,8254,57066.96 Effective tax rate14.09%9.11%Up by 4.98 percentage points China CITIC Bank Corporation Limited28
281、Chapter 2 Management Discussion and Analysis2.5.2 Balance Sheet Analysis2.5.2.1 AssetsAs at the end of the reporting period,the Group recorded total assets of RMB9,532.722 billion,an increase of 5.31%from the end of the previous year,mainly because the Group increased its loans and advances to custo
282、mers and placements with,and loans to other banks and non-bank financial institutions.Unit:RMB millionItem31 December 202431 December 2023 BalanceProportion(%)BalanceProportion(%)Total loans and advances to customers5,720,12860.05,498,34460.7Accrued interest of loans and advances to customers21,7150
283、.219,9480.2Less:Allowance for impairment losses on loans and advances to customers(1)(140,393)(1.5)(134,542)(1.5)Net loans and advances to customers5,601,45058.75,383,75059.4Total financial investments2,626,78927.62,599,87628.7Accrued interest of financial investments20,2460.219,3350.2Less:Allowance
284、 for impairment losses on financial investments(2)(26,165)(0.3)(26,305)(0.3)Net financial investments2,620,87027.52,592,90628.6Investment in associates and joint ventures7,3490.16,9450.1Cash and deposits with central banks340,9153.6416,4424.6Deposits and placements with,and loans to banks and non-ba
285、nk financial institutions532,9945.6318,8173.5Financial assets held under resale agreements136,2651.4104,7731.2Others(3)292,8793.1228,8512.6 Total9,532,722100.09,052,484100.0 Notes:(1)Including allowances for impairment losses on loans and advances to customers measured at amortized cost and allowanc
286、es for impairment losses on accrued interest of loans and advances to customers measured at amortized cost.(2)Including allowances for impairment losses on financial investments measured at amortized cost and impairment losses on accrued interest of financial investments measured at amortized cost.(
287、3)Including precious metals,derivative financial assets,investment properties,property,plant and equipment,intangible assets,goodwill,right of use assets,deferred income tax assets and other assets,etc.Loans and Advances to CustomersAs at the end of the reporting period,the Group recorded RMB5,720.1
288、28 billion total loans and advances to customers(excluding accrued interest),up by 4.03%over the end of the previous year.Net loans and advances to customers accounted for 58.7%of total assets,down by 0.7 percentage points over the end of the previous year.The loans and advances to customers measure
289、d at amortized cost took up 90.6%of total loans and advances to customers.The table below sets out the classification of the Groups loans and advances to customers by measurement attribute.Unit:RMB millionItem31 December 202431 December 2023 BalanceProportion(%)BalanceProportion(%)Loans and advances
290、 to customer measured at amortized cost5,184,76590.64,918,95989.5Loans and advances to customer measured at fair value through other comprehensive income523,7519.2573,82710.4Loans and advances to customer measured at fair value through profit or loss11,6120.25,5580.1 Total loans and advances to cust
291、omer5,720,128100.05,498,344100.0 Please refer to the section of“Loan Quality Analysis”of this chapter for analysis of the Groups loans and advances to customers.292024 Annual ReportChapter 2 Management Discussion and AnalysisFinancial InvestmentsAs at the end of the reporting period,the Group record
292、ed RMB2,626.789 billion total financial investments(excluding accrued interest),up by RMB26.913 billion or 1.04%over the end of the previous year,mainly because of the increase in the Groups investments in debt securities.Classification of the Groups financial investments by product is set out in th
293、e table:Unit:RMB millionItem31 December 202431 December 2023 BalanceProportion(%)BalanceProportion(%)Investments in debt securities1,905,22972.51,854,01271.3Investment funds427,59716.3421,15416.2Trust management plans191,1737.2204,8407.9Directional asset management plan20,1620.822,9080.9Investment i
294、n wealth management products2,1310.14,0450.2Certificates of deposit and interbank certificates of deposit70,5822.781,7763.1Investment in equity instruments9,9150.411,1410.4 Total financial investments2,626,789100.02,599,876100.0 Classification of the Groups financial investments by measurement attri
