0998
2
4
6
6
6
23
35
54
54
55
59
61
63
70
150
153
156
2012 1–6 2011 1–6 (%)
44,243 35,335 25.21
25,876 20,326 27.30
19,373 15,024 28.95
(75,551) 7,491 –
0.41 0.37 10.81
0.41 0.37 10.81
(1.61) 0.19 –
2011
2012 1–6 2011 1–6
ROAA 1.38% 1.41% (0.03)
ROAE 21.38% 23.54% (2.16)
28.48% 30.36% (1.88)
0.33% 0.29% 0.04
2.68% 2.76% (0.08)
2.89% 2.89% –
2012 2011
6 30 12 31 (%)
2,916,365 2,765,881 5.44
1,535,352 1,434,037 7.07
2,723,885 2,587,100 5.29
2,188,820 1,968,051 11.22
187,892 174,496 7.68
4.02 3.73 7.68
2
2012 2011 (%)
6 30 12 31
1,525,959 1,425,496 7.05
9,393 8,541 9.98
25,660 23,258 10.33
0.61% 0.60% 0.01
273.18% 272.31% 0.87
1.67% 1.62% 0.05
2012 2011
6 30 12 31
13.44% 12.27% 1.17
10.05% 9.91% 0.14
6.60% 6.46% 0.14
3
CHINA CITIC BANK CORPORATION LIMITED CNCB
ACS ACIS
MPA CPA
8 C
100027
bank.ecitic.com
+86-10-65558000
+86-10-65550809
ir_cncb@citicbank.com
1 28
A
www.sse.com.cn
H
www.hkexnews.hk
4
1 2 8
100738
10 8
A
166 36
H
183 46
A 601998
H 00998
1987 4 20
2012 7 5
100000000006002
B0006H111000001
110105101690725
10169072-5
5
2012
227,098 7.8% 150,710
20.4% 98,222 14.4%
2012 7.78 135
2012 6 (M2) 92.50 13.6% (M1) 28.75
4.7% 63.33 15.9% 59.64
16.0% 4.86 6,833 90.88
13.2% 88.31 12.3%
2012
2012
193.73 28.95% 369.29
23.90% 2.89% 73.14
32.28%
29,163.65 5.44% 15,353.52
7.07% 27,238.85 5.29%
21,888.20 11.22%
93.93 8.52 0.61%
0.01 273.18% 0.87
6
2012 2011
1-6 1-6 (%)
36,929 29,806 7,123 23.90
7,314 5,529 1,785 32.28
44,243 35,335 8,908 25.21
(15,858) (13,159) 2,699 20.51
(2,524) (1,929) 595 30.84
25,876 20,326 5,550 27.30
(6,291) (5,053) 1,238 24.50
19,585 15,273 4,312 28.23
19,373 15,024 4,349 28.95
212 249 (37) (14.86)
369.29 71.23 23.90%
2012 1-6 2011 1-6 2011
(%) (%) (%)
1,466,465 50,199 6.88 1,306,515 37,310 5.76 1,343,708 82,234 6.12
269,371 4,778 3.57 241,537 3,510 2.93 237,823 7,636 3.21
375,666 2,941 1.57 278,531 2,022 1.46 298,864 4,425 1.48
339,001 7,857 4.66 133,625 2,064 3.11 188,459 7,528 3.99
117,448 2,561 4.38 116,093 2,700 4.69 98,934 4,796 4.85
(1)
– 1 – – 10 – – 4 –
2,567,951 68,337 5.35 2,076,301 47,616 4.62 2,167,788 106,623 4.92
1,951,002 22,332 2.30 1,708,604 13,992 1.65 1,761,117 32,450 1.84
354,004 8,017 4.55 171,605 2,835 3.33 194,295 7,247 3.73
18,206 405 4.47 5,840 127 4.39 10,420 474 4.55
(2)
38,157 654 3.45 46,127 856 3.74 36,964 1,346 3.64
2,361,369 31,408 2.67 1,932,176 17,810 1.86 2,002,796 41,517 2.07
