上 市 公 司 银行 公 2024年03月22日 中信银行 (601998) 司 研 究 ——零售跑出加速度，对公提质控风险 / 公 司 点 报告原因：有业绩公布需要点评 评 事件：中信银行披露2023年报，全年实现营收2059亿元，同比下降2.6%，实现归母净利润670 买入 （维持） 亿元，同比增长7.9%。4Q23不良率季度环比下降4bps至1.18%，拨备覆盖率季度环比下降约 2pct至208%。2023年拟定分红率为28%。 证 ⚫ 息差承压叠加非息扰动共同拖累营收，业绩增速有所放缓：2023年营收同比下降2.6%，增速 券 市场数据： 2024年03月21日 研 与9M23持平；归母净利润同比增速放缓至7.9%（9M23：9.2%），盈利表现符合预期。从驱 收盘价（元） 6.36 究 动因子来看，① 四季度非息收入高增，对营收贡献由负转正。4Q23非息收入同比增长31.7%， 一年内最高/最低（元） 8.27/5.17 报 市净率 0.4 尽管中收同比下降 45%，但其他非息收入在债市行情及 2022 年同期低基数影响下同比增长 告 息率（分红/股价） - 416%，推动全年非息收入正贡献营收增速 ...

证券研究报告 | 2024年03月22日 中信银行（601998.SH）2023 年报点评 增持 净息差下行，资产质量稳定 核心观点 公司研究·财报点评 中信银行披露2023年报，与之前业绩快报数据基本一致。公司2023年实现 银行·股份制银行Ⅱ 营业收入2059亿元，同比减少2.6%，增速较前三季度持平；实现归母净利 证券分析师：陈俊良 证券分析师：王剑 润670亿元，同比增长7.9%，增速较前三季度降低1.3个百分点。公司2023 021-60933163 021-60875165 chenjunliang@guosen.com.cn wangjian@guosen.com.cn 年加权平均净资产收益率10.8%，与上年持平。公司此前已经披露业绩快报， S0980519010001 S0980518070002 主要数据基本保持一致。 证券分析师：田维韦 021-60875161 资产规模增速稳定。公司2023年末资产总额9.05万亿元，较上年末增长 tianweiwei@guosen.com.cn 5.9%，资产增速保持在较为稳定的水平。其中2023年贷款总额同比增长6.7% S098052003000 ...

2024 年 3 月 22 日 公司研究 营收增长稳健，不良指标"双降" ——中信银行（601998.SH）2023 年年报点评 增持（维持） 当前价：6.36 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：蔡霆夆 执业证书编号：S0930523110001 021-52523871 caitingfeng1@ebscn.com | --- | --- | |-----------------------|-----------| | | | | | | | 市场数据 | | | | | | 总股本 (亿股) | 489.67 | | 总市值 (亿元) ： | 3,114.29 | | 一年最低 /最高( 元)： | 5.04/7.82 | | 近 3 月换手率： | 15.5% | 股价相对走势 资料来源：Wind | --- | --- | --- | --- | |-----------------|-------|-------|-------| | | | | | | 收益表现 | | | | | % | 1 ...

