CNCB(601998) 光大证券·2025-03-28 08:43Investment Rating - The report maintains an "Accumulate" rating for CITIC Bank (601998.SH) with a current price of 7.25 CNY [1] Core Views - CITIC Bank's 2024 annual report shows a steady revenue growth of 3.8% year-on-year, with a net profit attributable to shareholders of 686 billion CNY, reflecting a 2.3% increase [4][5] - The bank's net interest income grew by 2.2%, while non-interest income increased by 7.4%, indicating a mixed performance in revenue sources [5][10] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.16%, down 1 basis point from the previous quarter, and a provision coverage ratio above 200% [11][25] Summary by Sections Financial Performance - In 2024, CITIC Bank achieved operating income of 2136 billion CNY, with a weighted average return on equity of 9.79%, down 1.01 percentage points year-on-year [4][12] - The bank's total assets reached 9,532.72 billion CNY, with a year-on-year growth rate of 5.3% [27] Loan and Deposit Growth - By the end of 2024, the bank's interest-earning assets grew by 4.6% year-on-year, with a significant increase in loans and deposits [6][8] - The bank's loan balance increased by 4% year-on-year, with corporate loans growing by 7.8% and retail loans by 3.4% [6][7] Interest Margin and Non-Interest Income - The net interest margin for 2024 was reported at 1.77%, showing resilience compared to peers [9] - Non-interest income accounted for 31.3% of total revenue, with a notable increase in investment income [10][12] Asset Quality and Capital Adequacy - The bank's non-performing loan ratio decreased to 1.16%, and the provision coverage ratio was 209.4% [11][25] - Capital adequacy ratios showed mixed results, with the core tier one capital ratio at 9.72% [11][25] Earnings Forecast and Valuation - The report adjusts the EPS forecast for 2025-2026 to 1.25 CNY and 1.29 CNY, respectively, with a projected dividend payout ratio of over 30% for 2024 [12][27]