China Citic Bank Records Strong Net Interest Margin Expansion, Weakened Loan Quality in 2018
No-moat China Citic Bank’s 2018 results were largely in line with our expectation, with growth in total revenue steady at 5.2% and net profit growth narrowing to 4.6% versus 5.9% for the first three quarters. The deceleration in net profit growth was primarily attributable to increased provision expense in the fourth quarter. We retain our fair value estimates of CNY 4.80 for the A shares and HKD 5.40 for the H shares. Trading at 0.5 times forward price/book value for H shares, the low end of th...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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