Financial Performance - In 2023, the net profit attributable to shareholders reached CNY 67.016 billion, maintaining a high growth rate[22]. - The net profit for the banking sector in 2023 was 2.4 trillion RMB, showing a year-over-year growth of 3.2%[54]. - The bank's net profit for the year 2023 is projected to grow by 10% year-on-year, reflecting strong operational performance[36]. - The net profit attributable to shareholders was RMB 67.02 billion, an increase of 7.91% year-on-year[62]. - The bank's cash flow from operating activities showed a significant decline, with a net cash flow of (CNY 918 million) compared to CNY 195,066 million in 2022, marking a decrease of 100.47%[39]. - The total operating income for the corporate banking segment was RMB 91,552 million, accounting for 44.5% of total revenue, while the retail banking segment generated RMB 86,424 million, representing 42.0%[160]. - The total operating income for the year 2023 was CNY 205,896 million, a decrease of 2.60% compared to CNY 211,392 million in 2022[39]. Asset and Liability Management - As of December 31, 2023, the total assets of CITIC Bank reached RMB 9,052.48 billion, an increase of 5.91% compared to the previous year[94]. - The total liabilities of the group reached RMB 8,317,809 million, marking a 5.80% increase compared to the previous year[112]. - Customer deposits totaled RMB 5,467,657 million, an increase of RMB 2,988.35 million or 5.86% from the previous year[114]. - The total amount of cash and deposits at the central bank was RMB 416.44 billion, down from RMB 477.38 billion in the previous year[96]. - The total amount of financial investments accounted for 28.6% of total assets, a slight decrease from 29.3% in the previous year[96]. Risk Management - The bank has implemented a comprehensive risk management system, focusing on areas such as real estate and large risk clients to reduce risk costs[26]. - The bank is committed to risk control, ensuring compliance and preventing systemic risks[20]. - The bank's risk management system has been restructured to enhance professional, intelligent, and refined risk management capabilities[16]. - The bank's non-performing loan ratio improved to 1.18% in 2023, down from 1.27% in 2022[45]. - The bank's provision coverage ratio improved to 207.59%, up by 6.40 percentage points from the previous year[60]. Strategic Focus and Development - The bank's strategy focuses on becoming a leading wealth management bank, comprehensive financing bank, and digital bank[2]. - The bank aims to continue supporting the real economy and align with national strategies to achieve the goal of becoming a "financial power"[17]. - The company aims to build a leading wealth management bank, focusing on asset management, private banking, and consumer finance[19]. - The bank's strategic focus is on innovation and service enhancement to adapt to the changing competitive landscape[27]. - The bank is enhancing its digital capabilities to provide more precise customer insights and smarter product matching[19]. Technology and Innovation - Total technology investment over the past three years reached nearly 28 billion yuan, with a compound annual growth rate of 17%[15]. - The bank's financial technology development has been recognized with two awards from the People's Bank of China in three years, highlighting its innovation in digitalization[15]. - The bank's digital financial innovation ecosystem won the People's Bank of China Gold Award, marking the second time in three years it has received this award, highlighting its leadership in digital finance[198]. - The bank's AI platform, "CITIC Brain," has an average daily call volume exceeding 14 million, representing a 30% increase since the beginning of the year, providing comprehensive intelligent solutions[199]. - The bank's core business systems have achieved full autonomy and control, recognized as one of the top ten events in financial information technology for 2023[198]. Customer and Market Engagement - The total number of wealth management clients reached 14.06 million, an increase of 4.78 million or 51.55% year-over-year[188]. - Customer base increased by over 30%, with over 1,200 clients using the newly launched treasury management system "Tian Yuan Treasury"[25]. - The overseas financial service sector has served over 10 million families, establishing a benchmark in the market for overseas financial services[25]. - The bank's brand image and financial institution ratings have steadily improved, with market capitalization growth outpacing the broader market[22]. Awards and Recognition - CITIC Bank was ranked 20th in the "Top 500 Global Banking Brands" by The Banker magazine in 2023[4]. - The bank received multiple awards in 2023, including "Best RMB Foreign Exchange Spot Market Maker" and "Best Technical Service Support Institution" from the China Foreign Exchange Trading Center[35]. - The bank was awarded "Outstanding Financial Bond Issuer" by the Central Government Bond Registration and Settlement Co., Ltd. in 2023[34]. - The bank was rated "Excellent" in the rural revitalization assessment by the People's Bank of China and the Financial Regulatory Administration in August 2023[36]. Financial Ratios and Metrics - The bank's return on assets (ROA) and return on equity (ROE) have steadily improved, while non-performing loan ratio continues to decline[11]. - The liquidity coverage ratio stood at 167.48% in 2023, slightly down from 168.03% in 2022, indicating a decrease of 0.55 percentage points[48]. - The total capital adequacy ratio was 12.93% in 2023, down from 13.18% in 2022, a decrease of 0.25 percentage points[48]. - The leverage ratio was reported at 6.66% in 2023, a slight increase from 6.59% in 2022, reflecting a 0.07 percentage point rise[48]. Loan and Credit Management - The total loan amount of the group was RMB 5,498.344 billion, an increase of RMB 345.572 billion, representing a growth of 6.71%[124]. - The non-performing loan (NPL) balance decreased to RMB 648.00 billion, down RMB 4.13 billion, with an NPL ratio of 1.18%, a decrease of 0.09 percentage points[119]. - The corporate loan balance (excluding bill discounting) was RMB 2,697.150 billion, an increase of RMB 173.134 billion, or 6.86%[120]. - The personal loan balance reached RMB 2,283.846 billion, increasing by RMB 166.936 billion, or 7.89%[120]. - The overdue loans (1-90 days) amounted to RMB 40.76 billion, with an overdue rate of 0.74%, up from 0.66% in the previous year[140].