36,929 29,806 65,106
(3)
2.68 2.76 2.85
(4)
2.89 2.89 3.00
(1)
(2)
(3)
(4)
7
2012 1-6 2011 1-6
4,569 8,320 12,889
404 864 1,268
703 216 919
3,167 2,626 5,793
32 (171) (139)
– (9) (9)
8,875 11,846 20,721
1,983 6,357 8,340
3,012 2,170 5,182
269 9 278
(148) (54) (202)
5,116 8,482 13,598
3,759 3,364 7,123
2.89% 2.68% 0.08
(1)
(2)
(3)
683.37 207.21 43.52%
2011
20,763.01 2012 25,679.51 4,916.50 23.68%
2011 4.62% 2012 5.35% 0.73
2012 2011
73.46% 78.36%
8
2012 1-6 2011 1-6 2011
(%) (%) (%)
768,120 28,422 7.44 640,542 19,698 6.20 666,517 44,578 6.69
698,345 21,777 6.27 665,973 17,612 5.33 677,191 37,656 5.56
1,466,465 50,199 6.88 1,306,515 37,310 5.76 1,343,708 82,234 6.12
2012 1-6 2011 1-6 2011
(%) (%) (%)
754,404 27,984 7.46 629,539 19,522 6.25 656,320 44,181 6.73
634,011 20,867 6.62 597,957 16,767 5.65 608,977 35,857 5.89
1,388,415 48,851 7.08 1,227,496 36,289 5.96 1,265,297 80,038 6.33
2012 1-6 2011 1-6 2011
(%) (%) (%)
1,138,227 39,280 6.94 1,036,691 29,879 5.81 1,059,306 65,557 6.19
52,443 2,260 8.67 43,091 1,373 6.43 44,645 3,405 7.63
275,795 8,659 6.31 226,733 6,058 5.39 239,757 13,272 5.54
1,466,465 50,199 6.88 1,306,515 37,310 5.76 1,343,708 82,234 6.12
2012 1-6 2011 1-6 2011
(%) (%) (%)
1,079,045 38,316 7.14 975,346 29,184 6.03 998,702 64,028 6.41
48,132 2,149 8.98 40,287 1,319 6.60 41,467 3,273 7.89
261,238 8,386 6.46 211,863 5,786 5.51 225,128 12,737 5.66
1,338,415 48,851 7.08 1,227,496 36,289 5.96 1,265,297 80,038 6.33
9
501.99 128.89 34.55%
488.51 125.62 34.62%
1.12 1,609.19
(1) (2)
47.78 12.68 36.13%
29.41 9.19 45.45%
971.35
34.87% 2011
1.46% 2012 1.57%
78.57 57.93
280.67% 1.55 2,053.76
25.61 1.39
0.31
314.08 135.98 76.35%
2011 19,321.76 2012 23,613.69
4,291.93 22.21% 2011 1.86% 2012
2.67% 0.81
2012 2011
71.10% 78.56%
10
2012 1-6 2011 1-6 2011
(%) (%) (%)
901,257 15,631 3.49 729,199 9,190 2.54 762,992 21,233 2.78
723,071 2,841 0.79 700,594 2,463 0.71 709,800 5,328 0.75
1,624,328 18,472 2.29 1,429,793 11,653 1.64 1,472,792 26,561 1.80
244,007 3,680 3.03 200,937 2,188 2.20 211,280 5,568 2.64
82,667 180 0.44 77,874 151 0.39 77,045 321 0.42
326,674 3,860 2.38 278,811 2,339 1.69 288,325 5,889 2.04
1,951,002 22,332 2.30 1,708,604 13,992 1.65 1,761,117 32,450 1.84
2012 1-6 2011 1-6 2011
(%) (%) (%)
853,258 15,197 3.58 684,949 9,024 2.66 718,757 20,767 2.89
706,972 2,832 0.81 684,668 2,455 0.72 692,926 5,310 0.77
