报告名称：China CITIC Bank Alert(00998.HK)Takeaways from FY15 analyst briefing
报告类型：港股研究
报告日期：2016-03-30
研究机构：德意志银行
股票名称：中信银行
股票代码：601998,00998
页数：1
简介：During the FY15 analyst briefing, CITIC Bank’s management elaborated onthree themes: retail banking development, risks associated with receivableinvestments and asset expansion.
A strong retail bank
CITIC Bank’s retail banking segment has become stronger. Retail bankingrevenue grew 35% yoy to account for 23% of group revenue in 2015. In 2016,the bank aims to allocate nearly 60% of new loans to retail banking customers,equivalent to 25% yoy growth in retail loan balance. A key highlight in retailbanking is its credit card business, which showed strong momentum andcontributed 30% of the group’s fee income. CITIC Bank has been cooperatingwith high-quality tech companies, e.g. JD, Xiaomi and Huawei, on credit cardbusiness. While the regulator lowered the credit card fees charged tomerchants, the bank estimates that the direct impact should be just c.0.2% ofnet profit.
Receivable investments – expecting more provisions in 2016
The bank receivable investments rose 70% yoy to Rmb1.11tr, or 22% of totalassets. Management detailed the underlying asset breakdown: 26% creditassets, most of which were extended to LGFVs or local government-ledprojects; 38% bill assets; 27% interbank certificates of deposits. The bankcharged provisions equivalent to 40bps of average credit assets underreceivable investments, and it aims to set aside more provisions in 2016. As ofnow, the receivable investment assets have recorded a very low NPL ratio.Elsewhere, total AUM of WMP issued by the bank amounted to Rmb854bn in2015, up 66% yoy.
Asset expansion and asset quality
If measured by total credit, which includes loans, on-B/S credit-type receivableinvestment and off-B/S credit-type WMP, the bank’s total credit grew 20% yoyin 2015 and management expects total credit growth to slow to 18-19% yoy in2016. Management also expects asset quality to continue to weaken, withNPLs mostly generated from the wholesale and retail trade sectors.

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