295、bute is set out in the table below:Unit:RMB millionItem31 December 202431 December 2023 BalanceProportion(%)BalanceProportion(%)Financial investments measured at fair value through profit or loss647,39824.6613,82423.6Financial investments measured at amortized cost1,131,33343.11,098,89942.3Financial
296、 investments measured at fair value through other comprehensive income843,35632.1882,34633.9Financial investments designated to be measured at fair value through other comprehensive income4,7020.24,8070.2 Total financial investments2,626,789100.02,599,876100.0 Investment in Debt SecuritiesAs at the
297、end of the reporting period,the Group registered RMB1,905.229 billion investments in debt securities,an increase of RMB51.217 billion or 2.76%over the end of the previous year,primarily because the increased investments in debt of enterprises.Classification of Debt Securities Investment by IssuersUn
298、it:RMB millionItem31 December 202431 December 2023 BalanceProportion(%)BalanceProportion(%)Banks and non-bank financial institutions227,11711.9222,65612.0Government1,471,78977.21,459,89778.8Policy banks28,1791.5 52,5202.8Business entities166,6318.8 115,0166.2Public entities11,5130.63,9230.2 Total1,9
299、05,229100.01,854,012100.0 China CITIC Bank Corporation Limited30Chapter 2 Management Discussion and AnalysisBreakdown of Significant Investments in Financial Debt SecuritiesThe table below sets out the breakdown of top ten investments in financial debt securities held by the Group as at 31 December
300、2024:Unit:RMB millionName of debt securitiesBook valueMaturity date(DD/MM/YY)Coupon rate (%)Accrued impairment allowance 2024 Policy Bank Debt Securities4,30724/07/20291.852022 Financial Institute Debt Securities3,29121/11/20323.582020 Policy Bank Debt Securities2,53722/04/20252.252020 Policy Bank D
301、ebt Securities2,01310/01/20253.232022 Financial Institute Debt Securities1,93010/11/20253.202024 Policy Bank Debt Securities1,78223/07/20271.802020 Commercial Bank Debt Securities1,52424/09/20304.202024 Commercial Bank Debt Securities1,50930/12/20341.962024 Policy Bank Debt Securities1,42822/02/2029
302、2.302024 Policy Bank Debt Securities1,22113/09/20271.67 Total21,542 Note:The first phase impairment allowance accrued as required by the expected credit loss measurement model not included.Investments in Associates and Joint VenturesAs at the end of the reporting period,the Group recorded RMB7.349 b
303、illion investments in associates and joint ventures,an increase of 5.82%over the end of the previous year.As at the end of the reporting period,the Groups balance of allowance for impairment losses on investment in associates and joint ventures was zero.For relevant details,please refer to Note 23“I
304、nvestment in Associates and Joint Ventures”to the financial statements.Unit:RMB millionItem31 December 202431 December 2023 Investments in joint ventures7,0096,572Investments in associates340373Allowance for impairment lossesNet investments in associates and joint ventures7,3496,945 DerivativesThe t
305、able below sets out major categories and amounts of financial derivatives held by the Group as at the end of the reporting period.For relevant details,please refer to Note 19“Derivative Financial Assets/Liabilities”to the financial report.Unit:RMB millionItem31 December 202431 December 2023 Nominal
306、principalFair valueNominal principalFair valueAssetsLiabilitiesAssetsLiabilities Interest rate derivatives4,673,77321,14420,7913,633,34914,65614,360Currency derivatives4,605,53364,28257,0903,071,03929,87226,748Other derivatives94,8715033,28134,448147742 Total9,374,17785,92981,1626,738,83644,67541,85
307、0 312024 Annual ReportChapter 2 Management Discussion and AnalysisRepossessed AssetsAs at the end of the reporting period,the Group recorded the balance of repossessed assets of RMB2.286 billion,and charged RMB1.132 billion allowances for impairment losses on repossessed assets.The book value of rep
308、ossessed assets stood at RMB1.154 billion.Unit:RMB millionItem31 December 202431 December 2023 Original value of repossessed assets2,2862,369 Land,premises and buildings2,2842,367 Others22Allowances for impairment losses on repossessed assets(1,132)(1,138)Land,premises and buildings(1,132)(1,138)Oth
309、ers Total book value of repossessed assets1,1541,231 Changes in Impairment AllowancesUnit:RMB millionItem31 December 2023Accruals/reversals during the current periodWrite-offs/transfer out during the current periodOthers(1)31 December 2024 Loans and advances to customers(2)134,51752,699(60,724)12,74
