Financial Performance - Net profit attributable to shareholders was RMB 17.350 billion for Q1 2022, a year-on-year increase of 10.93%[5] - Operating income for Q1 2022 was RMB 54.030 billion, reflecting a growth of 4.08% compared to the same period last year[5] - The bank's non-interest income was RMB 170.84 billion, showing a significant increase of 17.77% year-on-year[10] - The bank's total profit for Q1 2022 was RMB 21,127 million, an increase of 8.1% from RMB 18,613 million in Q1 2021[32] - The bank's basic earnings per share for Q1 2022 was RMB 0.35, compared to RMB 0.32 in Q1 2021, reflecting a growth of 9.4%[33] - The group's net profit attributable to shareholders rose to RMB 271,118 million, a 6.73% increase from RMB 254,005 million in the previous period[29] Asset and Liability Management - Total assets reached RMB 8,233.997 billion as of March 31, 2022, an increase of 2.38% compared to the end of 2021[4] - The group's total liabilities amounted to RMB 7,577,234 million, reflecting a growth of 2.4% compared to RMB 7,400,258 million at the end of 2021[28] - Customer deposits totaled RMB 4,921.656 billion, up 3.91% from the end of 2021[4] - The balance of personal customer managed assets reached RMB 3.56 trillion, growing by 2.46% from the end of 2021[11] - The total number of personal customers reached 121.5 million, an increase of 1.77 million compared to the end of the previous year[12] Risk Management - The non-performing loan balance was 67.1 billion RMB, a decrease of 0.4 billion RMB from the end of the previous year, with a non-performing loan ratio of 1.35%, down 0.04 percentage points[13][14] - The provision coverage ratio increased to 184.19%, up 4.12 percentage points from the end of the previous year[13][14] - The bank continues to maintain a prudent credit policy in the real estate sector, optimizing credit structure and enhancing risk control measures[20] - The bank's non-performing loan ratio remained stable, indicating effective risk management strategies[29] Capital Adequacy - The core tier 1 capital adequacy ratio was 8.66%, down 0.19 percentage points from the end of the previous year[15][16] - The capital adequacy ratio was 13.05%, down 0.48 percentage points from the end of the previous year[15][16] - The leverage ratio stood at 6.63%, slightly down from 6.78% at the end of the previous year[17] - The liquidity coverage ratio was 124.14%, down from 146.59% at the end of the previous year[18] Customer Engagement and Support - The bank is enhancing risk management by focusing on key sectors and improving credit support for manufacturing and small to medium enterprises[19] - The bank is actively supporting quality housing projects and increasing reserves for mergers and acquisitions of quality real estate companies[20] - The bank has increased support for public rental housing projects and is focusing on high-quality clients with stable leverage and comprehensive benefits[20] Shareholder Information - The total number of ordinary shareholders as of the reporting period is 157,654, with A-share shareholders numbering 130,100 and H-share shareholders at 27,554[21] - China CITIC Limited holds 31,988,728,773 shares, representing 65.37% of the total shares, while the total shares held by CITIC Group and its subsidiaries amount to 32,284,227,773 shares, or 65.97%[23] - The total number of preferred shareholders is 72, with the top ten holding a combined total of 195,000,000 shares, representing significant ownership percentages[25] Cash Flow and Investment Activities - The net cash flow from operating activities for the group was RMB 29,757 million, compared to a net outflow of RMB 31,120 million in the same period last year[35] - The total cash inflow from operating activities was RMB 407,377 million, an increase of 34.5% from RMB 303,177 million in the previous year[35] - The cash flow from investment activities showed a net inflow of RMB 25,463 million, a significant recovery from a net outflow of RMB 130,942 million in the same period last year[36] - The cash inflow from financing activities was RMB 174,692 million, down from RMB 303,039 million in the previous year, indicating a decrease of 42.4%[36] Strategic Initiatives - The bank plans to enhance its digital banking services and expand its market presence in key regions[29] - Investment in new technologies and product development is prioritized to improve customer experience and operational efficiency[29] - The bank continues to explore strategic mergers and acquisitions to strengthen its market position and diversify its offerings[29]

Financial Performance - Net profit attributable to shareholders was RMB 17.350 billion, representing a year-on-year increase of 10.93%[9] - Operating income for the first quarter was RMB 53.954 billion, up 3.90% from the same period last year[5] - The net interest income for the three months ended March 31, 2022, is RMB 36,946 million, a slight decrease from RMB 37,408 million in the same period of 2021, reflecting a year-on-year decline of 1.24%[29] - The total operating income for the first quarter of 2022 is RMB 53,954 million, an increase from RMB 51,931 million in the first quarter of 2021, representing a growth of 3.90%[29] - The pre-tax profit for the first quarter of 2022 is RMB 21,127 million, up from RMB 18,613 million in the same period of 2021, indicating a year-on-year increase of 8.09%[29] - The net profit attributable to shareholders for the first quarter of 2022 is RMB 17,538 million, compared to RMB 15,832 million in the first quarter of 2021, marking a growth of 10.78%[30] Asset and Liability Management - Total assets reached RMB 8,233.997 billion as of March 31, 2022, an increase of 2.38% compared to the end of the previous year[4] - The total liabilities stood at RMB 7,577.234 billion, reflecting a growth of 2.39% compared to the end of the previous year[4] - The total assets as of March 31, 2022, amount to RMB 8,233,997 million, an increase from RMB 8,042,884 million as of December 31, 2021, reflecting a growth of 2.37%[32] - The total liabilities as of March 31, 2022, are RMB 7,577,234 million, compared to RMB 7,400,258 million as of December 31, 2021, indicating an increase of 2.39%[32] - The total liabilities and equity as of March 31, 