CITIC Bank Research and Analysis Report (2025 Annual Report)

I. Profitability Performance
In 2025, operating revenue reached 212.475 billion yuan, down 0.55% year-over-year; net profit attributable to parent company reached 70.618 billion yuan, up 2.98% year-over-year, marking 22 consecutive years of profit growth. Net interest income was 144.469 billion yuan, down 1.51% year-over-year; net non-interest income was 68.006 billion yuan, up 1.55% year-over-year, with ratio increasing to 32%. Profit growth was primarily supported by cost control, risk provision optimization, and non-interest income. Weighted average ROE was 9.39%, with slight year-over-year decline.

II. Scale and Asset Quality
Total assets reached 10.13 trillion yuan, up 6.28% year-over-year, entering the tier of trillion-yuan-scale joint-stock banks. Non-performing loan ratio was 1.15%, declining for 7 consecutive years; provision coverage ratio was 203.61%, with adequate risk coverage. Net interest margin was 1.63%, narrowing 0.14 percentage points year-over-year, with narrowing pace slowing quarter-over-quarter.

III. Business Structure
Formed a balanced landscape across corporate banking, retail, and financial markets, with revenue contribution ratio approximately 4:4:2. Corporate banking is the traditional strength, covering most central enterprises and leading companies; retail AUM is steadily increasing, with credit cards and wealth management contributing stably; financial markets business profit accounts for over 32%, becoming a key profit growth driver. Leveraging synergies with CITIC Group, cross-border finance and supply chain finance possess differentiated advantages.

IV. Core Strengths and Pressures
Strengths: Solid scale barriers, excellent asset quality, strong group synergies, adequate non-interest income resilience, increased dividend payout ratio.
Pressures: Continued industry margin compression, weak revenue growth, intensified retail competition, interest rate liberalization and economic fluctuations creating operational challenges.

V. Research Summary
The bank demonstrates outstanding profit resilience, stable asset quality, and synchronized scale and structural optimization, with relatively strong counter-cyclical capability among joint-stock banks. Near-term revenue pressure and margin compression are primary constraints, while mid-to-long-term highlights include retail deepening, non-interest expansion, and cost efficiency improvement.