中信银行（601998.SH）2023年年报点评 零售信贷投放优异，资产质量持续修复 2024年03月22日 事件：3月21日，中信银行发布2023年年报。23年累计实现营收2059亿元， 推荐 维持评级 YoY-2.6%；归母净利润670亿元，YoY+7.9%；不良率1.18%，拨备覆盖率208%。 当前价格： 6.36元 ➢ 营收表现企稳，其他非息收入带来较好支撑。中信银行23年营收、归母净 利润同比增速与 23 年前三季度分别持平、-1.3pct。分项来看，1）信贷增速表 现虽然不弱，但息差下行对利息收入形成拖累，23年净利息收入同比-4.7%，降 [Table_Author] 幅较 23 年前三季度扩大 2.8pct；2）或主要受理财业务手续费收入下降拖累， 23 年中收同比-12.7%；3）其他非息同比+26.7%，增速较 23 年前三季度 +34.7pct，其中或受益于公司对债市行情的较好把握，投资收益同比+31%。 ➢ 零售信贷投放较为亮眼。23 年末贷款总额同比＋6.7%，增速较 23Q3 末- 0.5pct。1）零售贷款增长较好，23年末余额同比+7.9%，其中不含信用卡部分 同比+10.1 ...

银行/股份制银行Ⅱ 公 司 研 中信银行（601998.SH） 零售势能加速释放，资产质量保持稳健 究 2024年03月22日 ——中信银行 2023 年报点评 投资评级：买入（维持） 刘呈祥（分析师） 吴文鑫（联系人） liuchengxiang@kysec.cn wuwenxin@kysec.cn 证 书编号：S0790523060002 证书编号：S0790123060009 日期 2024/3/22 当前股价(元) 6.13  ROE同比持平，非息收入实现正增，筑牢稳健发展根基 公 一年最高最低(元) 8.27/5.17 中信银行2023年加权平均ROE为10.80%，与2022年同期持平。全年营收2059 司 信 总市值(亿元) 3,001.67 亿元（YoY-2.60%），降幅较前三季度略有收窄。净息差同比下降19BP至1.78%， 息 流通市值(亿元) 2,089.39 主要由于零售贷款收益率下降较多以及个人存款定期化带来的付息成本上升，利 更 总股本(亿股) 489.67 息净收入同比下降 4.72%；受资本市场调整的影响，中收同比下降 12.70%，但 新 报 流通股本(亿股) 340.8 ...