2022, amounted to RMB 8,233,997 million, up from RMB 8,042,884 million as of December 31, 2021, reflecting an increase of 2.37%[33] Customer and Deposit Growth - Customer deposits totaled RMB 4,921.656 billion, an increase of 3.91% compared to the end of the previous year[4] - The personal customer management asset balance reached RMB 3.56 trillion, an increase of 2.46% compared to the end of last year[10] - The total scale of wealth management products was RMB 1.51 trillion, growing by 7.76% year-on-year[10] - The comprehensive financing balance was RMB 11.90 trillion, up 3.70% from the previous year[10] - The number of corporate clients increased to 955,500, an addition of 28,800 clients compared to the end of last year[11] Risk Management - The bank continues to strengthen risk management by focusing on key sectors and enhancing credit support for manufacturing and small to medium enterprises[19] - The bank is committed to maintaining a prudent credit policy in the real estate sector, with a focus on optimizing credit structure and risk control[20] - The bank is advancing digital risk control initiatives, utilizing big data and AI for customer warning models to enhance risk detection and management[19] - The bank is actively supporting quality clients with stable leverage and comprehensive benefits in the real estate sector, while closely monitoring potential risks in the industry chain[20] Capital Adequacy and Ratios - The core tier one capital adequacy ratio was 8.66%, down 0.19 percentage points from the end of last year[14] - The capital adequacy ratio stood at 13.05%, a decrease of 0.48 percentage points compared to the previous year[14] - The leverage ratio was 6.63%, above the regulatory requirement of 4%[17] - The provision coverage ratio improved to 184.19%, an increase of 4.12 percentage points from the previous year[12] Cash Flow and Liquidity - Cash flow from operating activities was RMB 29.757 billion, a turnaround from a negative cash flow of RMB 31.120 billion in the same period last year[6] - The net cash flow generated from operating activities for the first quarter of 2022 was RMB 29,757 million, compared to a negative RMB 31,120 million in the same period of 2021, indicating a significant recovery[35] - The net cash flow from investing activities for the first quarter of 2022 was RMB 25,463 million, a turnaround from a negative RMB 130,942 million in the first quarter of 2021[36] - The net cash flow from financing activities for the first quarter of 2022 was negative RMB 19,672 million, a decrease from a positive RMB 99,103 million in the same period of 2021, indicating a shift in financing strategy[36] - The liquidity coverage ratio as of March 31, 2022, was 124.14%, down from 146.59% on December 31, 2021, remaining above the regulatory requirement of 100%[18] Shareholder Information - The total number of ordinary shareholders was 157,654, with 130,100 being A-share holders and 27,554 H-share holders[21] - China CITIC Limited held 31,988,728,773 shares, representing 65.37% of total shares, making it the largest shareholder[22] - The second-largest shareholder, Hong Kong Central Clearing Limited, held 11,552,474,537 shares, accounting for 23.61%[22] - As of the reporting period, the total number of preferred shareholders is 72, with the largest shareholder being China Mobile Communications Group Co., Ltd., holding 43,860,000 shares, representing 12.53%[26]

Financial Performance - Operating revenue reached CNY 204.55 billion, with net profit at CNY 55.64 billion, marking a net profit growth rate of 13.6%[10]. - CITIC Bank reported a total revenue of RMB 100 billion for the fiscal year 2021, representing a year-on-year increase of 8%[33]. - The net profit attributable to shareholders for 2021 was RMB 30 billion, an increase of 10% compared to the previous year[34]. - The total profit for 2021 reached RMB 65,517 million, reflecting a growth of 13.24% compared to RMB 57,857 million in 2020[43]. - The basic earnings per share increased to RMB 1.08, a rise of 14.89% from RMB 0.94 in 2020[43]. - The average return on total assets (ROAA) for 2021 was 0.72%, slightly up from 0.69% in 2020[45]. - The average return on equity (ROAE) was 10.73%, an increase from 10.08% in 2020[45]. - The company achieved net interest income of RMB 147.896 billion, a decrease of RMB 2.619 billion or 1.74% compared to the previous year[66]. - The net profit attributable to shareholders was RMB 55,641 million, up 13.60% from RMB 48,980 million in 2020[43]. - The company reported a significant increase in non-interest income, which rose by 26.23% to RMB 56.66 billion, accounting for 27.7% of total revenue[63]. Asset Quality - Total assets exceeded CNY 804.29 billion, with a non-performing loan ratio of 1.39% and a provision coverage ratio of 180.07%[13]. - The non-performing loan ratio improved to 1.39% in 2021, down from 1.64% in 2020, indicating a decrease of 0.25 percentage points[47]. - The provision coverage ratio rose to 180.07% in 2021, compared to 171.68% in 2020, reflecting an increase of 8.39 percentage points[47]. - The migration rate of normal loans to non-performing loans was 1.93%, a decrease of 0.63 percentage points compared to the previous year, indicating stable asset quality[135]. - The overdue loan balance was RMB 90.373 billion, a decrease of RMB 5.87 billion year-on-year, with loans overdue for more than 90 days accounting for 0.97%, down 0.20 percentage points[137]. Capital Adequacy - The bank's capital adequacy ratio stands at 13.5%, above the regulatory requirement, ensuring a strong financial position for future growth[36]. - The capital adequacy ratio stood at 13.53%, an increase from 13.01% in 2020, reflecting a stronger capital position[50]. - The core Tier 1 capital adequacy ratio stood at 8.85% as of December 31, 2021, up from 8.74% in 2020[48]. - The liquidity coverage ratio was reported at 146.59%, significantly above the regulatory minimum of 100%[48]. Customer Base and Market Presence - The bank operates 1,415 branches across 153 major cities in China and has established 7 subsidiaries, including CITIC International Financial Holdings and CITIC Baixin Bank, enhancing its market presence[3]. - The bank's online monthly active users reached 30.23 million, with 