Revenue by nature
In 2024, the Group’s total revenue amounted to RMB752,870 million, an increase of RMB72,038 million year-on-year, representing an increase of 10.6%. Among this, sales revenue increased by RMB61,636 million year-on-year, up 14.8%, primarily due to the consolidation of Nanjing Steel’s financial statements for 11 months compared to last year. Other income grew by 24.5% year-on-year, mainly driven by increased income from other non-interest income by CITIC Bank and CITIC Securities’ proprietary business.
| Year ended 31 December | Increase/(Decrease) | |||
|---|---|---|---|---|
| RMB million | 2024 | 2023 | Amount | % |
| Net interest income | 148,373 | 148,519 | (146) | (0.1%) |
| Net fee and commission income | 59,093 | 61,590 | (2,497) | (4.1%) |
| Sales of goods and services | 479,216 | 417,580 | 61,636 | 14.8% |
| – Sales of goods | 433,301 | 372,072 | 61,229 | 16.5% |
| – Revenue from construction contracts | 15,918 | 16,356 | (438) | (2.7%) |
| – Revenue from other services | 29,997 | 29,152 | 845 | 2.9% |
| Other revenue | 66,188 | 53,143 | 13,045 | 24.5% |
In 2024, the Group’s other operating expenses were RMB136,292 million, an increase of RMB9,866 million year-on-year, up 7.8%. This rise was primarily due to the consolidation of Nanjing Steel, increased investments in science and technology as well as increased IT expenses.
Expected credit losses and other impairment losses
In 2024, the Group recorded credit losses and asset impairment losses of RMB61,410 million, a decrease of RMB8,800 million, or 12.5% year-on-year. CITIC Bank provided a provision of RMB61,113 million, mainly from expected credit losses on its loans and advances to customers.
Net finance charges
In 2024, the finance costs of the Group amounted to RMB13,341 million, a year-on-year increase of RMB1,169 million, or 9.6%, mainly due to higher borrowing interest expenses. The finance income of the Group amounted to RMB2,235 million, a year-on-year increase of RMB403 million, or 22.0%, mainly due to the increase in interest income from bank deposits.
Income tax
In 2024, income tax of the Group was RMB24,902 million, an increase of RMB6,889 million, or 38.2%, as compared with last year. This rise was attributed not only to the growth in profit before tax, but also to an increase in non-deductible write-off losses for CITIC Bank.
Note:： CITIC Limited and its subsidiaries are collectively referred to as “the Group“