China Citic Bank Recorded Strong Revenue Rebound, Raised FVE on Higher Fee Income Growth Expectation
While no-moat China Citic Bank, or Citic’s, 8.6% net profit growth in the first quarter were on track to meet our expectation for a 6.6% growth for the full year of 2019, we’re surprised by the strong 20% year-on-year growth in total revenue and 48% growth in fee income, significantly up from the 5% growth and the 3.6% decline, respectively, in 2018. Core earnings as measured by preprovision operating profits, or PPOP surged 24% versus 4% in 2018, the fastest growth since 2016. We believe this w...China CITIC Bank is a commercial banking group based in the People's Republic of China. Co. is engaged in the provision of corporate and personal banking services, conducting treasury business, the provision of asset management, finance leasing and other non-banking financial services. Co.'s business operations are organized into three main segments: corporate banking, personal banking and treasury business. As of Dec 31 2010, Co. had total assets of RMB 2,081,314,000,000 and total deposits of RMB 1,730,816,000,000, with 1,235 self-service banking centers and 4,193 self-service terminals (ATMs, CDM and CRS).
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