Curious about China CITIC Bank net worth in 2024? Join Ando Money as we dive into the financial details of one of the top-ranking global banks and uncover its market cap and performance.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | China CITIC Bank |
| Full Name | China CITIC Bank Corporation Limited |
| Traded as | SEHK: 998, SSE: 601998 |
| ISIN | CNE1000001Q4 |
| Founded | 1987 |
| Founders | CITIC Group |
| Country/Territory | China |
| Headquarters | Beijing, China |
| Chief Executive Officer | Sun Deshun |
| Number of Employees | 66,891 |
| Market Cap | $43.45 billion |
| Total Assets | $1,300 trillion |
| Total equity | $38.70 billion (280.90 billion RMB) |
| Revenue | $1.90 billion (Q1 2024) |
| Net Income | $0.68 billion (Q1 2024) |
What is the Net Worth/ Market Cap of China CITIC Bank in 2024?
The market cap of China CITIC Bank in 2024 stands at $43.45 billion (315.05 billion RMB). This positions the bank as a significant player in the Chinese financial sector.
To provide some context, China Merchants Bank boasts a market cap of $117.22 billion, Industrial Bank (China) has $50.93 billion, and China Construction Bank holds $166.19 billion.
Clearly, China CITIC Bank has a strong standing, though it remains behind the largest competitors in terms of market capitalization.
China CITIC Bank Financial Performance Overview
China CITIC has shown robust financial performance, even amidst the volatile global financial landscape. Below is a detailed analysis of various aspects of its financial performance.
Financial Reports
The latest financial reports highlight the operating revenue of 13.75 billion RMB ($1.90 billion) for the first quarter of 2024.
The net profit attributable to owners of the parent amounted to 4.96 billion RMB ($0.68 billion). These figures indicate a strong start to the year, despite the challenges faced by the banking sector globally.
Revenue and Profit Analysis
The bank’s revenue has seen a decrease of 10.38% compared to the previous period, reflecting the broader economic pressures.
However, the net profit only fell by 8.47%, suggesting effective cost management and strategic investments that have cushioned the impact on the bottom line.
Asset Breakdown
China CITIC‘s assets total 1.567 trillion RMB ($215.80 billion). The major asset categories include financial assets held for trading, other debt instruments, and long-term equity investments.
The international operations, with branches in major cities like Hong Kong, Macau, New York, Los Angeles, Singapore, and London, significantly contribute to the bank’s asset base and financial stability.
Equity and Liabilities
The equity attributable to owners stands at 280.90 billion RMB ($38.70 billion), while total liabilities amount to 1.281 trillion RMB ($176.51 billion).
The bank’s approach to managing its liabilities and leveraging debt financing has been crucial in maintaining a balanced and healthy financial position.
The issuance of several tranches of bonds in 2024 is a testament to its proactive financial strategy.
Investment and Shareholder Information
Significant shareholders include BBVA, a major foreign investor, and Guangzhou Yuexiu Capital Holdings.
The bank’s investment strategies have been pivotal in driving profits. Notably, the investment income for the first quarter of 2024 was 2.28 billion RMB ($0.31 billion).
This highlights the bank’s ability to generate returns from its diverse investment portfolio.
Influence of External Factors
The bank’s performance is influenced by the broader economic environment and regulatory changes.
Government policies in China, such as the financial sector reforms and economic stimulus measures, play a critical role.
Additionally, the fluctuations in global financial markets impact the bank’s international operations and investment returns.
Future Projections
Looking ahead, China CITIC Bank has laid out growth strategies aimed at expanding its market share and enhancing its financial performance.
The bank’s future plans include further digitalization of its services, expanding its international footprint, and diversifying its investment portfolio.
However, potential challenges such as economic downturns and regulatory changes pose risks that the bank needs to navigate carefully.
FAQs about China CITIC Bank
What is China CITIC Bank?
China CITIC is a major commercial bank in China. Founded in 1987, it provides a broad range of financial services.
It has a significant impact on the Chinese banking sector, known for its strong domestic and international presence.
What services does the bank offer?
It offers a wide variety of services. These include personal banking, corporate banking, investment banking, and asset management.
What is China CITIC Bank’s international presence?
It operates extensively both domestically and globally. It has over 600 branches in China and many international branches, including in Hong Kong, Singapore, and the United States.
How does the bank prioritize innovation and technology?
CITIC Bank is dedicated to innovation and technology. The bank adopts new technologies to enhance services and improve efficiency.
It is actively involved in digital transformation, offering advanced online and mobile banking platforms.
What is the significance of China CITIC Bank in the Belt and Road Initiative?
The bank plays a key role in the Belt and Road Initiative. It finances and supports infrastructure projects along the Belt and Road routes, contributing to economic development and regional cooperation.
What are the corporate social responsibility (CSR) initiatives of China CITIC Bank?
China CITIC is committed to various CSR initiatives. These include environmental protection, poverty alleviation, and community development.
The bank aims to positively impact society through these programs.
How does China CITIC Bank manage risk?
Risk management is a priority for China CITIC. It has stringent risk control mechanisms and rigorous risk assessment procedures to ensure operational stability and security.
What is the corporate governance framework of the bank?
The bank emphasizes corporate governance. It practices transparent and ethical business operations, ensuring accountability and fostering trust among shareholders, customers, and stakeholders.
Conclusion
Stay informed about China CITIC Bank’s financial health and market position. Visit andomoney.com for the latest insights and comprehensive analysis on its net worth.