12 million individual customers and 926,700 corporate customers[10]. - Retail VIP customers exceeded 1 million, and credit card issuance surpassed 100 million, making CITIC Bank a "billion-level" joint-stock bank in terms of card issuance[24]. - The number of corporate basic accounts and effective accounts increased by 32,900 and 17,000 respectively, representing 1.8 times and 2.3 times growth compared to the previous year[24]. Strategic Initiatives - The bank aims to become the best comprehensive financial service provider with a focus on customer respect, reform-driven growth, technological advancement, and compliance management[7]. - The bank is focusing on three major strategies: asset quality control, customer expansion and deep management, and key regional development[24]. - CITIC Bank is leveraging its "full license" advantage to build the "CITIC Happiness Wealth" brand, enhancing its wealth management system[19]. - The company aims to enhance its wealth management brand, targeting nearly 1 million corporate clients and over 100 million retail clients[29]. - The company is focusing on digital transformation, with key projects like wealth client journeys and digital marketing platforms being implemented[25]. Technology and Innovation - The company increased its technology investment from less than 2 billion to over 7 billion, with technology personnel growing from under 300 to nearly 4,300[25]. - The company has established a big data center to support its technological advancements and improve customer experience[25]. - The bank's digital infrastructure cloud transformation rate reached 99.6%, with a 20.1% decrease in operating costs for single transaction systems[170]. - The group completed the upgrade of its blockchain platform 2.0, maintaining industry leadership with over 420 professional assessments passed[171]. Risk Management - The bank has not identified any significant risks that could adversely affect its future development strategies and operational goals during the reporting period[5]. - The company has implemented a comprehensive risk management system aimed at effective risk control and promoting development[55]. - The bank's focus on risk management has led to a decrease in the amount of loans classified as substandard, suspicious, and loss categories[130]. Social Responsibility - The bank's mission includes creating value for customers, benefits for shareholders, happiness for employees, and fulfilling responsibilities to society[7]. - The bank emphasizes serving the real economy and maintaining stable operations, aligning with its long-term vision[3]. - Over 4,000 billion yuan was invested in national support areas, including green dual carbon and rural revitalization[169].

Financial Performance - In 2021, CITIC Bank achieved operating income exceeding RMB 200 billion and net profit of RMB 55.64 billion, with a net profit growth rate of 13.6%, marking an 8-year high[9]. - The bank's operating income for 2021 was RMB 204,557 million, an increase of 5.05% compared to RMB 194,731 million in 2020[36]. - The net profit attributable to shareholders for 2021 reached RMB 55,641 million, reflecting a growth of 13.60% from RMB 48,980 million in 2020[36]. - The average return on total assets (ROAA) for 2021 was 0.72%, up from 0.69% in 2020[38]. - The weighted average return on equity (ROAE) improved to 10.73% in 2021 from 10.11% in 2020[38]. - The cost-to-income ratio increased to 29.20% in 2021, compared to 26.65% in 2020, indicating a rise in operational costs relative to income[38]. - The bank's net interest margin decreased to 2.05% in 2021 from 2.26% in 2020, reflecting tighter margins in the lending environment[38]. - The bank's cash flow from operating activities showed a significant decline, with a net outflow of RMB 75,394 million in 2021 compared to a net inflow of RMB 156,863 million in 2020, marking a decrease of 148.06%[36]. Asset Quality - Non-performing loan balance stood at RMB 67.46 billion, with a non-performing loan ratio of 1.39%, showing a quarterly decline in both metrics, indicating improved asset quality[9]. - The provision coverage ratio increased by 8.39 percentage points to 180.07%, enhancing risk resistance capability[9]. - The non-performing loan ratio declined for the first time in 11 years, with the provision coverage ratio reaching its best level in 7 years[20]. - The balance of non-performing loans (excluding bill discounting) decreased by RMB 4.73 billion year-on-year[121]. - The migration rate of normal loans to non-performing loans was 1.93%, a decrease of 0.63 percentage points compared to the previous year[142]. - The loan loss provisions stood at RMB 121.471 billion, a decrease of RMB 4.629 billion from the previous year, with a coverage ratio of 180.07%, up by 8.39 percentage points[148]. Customer Base and Services - Citic Bank has established a large customer base with nearly 1 million corporate clients and over 100 million retail clients, emphasizing the importance of trust built over 35 years[26]. - The retail VIP customer base surpassed 1 million, and credit card issuance exceeded 100 million, making CITIC Bank a "billion-level" joint-stock bank in card issuance[20]. - The number of corporate basic accounts and effective accounts increased by 32,900 and 17,000 respectively, representing 1.8 times and 2.3 times growth compared to the previous year[20]. - The bank's comprehensive financial solutions aim to meet the diverse needs of corporate, institutional, and individual clients[1]. - The bank's focus on innovation and technology has led to the launch of a distributed core system, enhancing its financial technology capabilities[53]. Strategic Initiatives - The bank emphasizes serving the real economy and has adopted a strategy of steady operation and innovation to adapt to changing market conditions[3]. - CITIC Bank issued nearly RMB 205 billion in anti-epidemic loans to support businesses during the pandemic[14]. - The bank launched the first "carbon-neutral" bond product in the market, with green credit balance exceeding RMB 200 billion, a growth of over 140% year-on-year[11]. - The bank aims to enhance digital transformation and improve service quality to support the real economy[48]. - The bank is focusing on