中信银行(601998) - 2021 Q1 - 季度财报

Important Notice 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] - The quarterly financial statements are prepared in accordance with Chinese accounting standards and are unaudited[2] Company Overview and Key Financial Indicators 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 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 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 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] Explanation of Accounting Standard Differences 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] Capital Adequacy Ratio 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 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] Liquidity Coverage Ratio 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] Asset Quality 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 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] - Retail Banking: Driven by full-function wealth management, aiming to become the client's preferred wealth management primary bank[12] - Financial Markets Business: Maintained a profit-oriented approach, optimized asset structure, and enhanced trading profitability[12] 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 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] - Key Risk Control: Resolutely implemented real estate regulation policies, strengthened credit card customer access management, and orderly advanced credit concentration risk management[14] - 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] Corporate Governance Overview 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] Ordinary Shareholder Information 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] Preferred Shareholder Information 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] - 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][20] Significant Matters 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 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 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] - This bond issuance was completed on April 26, 2021, with the approved quota valid for 2 years from the approval date[24] Commitments During the reporting period, the bank had no overdue unfulfilled commitments Profit Forecast Warning 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 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 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 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 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 |