Dividend and Shareholder Returns - The total cash dividend proposed for the year 2023 is RMB 17.432 billion, with a distribution of RMB 3.56 per share (before tax) based on a total share capital of 48.967 billion shares [3]. - The proposed dividend distribution is subject to approval at the upcoming 2023 Annual General Meeting [4]. - The bank plans to appoint Bank of China (Hong Kong) Trust Co., Ltd. as the dividend payment agent for H-share shareholders [4]. - The proposed cash dividend for 2023 is RMB 3.56 per 10 shares, totaling RMB 17.432 billion based on a total share capital of 48.967 billion shares as of December 31, 2023 [6]. Financial Performance - Net profit attributable to shareholders for 2023 reached CNY 67.016 billion, maintaining a high growth rate [16]. - Operating income for 2023 was RMB 205,570 million, a decrease of 2.62% compared to RMB 211,109 million in 2022 [30]. - The net cash flow from operating activities for 2023 was RMB (918) million, a significant decline of 100.47% compared to RMB 195,066 million in 2022 [30]. - The basic earnings per share for 2023 was RMB 1.27, an increase of 8.55% from RMB 1.17 in 2022 [30]. - The average return on total assets (ROAA) for 2023 was 0.77%, slightly up from 0.76% in 2022 [32]. - The cost-to-income ratio for 2023 was 32.61%, an increase from 30.66% in 2022 [32]. - The net interest margin for 2023 decreased to 1.78% from 1.97% in 2022 [32]. - Net profit attributable to shareholders reached CNY 67.02 billion, representing a growth of 7.91% year-on-year [46]. Asset and Liability Management - As of the end of the reporting period, the bank has total assets exceeding RMB 9 trillion and employs over 65,000 staff [5]. - Total assets as of December 31, 2023, reached RMB 9,052,484 million, a 5.91% increase from RMB 8,547,543 million in 2022 [34]. - Total liabilities increased by 5.80% to RMB 8,317,809 million from RMB 7,861,713 million in the previous year [34]. - Customer deposits totaled RMB 5,398,183 million, reflecting a 5.86% increase from RMB 5,099,348 million in 2022 [34]. - The bank's equity attributable to shareholders reached RMB 717,222 million, a 7.79% increase from RMB 665,418 million in 2022 [34]. Risk Management - The company has not identified any significant risks that could adversely affect its future development strategies and operational goals during the reporting period [6]. - The company’s management has provided a detailed description of the main risks faced in its operations and the corresponding countermeasures taken [6]. - The bank's risk management system has improved, transitioning from a "correction period" to a "healthy period" for asset quality [12]. - The company is committed to risk control and maintaining asset quality, with a continuous improvement in non-performing loan ratios and provision coverage [15]. - The provision coverage ratio rose to 207.59% in 2023, up from 201.19% in 2022, an increase of 6.40 percentage points [36]. Strategic Initiatives - The bank aims to enhance its financial services by implementing a strategy focused on five leading areas, including wealth management and digital banking [5]. - The company aims to build a leading wealth management bank, focusing on asset management, private banking, and consumer finance [14]. - The company is actively exploring sustainable development paths that unify social and economic benefits, focusing on financial services that benefit more groups [16]. - The bank aims to enhance value creation through a "light capital, light asset, light cost" growth strategy, focusing on sustainable returns for shareholders [13]. - The company plans to enhance its digital banking capabilities to provide more precise customer insights and intelligent product matching [14]. Market Position and Brand Recognition - The bank ranked 20th in the "Top 500 Global Banking Brands" by The Banker magazine in 2023 [5]. - The bank's Tier 1 capital ranked 19th in the "Top 1000 World Banks" by The Banker magazine [5]. - The bank ranked 20th in the "Global Banking Brand 500" by The Banker, indicating improved external evaluations and expectations [10]. - The bank was recognized as a "Top 10 Bank for Social Responsibility" by Securities Star in November 2023 [29]. - The bank's "Inclusive Finance Digital Innovation Ecosystem" won the first prize in financial technology development from the People's Bank of China in December 2023 [29]. Technology and Innovation - Technology investment reached nearly 28 billion yuan over the past three years, with a compound growth rate of 17% [12]. - The bank has made significant investments in technology, including the launch of a domestic distributed core system, enhancing its fintech capabilities [45]. - The digital financial innovation ecosystem won the first prize of the People's Bank of China Gold Award, marking the second time in three years for the bank [153]. - The AI platform's daily invocation volume exceeded 14 million times, an increase of 30% since the beginning of the year [153]. - The company is enhancing its digital capabilities by upgrading its retail customer management platform and launching new mobile banking apps [145]. Customer Engagement and Growth - Customer base increased by over 30%, with more than 1,200 clients using the newly launched treasury management system "Tian Yuan Treasury" [18]. - The number of wealth management clients exceeded 14.06 million, growing by 478,390 clients or 51.55% year-on-year [147]. - The number of personal customers reached 137 million, an increase of 7.47% compared to the end of the previous year [175]. - The number of affluent and VIP customers grew to 4.2874 million, up 7.88% year-on-year [175]. - The private banking customer base increased to 74,000, reflecting a growth of 10.64% from the previous year [175]. Corporate Social Responsibility - The bank emphasizes its commitment to serving the real economy and aligning with national strategies [5]. - The company aims to support the real economy and green finance initiatives, focusing on sustainable development and environmental protection [147]. - The bank has accumulated over 800,000 users for its carbon account, achieving a cumulative reduction of over 10,000 tons of emissions [181]. - The company is actively pursuing a light capital transformation strategy, emphasizing wealth management, asset management, and comprehensive financing capabilities [136]. - The group will continue to focus on high-quality party building to guide high-quality development and emphasize service to the real economy and people's livelihoods [144].