wealth management, asset management, and comprehensive financing, leveraging its full financial license advantage to enhance market competitiveness[16]. Market Position and Recognition - Citic Bank ranked 16th in the "Top 500 Global Banking Brands" by The Banker magazine and 24th in the "Top 1000 World Banks" based on Tier 1 capital[3]. - The bank received multiple awards in 2021, including recognition as a top credit bond underwriter and best private bank in China, highlighting its strong market position[33][35]. - The bank's brand value was estimated at USD 14.5 billion, ranking 16th in the "Global Bank Brand 500" list by The Banker magazine[53]. Future Outlook - The bank's future outlook includes a commitment to risk management and addressing potential challenges in its operational strategy[5]. - In 2022, the bank anticipates continued uncertainty in the market but remains optimistic about future growth opportunities[28]. - The bank aims to build a "strong core" by enhancing its capabilities in wealth management, asset management, and comprehensive financing[25].

Financial Performance - Operating income for the first half of 2021 was RMB 105.656 billion, with a net profit of RMB 29.031 billion[9]. - Non-interest income reached RMB 31.574 billion, reflecting a net profit growth rate of 13.66%[9]. - Total profit for the first half of 2021 reached RMB 34,923 million, reflecting a 13.59% increase compared to RMB 30,746 million in the first half of 2020[15]. - Net profit attributable to shareholders for the first half of 2021 was RMB 29,031 million, up 13.66% from RMB 25,541 million in the same period of 2020[15]. - Basic earnings per share for the first half of 2021 were RMB 0.59, an increase of 13.46% from RMB 0.52 in the first half of 2020[15]. - Diluted earnings per share for the first half of 2021 were RMB 0.54, a 12.50% increase from RMB 0.48 in the same period of 2020[15]. - The company achieved operating revenue of RMB 105.656 billion, a year-on-year increase of 3.38%[29]. - Net interest income was RMB 74.082 billion, reflecting a slight increase of 0.21% year-on-year[32]. - Non-interest income reached RMB 31.574 billion, up 11.66% year-on-year, accounting for 29.9% of total revenue[30]. Asset Quality - The non-performing loan ratio stood at 1.50%, with a provision coverage ratio of 189.37%[9]. - Non-performing loan ratio improved to 1.50% as of June 30, 2021, down from 1.64% at the end of 2020[18]. - Provision coverage ratio increased to 189.37% as of June 30, 2021, compared to 171.68% at the end of 2020[18]. - The non-performing loan balance decreased by RMB 2.770 billion, down 3.77% year-on-year, with a non-performing loan ratio of 1.50%[28]. - The total non-performing loans amounted to RMB 70,682 million, representing 1.50% of the total loan portfolio, a decrease from 1.64% at the end of 2020[97]. Customer Base and Deposits - The bank serves a customer base of 87.18 million corporate clients and 115 million individual clients[10]. - Customer deposits totaled RMB 4,665,631 million as of June 30, 2021, reflecting a growth of 3.03% from RMB 4,528,399 million at the end of 2020[17]. - Corporate deposits reached CNY 3,541.517 billion, an increase of CNY 97.536 billion from the end of last year[126]. - The proportion of customer deposits in RMB was 90.9%, compared to 90.6% at the end of the previous year[80]. Capital and Liquidity - The capital adequacy ratio was 13.53%, an increase of 0.52 percentage points from the end of the previous year[110]. - The first-tier capital adequacy ratio was 10.71%, up 0.53 percentage points from the end of the previous year[110]. - The liquidity coverage ratio was 117.31% as of June 30, 2021, indicating strong liquidity management[19]. - The net stable funding ratio was 103.36%, surpassing the regulatory minimum by 3.36 percentage points, demonstrating the availability of stable funding sources for business continuity[183]. Risk Management - The bank has not identified any significant risks that could adversely affect its future development strategies[2]. - The bank is committed to risk management with a focus on effective risk control and the establishment of a unified credit approval system[22]. - The bank's risk management framework aims to enhance the foresight and precision of risk control through intelligent risk management systems[22]. - The bank has strengthened operational risk management by implementing the Basel III operational risk new standard and enhancing daily management practices[185]. - The bank actively managed foreign exchange risk, with the RMB appreciating by 1.22% against the USD during the first half of the year[179]. Strategic Initiatives - The bank aims to be a comprehensive financial service provider with a focus on value for customers and benefits for shareholders[5]. - The company aims to enhance its market expansion strategies and product development in the upcoming quarters[15]. - The bank aims to provide comprehensive financial solutions leveraging its "Finance + Industry" platform, focusing on customer-centric services[21]. - The company is committed to supporting the real economy and enhancing green finance capabilities as part of its strategic development plan[194]. Technology and Innovation - The bank has made significant investments in technology, aiming to become a leading tech-driven bank, with advancements in AI and blockchain applications across various business areas[22]. - The AI model center has over 300 models, covering major business areas, enhancing operational efficiency[121]. - The blockchain projects have been recognized as the best in China, showcasing the company's innovation in financial technology[121]. Governance and Compliance - The financial report has been reviewed by PwC and Deloitte, ensuring compliance with Chinese and Hong Kong standards[2]. - The company's governance structure integrates party leadership, ensuring effective operation of the board and management teams[22]. - The company held 3 shareholder meetings, 9 board meetings, and 8 supervisory meetings during the reporting period, all in compliance with legal and regulatory requirements[194]. - The board of directors convened 9 meetings during the reporting period, passing 61 resolutions and reviewing 33 reports[199].

