CNCB(601998) 36氪·2025-03-29 02:26Core Viewpoint - The transformation journey of CITIC Bank's "new retail" model reflects the evolution of China's retail banking sector, shifting from linear growth based on business scale to a focus on deep customer value extraction [1][16]. Industry Overview - The retail banking sector in China is at a crossroads, facing declining growth rates and profitability amidst a complex market environment [1][2]. - Despite challenges such as low interest rates and high risks, retail banking remains a crucial stabilizing force for banks [1][2]. - The traditional growth model based on scale expansion is becoming less viable, prompting banks to explore new paths focused on wealth management and customer service [1][2][6]. Performance Metrics - In 2024, CITIC Bank's retail assets under management (AUM) grew by 10.62% to 4.69 trillion yuan, while retail loan balances increased by 3.43% to 2.36 trillion yuan [2][6]. - Comparatively, China Merchants Bank (CMB) reported a retail AUM growth of over 12% and a 6% increase in retail loan balances [2]. Strategic Initiatives - CITIC Bank's retail banking strategy emphasizes understanding and adapting to market cycles, with a focus on resilience and strategic adjustments [3][10]. - The bank aims to enhance its retail banking capabilities through systematic and structural improvements, contrasting with competitors that focus on rapid scale maximization [2][10]. Risk Management - In response to rising credit risks, CITIC Bank has implemented various risk management strategies, resulting in a retail loan non-performing ratio of 1.25% in 2024, with improvements in individual loan and credit card delinquency rates [9][10]. Digital Transformation - The bank has invested in digital tools to enhance customer engagement, achieving a 58.8% increase in customer interactions to 106 million in 2024 [13]. - CITIC Bank's digital initiatives include the development of an agile operational framework and the integration of AI capabilities to improve service efficiency [12][13][14]. Customer Engagement - The number of customers with three or more primary services at CITIC Bank reached 24.26 million, a nearly 20% increase year-on-year, highlighting the bank's focus on deepening customer relationships [7][10]. Long-term Vision - CITIC Bank's leadership emphasizes the importance of a strong retail banking foundation for achieving its goal of becoming a top-tier bank, with a commitment to wealth management as a core business axis [10][11].