CITIC Bank proactively promoted the asset-light transformation and strengthened the disposal of non-performing assets, and achieved revenue of RMB204,554 million, up 4.7% year-on-year, with a profit attributable to its shareholders of RMB55,641 million, up 13.6% year-on-year. Driven by the rapid growth of its wealth management and bank card business, non-interest income increased by 26% year-on-year, the proportion of which rose by 4.7 percentage points to 27.7%, making up the adverse impact of narrowing of net interest margin resulting from the downward impact of market interest rates. The asset quality has been improving, while the balance of non- performing loans (“NPL”) fell RMB5,993 million to RMB67,459 million and the NPL ratio declined 0.25 percentage point to 1.39%. Both the NPL balance and NPL ratio decreased simultaneously for the first time in nearly eleven years. The provision coverage ratio increased by 8.39 percentage points to 180.07% compared with the beginning of the year, hitting new record highs in nearly seven years.
CITIC Trust continued to promote its transformation and upgrading by reducing the scale of channel business
and financing business, as well as accelerating innovation and optimising the business structure. During the year, it achieved revenue of RMB8,585 million, slightly down 1.8% year-on-year. CITIC Trust actively strengthened asset quality and increased its provisions, and achieved profit attributable to the parent company of RMB3,501 million, a 9% decrease year-on-year, but still ranking second in the industry.
CITIC Securities, benefiting from improvements in capital market sentiment, achieved stable growth in each business and remained an industry leader in investment banking, wealth management and fixed income. It achieved revenue of RMB97,324 millionnote for the year, up 35% year-on-year, with profit attributable to owners of the parent company of RMB23,100 million, up 55% year-on-year, creating the best result since the establishment of the company. With the total assets reached RMB1.28 trillion at the end of the year, CITIC Securities is the only domestic securities company with assets over RMB1 trillion at present. Recently, the company completed a rights issue scheme amounting to approximately RMB27,330 million, which further replenished the capital and enhanced the capacity to resist risks.
Due to the increased contribution from its bancassurance channel by increasing coordination with CITIC Bank, CITIC-Prudential Life achieved premium income of RMB26,827 millionnote for the year, up 15% year-on-year. The investment return rate continued to increase as the size of assets under management represented a year-on- year increase of 37% to RMB175,300 million, contributing to a year-on-year increase of 16% in profit attributable to parent company to RMB2,899 million. CITIC-Prudential Life successfully issued a capital supplemental bond of RMB4 billion, representing an increase of the comprehensive solvency margin ratio to 261% after the issue, through taking advantage of the low market interest rates.