[Important Notice](index=2&type=section&id=一、重要提示) This report, approved by the Board on April 29, 2021, confirms the accuracy of its unaudited financial statements prepared under Chinese accounting standards - This report was approved by the company's Board of Directors on April 29, 2021, with directors, supervisors, and senior management guaranteeing its truthfulness, accuracy, and completeness, assuming legal responsibility[2](index=2&type=chunk) - The quarterly financial statements are prepared in accordance with Chinese accounting standards and are unaudited[2](index=2&type=chunk) [Company Overview and Key Financial Indicators](index=2&type=section&id=二、公司基本情况) This section provides a comprehensive overview of the company's fundamental information, key financial performance, capital and asset quality metrics, operational highlights, risk management, corporate governance, and shareholder structure [Company Profile](index=2&type=section&id=2.1%20公司基本情况) This chapter provides CITIC Bank's basic business registration information, contact details for the Board Secretary and investor relations, and listing information for its shares, preferred shares, and convertible bonds on the Shanghai Stock Exchange and Hong Kong Stock Exchange Listed Securities Information | Market | Security Type | Exchange | Abbreviation | Code | | :--- | :--- | :--- | :--- | :--- | | A-share | Ordinary Shares | Shanghai Stock Exchange | CITIC Bank | 601998 | | A-share | Preferred Shares | Shanghai Stock Exchange | CITIC Preferred 1 | 360025 | | A-share | Convertible Corporate Bonds | Shanghai Stock Exchange | CITIC Convertible Bond | 113021 | | H-share | Ordinary Shares | Hong Kong Stock Exchange | CITIC Bank | 0998 | [Key Financial Data](index=3&type=section&id=2.2%20主要财务数据) As of the end of Q1 2021, the Group's total assets reached **7.79 trillion RMB**, a **3.65% increase** from the end of last year, with net profit attributable to the bank's shareholders at **15.641 billion RMB**, up **8.22%** year-on-year Key Balance Sheet Data (As of March 31, 2021) | Item | Amount (Million RMB) | Change from Year-End (%) | | :--- | :--- | :--- | | Total Assets | 7,785,636 | 3.65% | | Total Liabilities | 7,209,895 | 3.72% | | Total Loans and Advances | 4,645,088 | 3.84% | | Total Customer Deposits | 4,646,996 | 2.62% | | Equity Attributable to Bank Shareholders | 560,116 | 2.85% | Key Income Statement Data (January-March 2021) | Item | Amount (Million RMB) | Change from Prior Year (%) | | :--- | :--- | :--- | | Operating Income | 51,914 | 0.79% | | Net Profit Attributable to Bank Shareholders | 15,641 | 8.22% | | Annualized Weighted Average ROE | 13.29% | Increased by 0.43 percentage points | | Basic Earnings Per Share (RMB) | 0.32 | 6.67% | | Net Cash Flow from Operating Activities | (31,120) | 57.32% | [Non-Recurring Gains and Losses Items and Amounts](index=4&type=section&id=2.3%20非经常性损益项目和金额) During the reporting period, the after-tax net non-recurring gains and losses attributable to the bank's shareholders amounted to **51 million RMB**, primarily consisting of government grants and other net gains and losses, with minimal impact on overall profit - In Q1 2021, the after-tax net non-recurring gains and losses attributable to the bank's shareholders were **51 million RMB**, a slight increase from **42 million RMB** in the same period last year[6](index=6&type=chunk) [Explanation of Accounting Standard Differences](index=4&type=section&id=2.4%20按中国会计准则与按国际财务报告准则编制的财务报表差异说明) There is no difference in the Group's net assets and net profit calculated under Chinese accounting standards and International Financial Reporting Standards - There is no difference in the Group's net assets at the end of the reporting period and net profit for the reporting period, as calculated under Chinese accounting standards and International Financial Reporting Standards[7](index=7&type=chunk) [Capital Adequacy Ratio](index=4&type=section&id=2.5%20资本充足率) As of the end of the reporting period, all of the Group's capital adequacy ratios met regulatory requirements but decreased from the end of last year, with Common Equity Tier 1, Tier 1, and Capital Adequacy Ratios at **8.59%**, **9.96%**, and **12.73%**, respectively Group Capital Adequacy Ratios (As of March 31, 2021) | Indicator | Regulatory Requirement | The Group | Change from Year-End | | :--- | :--- | :--- | :--- | | Common Equity Tier 1 Capital Adequacy Ratio | ≥ 7.50% | 8.59% | Decreased by 0.15 percentage points | | Tier 1 Capital Adequacy Ratio | ≥ 8.50% | 9.96% | Decreased by 0.22 percentage points | | Capital Adequacy Ratio | ≥ 10.50% | 12.73% | Decreased by 0.28 percentage points | [Leverage Ratio](index=5&type=section&id=2.6%20杠杆率) As of March 31, 2021, the Group's leverage ratio was **6.33%**, exceeding the **4%** regulatory requirement, but showing a quarter-on-quarter declining trend - The Group's leverage ratio gradually decreased from **6.64%** on June 30, 2020, to **6.33%** on March 31, 2021[9](index=9&type=chunk) [Liquidity Coverage Ratio](index=5&type=section&id=2.7%20流动性覆盖率) As of March 31, 2021, the Group's liquidity coverage ratio was **133.42%**, significantly exceeding the **100%** regulatory standard, indicating ample short-term liquidity - The liquidity coverage ratio was **133.42%**, a slight decrease from **135.14%** at the end of last year, but still maintained at a high