310、8139,240Financial investments(3)28,2073,839(3,365)(15)28,666Interbank business(4)29830328Other financial assets and accrued interest11,0695,564(5,848)1,28812,073Off-balance-sheet items10,520(1,087)(41)3299,721 Subtotal of allowances for credit impairment184,61161,045(69,978)14,350190,028Repossessed
311、assets1,13868(74)1,132Subtotal of allowances for other asset impairments1,13868(74)1,132 Total185,74961,113(70,052)14,350191,160 Notes:(1)Including recovery of write-offs and impacts of exchange rate changes.(2)Including allowances for impairment losses on loans and advances to customers measured at
312、 amortized cost,and allowances for impairment losses on loans and advances to customers measured at fair value through other comprehensive income.(3)Including allowances for impairment losses on financial investments measured at amortized cost and impairment losses on financial investments measured
313、at fair value through other comprehensive income.(4)Including allowance for impairment losses of deposits and placements with,and loans to banks and non-bank financial institutions and financial assets held under resale agreements.China CITIC Bank Corporation Limited32Chapter 2 Management Discussion
314、 and Analysis2.5.2.2 LiabilitiesAs at the end of the reporting period,the Group recorded total liabilities of RMB8,725.357 billion,up by 4.90%from the end of the previous year,primarily due to the increase in deposits from customers and debt certificates issued.Unit:RMB millionItem31 December 202431
315、 December 2023 BalanceProportion(%)BalanceProportion(%)Borrowings from central banks124,1511.4273,2263.3Deposits from customers5,864,31167.25,467,65765.7Deposits and placements from banks and non-bank financial institutions1,057,04212.11,014,21412.2Financial assets sold under repurchase agreements27
316、8,0033.2463,0185.6Debt certificates issued1,224,03814.0965,98111.6Others(Note)177,8122.1133,7131.6 Total8,725,357100.08,317,809100.0 Note:Including financial liabilities measured at fair value through profit and loss,derivative financial liabilities,staff remunerations payable,tax and fee payables,e
317、stimated liabilities,lease liabilities,deferred income tax liabilities and other liabilities.Liability Quality ManagementThe Bank highly values liability quality management,effectively measures,monitors and controls the quality of liabilities by establishing a science-based and complete liability qu
318、ality management system,and ensures the quality of liabilities in terms of six aspects,namely,the stability of liability sources,the diversity of liability structure,the appropriateness of liability cost,the reasonable match between liabilities and assets,the initiative in obtaining liabilities,and
319、the authenticity of liability items(the“Six Elements”).The Banks liability quality management system is commensurate with the size and complexity of its liabilities,and its organizational structure consists of a decision-making level and an executive level.Specifically,the decision-making level incl
320、udes the Board of Directors which bears ultimate responsibility for the liability quality management and the senior management which implements the liability quality management,while the executive level refers to relevant departments of the Head Office and branches.Focusing on the Six Elements,the B
321、ank specified the goals and process of liability quality management and built a corresponding limit and indicator system covering key regulatory indicators of liability quality management.During the reporting period,centering on the Six Elements of liability quality management,the Bank continued to
322、strengthen the monitoring,analysis and management of changes in the size and structure of liabilities,adhered to the“balance strategy with a leading cost advantage as the core”in accordance with the basic principle of“balance between quantity and price”,and focused on improving the balanced developm
323、ent of volume,price,quality and customers.During the reporting period,the Banks regulatory indicators of liability quality management such as liquidity coverage ratio and net stable funding ratio remained within the regulatory requirements,and the Bank maintained high-quality liabilities.For details
324、 of the indicators,please refer to“Risk Management Liquidity Risk Management”in this chapter.332024 Annual ReportChapter 2 Management Discussion and AnalysisDeposits from CustomersAs at the end of the reporting period,the Groups total deposits from customers(excluding accrued interest)were RMB5,778.
