Under pressure but resilient, CITIC BANK released its semi-annual report, with net profit increasing by 3% year-on-year and revenue decline further narrowing
CITIC BANK released its semi-annual report on August 27, with operating income of 105.762 billion yuan, a year-on-year decrease of 2.99%, and net profit of 36.478 billion yuan, a year-on-year increase of 2.78%. The bank plans to increase the interim dividend payout ratio for 2025 to 30.7%. Net interest income was 71.201 billion yuan, a year-on-year decrease of 1.94%, and the non-performing loan ratio remained at 1.16%. As of the end of the reporting period, total assets were nearly 9.86 trillion yuan, and total customer deposits increased by 5.69%
As a "stronghold" among joint-stock banks, CITIC BANK disclosed its semi-annual report on the evening of August 27.
The semi-annual report shows that during the reporting period, CITIC BANK's operating income was CNY 105.762 billion, a slight decrease of 2.99% year-on-year. This decline has narrowed compared to the first quarter report. Meanwhile, the bank achieved a net profit attributable to shareholders of CNY 36.478 billion, still showing a year-on-year growth of 2.78%.
Additionally, CITIC BANK has once again proposed a "strong" dividend plan, stating that it will focus on normalizing mid-term dividends in the future, planning to raise the mid-term dividend ratio for the year 2025 to 30.7%.
Stronger Resilience in Net Interest Income
A detailed analysis of CITIC BANK's business income structure reveals that the bank's net interest income is performing more prominently.
In the first half of the year, CITIC BANK achieved net interest income of CNY 71.201 billion, a year-on-year decrease of 1.94%, while non-interest net income was CNY 34.561 billion, a year-on-year decrease of 5.08%. The net interest income shows greater resilience.
Provision Coverage Ratio Exceeds 207%
In terms of asset quality, CITIC BANK has remained relatively stable. As of the end of the reporting period, the bank's non-performing loan balance was CNY 67.134 billion, slightly increasing by CNY 649 million compared to the end of the previous year; the non-performing loan ratio was 1.16%, unchanged from the end of the previous year; the provision coverage ratio was 207.53%, a decrease of 1.90 percentage points from the end of the previous year, but an increase of 0.42 percentage points from the end of the first quarter.
As of the end of the reporting period, CITIC BANK's total assets were nearly CNY 98.6 trillion, an increase of 3.42% compared to the end of the previous year. The bank stated that during the reporting period, it maintained good growth in key areas such as green credit, strategic emerging industries, long-term loans for manufacturing, inclusive finance, and agricultural loans. Among them, the total amount of loans and advances (excluding accrued interest) was CNY 58 trillion, an increase of 1.43% compared to the end of the previous year; the total amount of customer deposits (excluding accrued interest) was CNY 61 trillion, an increase of 5.69% compared to the end of the previous year.
The simultaneous growth in total loans and deposits reflects the continuous improvement of CITIC BANK's fundamental business capabilities.
Normalizing Mid-term Dividends
Furthermore, CITIC BANK also announced its mid-term dividend plan.
CITIC BANK stated that from the perspective of creating long-term, stable returns for investors, it will continuously enhance the level of dividends. Based on a cash dividend of CNY 19.455 billion for the year 2024, with the dividend amount increasing for six consecutive years, in the future, it will better reward investors and improve the timeliness and stability of cash dividends, focusing on normalizing mid-term dividends.
CITIC BANK's 2025 dividend plan is to distribute a cash dividend of CNY 1.88 per 10 shares (including tax) to A-share and H-share shareholders registered on the equity registration date based on the total share capital registered on this dividend distribution date. According to the total share capital of A-shares and H-shares as of June 30, 2025, the total amount of ordinary cash dividends for the mid-term of 2025 is approximately CNY 10.461 billion (including tax) Accounting for 28.68% of the net profit attributable to shareholders after the mid-term merger in 2025, and 30.70% of the net profit attributable to ordinary shareholders. This represents an increase compared to last year's dividend ratio.
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