level[10](index=10&type=chunk) [Asset Quality](index=6&type=section&id=2.8%20资产质量) Asset quality significantly improved in Q1 2021, with the non-performing loan ratio decreasing by **0.10 percentage points** to **1.54%** from the end of last year, while the provision coverage ratio increased by **14.19 percentage points** to **185.87%**, enhancing risk mitigation capabilities Core Asset Quality Indicators | Indicator | March 31, 2021 | December 31, 2020 | Change | | :--- | :--- | :--- | :--- | | Non-Performing Loan Ratio | 1.54% | 1.64% | Decreased by 0.10 percentage points | | Provision Coverage Ratio | 185.87% | 171.68% | Increased by 14.19 percentage points | | Loan Loss Provision Ratio | 2.86% | 2.82% | Increased by 0.04 percentage points | [Quarterly Operating Performance](index=6&type=section&id=2.9%20季度经营情况) During the reporting period, the Group's business started well, with net profit growing by **8.22%** year-on-year, and steady progress across corporate banking, retail banking, and financial markets segments - Corporate Banking: Actively supported key areas such as strategic emerging industries, green credit, and manufacturing[12](index=12&type=chunk) - Retail Banking: Driven by full-function wealth management, aiming to become the client's preferred wealth management primary bank[12](index=12&type=chunk) - Financial Markets Business: Maintained a profit-oriented approach, optimized asset structure, and enhanced trading profitability[12](index=12&type=chunk) Corporate and Personal Business Scale Growth | Business Segment | Indicator | Balance (Billion RMB) | Growth from Year-End | | :--- | :--- | :--- | :--- | | Corporate Business | Corporate Deposits | 3,524.871 | 2.35% | | | Corporate Loans | 2,111.788 | 6.93% | | Personal Business | Personal Deposits | 838.926 | 2.06% | | | Personal Loans | 1,893.272 | 2.30% | [Risk Management](index=7&type=section&id=2.10%20风险管理) The bank continuously optimized its credit structure, increasing support for manufacturing and green credit, while strictly controlling risks in real estate and overcapacity industries, enhancing risk management precision and foresight through digital transformation - Credit Allocation: Proactively directed credit resources to key areas and weak links guided by national strategy, such as manufacturing, small and medium-sized enterprises, and green credit[14](index=14&type=chunk) - Key Risk Control: Resolutely implemented real estate regulation policies, strengthened credit card customer access management, and orderly advanced credit concentration risk management[14](index=14&type=chunk) - Digital Risk Control: Accelerated the construction of customer early warning models with big data + AI as the core, enabling early detection, early warning, and early exit of risky customers[14](index=14&type=chunk) [Corporate Governance Overview](index=7&type=section&id=2.11%20公司治理概述) During the reporting period, the bank's corporate governance structure operated effectively, with the Board of Directors, Board of Supervisors, and various special committees diligently performing their duties, ensuring the effectiveness of corporate governance - During the reporting period, the Board of Directors held **5** meetings, the Board of Supervisors held **4** meetings, and the Shareholders' Meeting held **1** meeting, all in compliance with the company's articles of association[15](index=15&type=chunk) [Ordinary Shareholder Information](index=7&type=section&id=2.12%20截至报告期末的普通股股东总数、前十名普通股股东及前十名无限售条件普通股股东持股情况表) As of the end of the reporting period, the company had **162,660** ordinary shareholders, with a highly concentrated equity structure where the controlling shareholder, CITIC Group Corporation, held **65.37%** of the shares Number of Shareholders | Shareholder Type | Number of Accounts | | :--- | :--- | | Total Ordinary Shareholders | 162,660 | | A-share Ordinary Shareholders | 134,364 | | H-share Ordinary Shareholders | 28,296 | - The top three shareholders were **CITIC Group Corporation** (holding **65.37%**), **HKSCC Nominees Limited** (holding **23.62%**), and **China National Tobacco Corporation** (holding **4.39%**)[16](index=16&type=chunk) [Preferred Shareholder Information](index=9&type=section&id=2.13%20截至报告期末的优先股股东总数、前十名优先股股东、前十名无限售条件优先股股东持股情况表) As of the end of the reporting period, the bank had **32** preferred shareholders, with the top ten preferred shareholders primarily being large state-owned enterprises and insurance asset management institutions - The total number of preferred shareholders was **32**[18](index=18&type=chunk) - Key preferred shareholders included **China Mobile Communications Group Co., Ltd.**, **China Life Insurance Company Limited**, and **Ping An Life Insurance Company of China, Ltd.