证券代码：601998 证券简称：中信银行 公告编号：临2024-012 中信银行股份有限公司董事会会议决议公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、审议通过《中信银行股份有限公司2023年年度报告》 表决结果： 赞成9票 反对0票 弃权0票 《中信银行股份有限公司2023年年度报告》（包括财务报告及年度报告摘要） 已经本行董事会审计与关联交易控制委员会事前认可，由该委员会全体委员审议 通过。 董事会同意将《中信银行股份有限公司2023年年度报告》（包括财务报告及 年度报告摘要）提交本行年度股东大会审议，同意将《中信银行股份有限公司2023 年年度报告》中有关内容作为年度决算报告提交本行年度股东大会审议。 《中信银行股份有限公司2023年年度报告》具体内容请见本行随同本公告在 上海证券交易所网站（www.sse.com.cn）和本行网站（www.citicbank.com）披露 的相关信息。 二、审议通过《中信银行股份有限公司2023年度利润分配方案》 1 表决结果： 赞成9票 反对0票 弃权0票 中信银行股份有 ...

2024 年 3 月 21 日 中信银行股份有限公司董事会 关于独立董事独立性情况的专项意见 根据《上市公司独立董事管理办法》《上海证券交易所上市 公司自律监管指引第1号——规范运作（2023年12月修订）》等要 求，中信银行股份有限公司(以下简称"本行")董事会在任独立 董事廖子彬、周伯文、王化成、宋芳秀对其自身独立性情况进行 了自查，并于近日向董事会提交了独立性自查函。本行董事会对 各位独立董事的独立性情况进行了评估，并出具如下意见： 各位独立董事符合证监会《上市公司治理准则》《上市公司 独立董事管理办法》、国家金融监督管理总局《中资商业银行行 政许可事项实施办法》《银行业金融机构董事（理事）和高级管 理人员任职资格管理办法》《香港联合交易所有限公司证券上市 规则》等法律法规、监管规定以及本行《公司章程》对独立董事 的独立性相关任职要求，经本行董事会评估，在2023年度各位独 立董事均不存在影响其独立性的情形。 中信银行股份有限公司董事会 ...

中信银行股份有限公司 内部控制审计报告 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beiiing 100738 China Telephone +86 (10) 8508 5000 +86 (10) 8518 5111 Fax kpmg.com/cn Internet 三、 内部控制的固有局限性 追放雕坚古外壁步做日出 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2404233 号 中信银行股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了中信银行股份有限公司（以下简称"贵行"）2023 年 12 月 31 日的财务报告内部控 制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定 ...