325、231 billion,representing an increase of RMB380.048 billion or 7.04%over the end of the previous year;and deposits from customers accounted for 67.2%of total liabilities,an increase of 1.5 percentage points from the end of the previous year.The Groups balance of corporate deposits was RMB4,116.586 bi
326、llion,representing an increase of RMB184.219 billion or 4.68%over the end of the previous year;and balance of personal deposits stood at RMB1,661.645 billion,representing an increase of RMB195.829 billion or 13.36%over the end of the previous year.Unit:RMB millionItem31 December 202431 December 2023
327、 BalanceProportion(%)BalanceProportion(%)Corporate depositsDemand deposits2,054,27135.02,187,27340.0Time and call deposits2,062,31535.21,745,09431.9Subtotal4,116,58670.23,932,36771.9 Personal depositsDemand deposits439,9657.5340,4326.2Time and call deposits1,221,68020.81,125,38420.6Subtotal1,661,645
328、28.31,465,81626.8 Total deposits from customers5,778,23198.55,398,18398.7Accrued interest86,0801.569,4741.3 Total5,864,311100.05,467,657100.0 Breakdown of Deposits from Customers by CurrencyUnit:RMB millionItem31 December 202431 December 2023 BalanceProportion(%)BalanceProportion(%)Renminbi5,360,385
329、91.45,050,56892.4Foreign currencies503,9268.6417,0897.6 Total5,864,311100.05,467,657100.0 Breakdown of Deposits by Geographical RegionUnit:RMB millionItem31 December 202431 December 2023 BalanceProportion(%)BalanceProportion(%)Head Office8,4840.12,6690.1Bohai Rim1,566,35326.71,439,55026.3Yangtze Riv
330、er Delta1,509,60125.71,472,23727.0Pearl River Delta and West Strait926,83815.8859,89715.7Central China779,61613.3729,49013.3Western China596,56610.2548,93910.0Northeastern China126,5302.2115,6732.1Overseas350,3236.0299,2025.5 Total5,864,311100.05,467,657100.0 China CITIC Bank Corporation Limited34Ch
331、apter 2 Management Discussion and Analysis2.5.3 Shareholders EquityAs at the end of the reporting period,the Groups shareholders equity was RMB807.365 billion,an increase of 9.89%over the end of the previous year.The table below sets out the changes in shareholders equity in the Group during the rep
332、orting period.Unit:RMB millionItemShare capitalOther equity instrumentCapital reserveOther comprehensive incomeSurplus reserve and general reserveRetained earningsNon-controlling interestTotal 31 December 202348,967118,06059,4004,057166,119320,61917,453734,675i.Net profit68,57689269,468ii.Other comp
333、rehensive income12,80510912,914iii.Investor capital5,430(12,561)29,88622,755iv.Profit appropriations13,233(45,327)(353)(32,447)31 December 202454,397105,49989,28616,862179,352343,86818,101807,365 2.5.4 Loan Quality AnalysisLoan Risk ClassificationThe Group measures and manages the loan quality pursuant to the Measures on Financial Asset Risks of Commercial Banks formulated by the former CBIRC and
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