**, among other institutional investors[18](index=18&type=chunk)[20](index=20&type=chunk) [Significant Matters](index=11&type=section&id=三、重要事项) This section details significant changes in financial statement items, progress on key events, and confirms the absence of overdue unfulfilled commitments or profit forecast warnings [Significant Changes in Major Financial Statement Items](index=11&type=section&id=3.1%20本集团主要会计报表项目、财务指标重大变动的情况及原因) During the reporting period, several financial statement items experienced significant changes exceeding **30%**, including a **41.4%** increase in precious metals and an **86.9%** decrease in financial liabilities held for trading Major Items with Over 30% Change | Item | Change from Year-End/Prior Year (%) | Primary Reason for Change | | :--- | :--- | :--- | | Precious Metals | 41.4% | Increase in self-held precious metals | | Financial Assets Held Under Resale Agreements | -42.4% | Decrease in bonds held under resale agreements | | Financial Liabilities Held for Trading | -86.9% | Decrease in bond short selling and structured products | | Investment Income | -34.5% | Decrease in investment income from bonds and funds | | Gains/Losses from Changes in Fair Value | -36.9% | Decrease in fair value changes of financial assets held for trading | | Exchange Gains/Losses | 54.1% | Increase in net foreign exchange gains | [Progress on Significant Matters](index=11&type=section&id=3.2%20重要事项进展情况及其影响和解决方案的分析说明) The bank has obtained regulatory approval to issue perpetual bonds not exceeding **40 billion RMB** in the domestic market to supplement other Tier 1 capital, with the issuance successfully completed on April 26, 2021 - The bank was approved to issue perpetual bonds not exceeding **40 billion RMB** to supplement other Tier 1 capital[24](index=24&type=chunk) - This bond issuance was completed on **April 26, 2021**, with the approved quota valid for **2 years** from the approval date[24](index=24&type=chunk) [Commitments](index=12&type=section&id=3.3%20报告期内超期未履行完毕的承诺事项) During the reporting period, the bank had no overdue unfulfilled commitments [Profit Forecast Warning](index=12&type=section&id=3.4%20预测年初至下一报告期期末的累计净利润可能为亏损或者与上年同期相比发生重大变动的警示及原因说明) The bank has not forecasted a potential loss or significant change in cumulative net profit from the beginning of the year to the end of the next reporting period [Financial Statements](index=13&type=section&id=财务报表) This section presents the Group's consolidated balance sheet, income statement, and cash flow statement, providing a detailed financial overview for the reporting period [Balance Sheet](index=14&type=section&id=资产负债表) As of March 31, 2021, the Group's total assets were **7.79 trillion RMB**, total liabilities were **7.21 trillion RMB**, and equity attributable to the bank's shareholders was **560.116 billion RMB**, all showing steady growth Core Balance Sheet Items (Group) | Item | March 31, 2021 (Million RMB) | December 31, 2020 (Million RMB) | | :--- | :--- | :--- | | **Total Assets** | **7,785,636** | **7,511,161** | | Loans and Advances | 4,526,444 | 4,360,196 | | Financial Investments | 2,263,681 | 2,092,732 | | **Total Liabilities** | **7,209,895** | **6,951,123** | | Deposits Absorbed | 4,690,576 | 4,572,286 | | **Total Shareholders' Equity** | **575,741** | **560,038** | | Equity Attributable to Bank Shareholders | 560,116 | 544,573 | [Income Statement](index=16&type=section&id=利润表) In Q1 2021, the Group achieved total operating income of **51.914 billion RMB**, a year-on-year increase of **0.79%**, with net profit attributable to the bank's shareholders at **15.641 billion RMB**, up **8.22%** Core Income Statement Items (Group) | Item | Jan-Mar 2021 (Million RMB) | Jan-Mar 2020 (Million RMB) | | :--- | :--- | :--- | | **Total Operating Income** | **51,914** | **51,509** | | Net Interest Income | 37,408 | 36,930 | | Net Fee and Commission Income | 9,277 | 7,483 | | Credit Impairment Losses | (20,502) | (22,288) | | **Total Profit** | **18,613** | **17,054** | | **Net Profit** | **15,832** | **14,559** | | Net Profit Attributable to Bank Shareholders | 15,641 | 14,453 | [Cash Flow Statement](index=18&type=section&id=现金流量表) In Q1 2021, the Group's net cash flow from operating activities was **-31.12 billion RMB**, primarily due to increased loans, while financing activities generated **99.103 billion RMB**, resulting in period-end cash and cash equivalents of **256.651 billion RMB** Core Cash Flow Statement Items (Group) | Item | Jan-Mar 2021 (Million RMB) | Jan-Mar 2020 (Million RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | (31,120) | (72,923) | | Net Cash Flow from Investing Activities | (130,942) | (95,810) | | Net Cash Flow from Financing Activities | 99,103 | 52,838 | | Net Decrease in Cash and Cash Equivalents | (62,915) | (113,412) | | Cash and Cash Equivalents at Period-End | 256,651 | 229,037 |

Financial Performance - Operating income for the year reached RMB 195.399 billion, with a net profit of RMB 48.980 billion[10]. - Total assets amounted to RMB 7.511 trillion, reflecting a net profit growth rate of 2.01%[10]. - Average return on total assets (ROAA) was 0.69%, while the average return on equity (ROAE) stood at 10.08%[10]. - The cost-to-income ratio was reported at 26.73%, indicating operational efficiency[10]. - Non-performing loan ratio was 1.64%, with a provision coverage ratio of 171.68%[10]. - Total operating income for 2020 reached CNY 195.399 billion, a year-on-year increase of 4.00%[13]. - Net profit attributable to shareholders was CNY 48.980 billion, reflecting a year-on-year growth of 2.01%[13]. - Year-end total assets amounted to CNY 7.51 trillion, up 11.27% from the previous year[13]. - Non-performing loan ratio decreased to 1.64%, the lowest in five years, with a provision coverage ratio of 171.68%[13]. - Non-interest income for the year was CNY 44.9 billion, an increase of CNY 3.93 billion compared to the previous year[15]. Risk Management - The bank maintains a loan provision ratio of 2.82%[10]. - The bank will strengthen its risk management framework, optimizing credit structures while expanding into emerging sectors, ensuring compliance and internal control systems are robust[19]. - The bank's risk management system is designed to effectively control risks while promoting development, with a focus on digital transformation[30]. - The group’s non-performing loan recognition standards have tightened, leading to an increase in provisions due to the classification of overdue loans[120]. - The bank's focus on risk management resulted in a decrease in overdue loans, with short-term overdue loans (within 3 months) accounting for 0.86%[117]. Customer and Market Expansion - The bank has established 1,405 branches across 153 major cities in China[2]. - The number of transaction banking customers exceeded 700,000, with transaction financing volume reaching CNY 337.7 billion, a 240% increase from the previous year[16]. - The number of personal customers and users of the "CITIC Enjoy+" platform both exceeded 100 million, achieving a "double hundred" milestone[16]. - The bank plans to expand its market presence in Southeast Asia, targeting a 20% increase in regional market share over the next three years[26]. - The bank's corporate customer base included 825,300 clients, with 107,300 effective clients, indicating a robust customer acquisition strategy[159]. Technology and Innovation - CITIC Bank's technology investment in 2020 was nearly CNY 7 billion, a 24% increase from the previous year, with the number of technology personnel quadrupling over two years[17]. - The bank launched 63 innovative projects last year, including the first self-developed distributed core system in domestic large and medium-sized banks[17]. - The AI-driven platform "CITIC Brain" has implemented 307 AI+ data models, providing real-time intelligent services to over 10 million customers, with online sales from AI recommendations reaching 232.65 billion yuan[147]. - The bank's blockchain platform has passed five trusted evaluations by the China Academy of Information and Communications Technology, and the blockchain forfaiting trading platform has been recognized as a national-level industry platform[147]. - The bank is focusing on digital transformation to create a preferred digital retail banking ecosystem and enhance customer service capabilities[142]. Corporate Governance and Strategy - The bank's governance structure is efficient, with a matrix management model that enhances operational effectiveness[30]. - The newly appointed chairman, Zhu Hexin, brings over 20 years of financial experience, expected to lead the bank towards achieving better results[20]. - The bank's strategy includes deepening collaborative integration with the CITIC Group to leverage its unique competitive advantages in finance and industry[20]. - The bank aims to enhance its digital transformation and technology-driven innovation, establishing a commercial-grade agile system and a cloud platform to improve technological capabilities[19]. - The bank's commitment to innovation is reflected in its investment of RMB 1 billion in technology and digital transformation initiatives[26]. Financial Health and Capital Adequacy - The capital adequacy ratio stood at 13.01%, an increase of 0.57 percentage points from the end of the previous year, while the Tier 1 capital adequacy ratio was 10.18%, a slight decrease of 0.02 percentage points[126]. - The core Tier 1 capital ratio increased to 8.74%, up 0.05 percentage points from the previous year, meeting regulatory requirements[126]. - The bank's credit rating remains stable, with S&P rating it at A- and Moody's at Baa2, indicating a solid financial standing[24]. - The total liabilities increased to RMB 6,951,123 million, reflecting an 11.79% rise from RMB 6,217,909 million in 2019[35]. - The total equity of the group was RMB 560.04 billion, representing a growth of 5.17% compared to the end of the previous year[97]. Loan and Deposit Growth - The total amount of loans and advances was RMB 4,473,307 million, up 11.89% from the previous year, with a net loan amount accounting for 58.1% of total assets[77]. - Customer deposits totaled RMB 4,528,399 million, an increase of RMB 489,579 million or 12.12% year-on-year, accounting for 65.8% of total liabilities[93]. - The outstanding balance of small and micro enterprise loans reached CNY 781.133 billion, an increase of CNY 171.524 billion compared to the end of the previous year[163]. - The personal loan balance (excluding credit cards) reached CNY 1,365.515 billion, an increase of CNY 187.772 billion, representing a growth rate of 15.94% compared to the end of last year[175]. - The total loan amount reached 4,473.31 billion yuan, an increase of 475.32 billion yuan from the end of the previous year, with a non-performing loan ratio of 1.64%, down by 0.01 percentage points[156]. Social Responsibility and Community Engagement - The bank's poverty alleviation efforts included donations of 130 million yuan and support for 1.19 million households and 35,500 impoverished individuals[139]. - The bank's consumer rights protection initiatives included over 20,000 promotional events and distribution of more than 6.6 million informational materials, reaching over 40 million people[184]. - The bank is actively promoting regional development strategies, particularly in key areas such as Beijing-Tianjin-Hebei and the Yangtze River Delta[144].