1,560,230 18,029 2.32 1,369,617 11,479 1.69 1,411,683 26,077 1.85
217,799 3,370 3.11 181,122 2,009 2.24 188,359 5,125 2.72
69,420 167 0.48 62,330 135 0.44 62,895 290 0.46
287,219 3,537 2.48 243,452 2,144 1.78 251,254 5,415 2.16
1,847,449 21,566 2.35 1,613,069 13,623 1.70 1,662,937 31,492 1.89
223.32 83.40 59.61%
215.66 79.43 58.31%
2,343.80 0.65
(1) 2010 10 2011 7
2012 6 8 (2)
2011 53.69% 2012 57.97%
80.17 51.82
182.79% 3.33% 4.55%
1,823.99
11
6.54 2.02
73.14 17.85 32.28%
16.53% 0.88
2012 2011
1-6 1-6 (%)
5,405 3,898 1,507 38.66
1,540 1,029 511 49.66
115 110 5 4.55
– (1) 1 –
254 493 (239) (48.48)
7,314 5,529 1,785 32.28
54.05 15.07 38.66%
58.17 38.11%
2012 2011
1-6 1-6 (%)
1,624 942 682 72.40
1,506 1,324 182 13.75
1,446 819 627 76.56
465 319 146 45.77
280 262 18 6.87
263 392 (129) (32.91)
229 150 79 52.67
4 4 – –
5,817 4,212 1,605 38.11
(412) (314) 98 31.21
5,405 3,898 1,507 38.66
12
2012 2011
1-6 1-6 (%)
757 909 (152) (16.72)
574 115 459 399.13
208 2 206 –
– 1 (1) –
1 2 (1) (50.00)
1,540 1,029 511 49.66
15.40 5.11 49.66%
2012 2011
1-6 1-6 (%)
2,447 1,916 531 27.71
85 51 34 66.67
(8) (38) 30 –
2,524 1,929 595 30.84
25.24 5.95
24.47 5.31
2012 2011
1-6 1-6 (%)
7,105 6,036 1,069 17.71
2,228 1,886 342 18.13
3,268 2,805 463 16.51
12,601 10,727 1,874 17.47
3,257 2,432 825 33.92
15,858 13,159 2,699 20.51
35.84% 37.24% 1.40
28.48% 30.36% 1.88
13
158.58 26.99 20.51% (1)
(2)
28.48% 1.88
62.91 12.38 24.50%
24.31% 2011 24.86% 0.55
2012 6 30 2011 12 31
(%) (%)
1,535,352 – 1,434,037 –
1,165,479 – 1,116,389 –
76,823 – 49,451 –
293,050 – 268,197 –
(25,660) – (23,258) –
1,509,692 51.8 1,410,779 51.0
(1)
319,149 10.9 253,388 9.2
379,044 13.0 366,391 13.2
444,365 15.2 537,539 19.4
225,462 7.7 162,211 5.9
(2)
38,653 1.4 35,573 1.3
2,916,365 100.0 2,765,881 100.0
2,188,820 80.4 1,968,051 76.1
1,811,434 66.5 1,622,087 62.7
377,386 13.9 345,964 13.4
431,309 15.8 540,222 20.9
5,084 0.2 9,806 0.4
54,022 2.0 33,730 1.3
(3)
44,650 1.6 35,291 1.3
2,723,885 100.0 2,587,100 100.0
(1)
(2)
(3)
51.8%
14
2012 6 30 2011 12 31
(%) (%)
127,401 39.9 108,468 42.8
164,809 51.6 126,875 50.1
15,528 4.9 8,188 3.2
307,738 96.4 243,531 96.1
5,695 1.8 5,706 2.3
2 2
5,697 1.8 5,708 2.3
177 171
2,210 0.7 2,212 0.9
2,387 0.7 2,383 0.9
3,327 1.1 1,766 0.7
319,149 100.0 253,388 100.0
700 692
3,077.38 642.07 26.37%
2012 6 30 2011 12 31
(%) (%)
108,336 35.2 47,974 19.7
60,110 19.5 62,150 25.5
25,339 8.2 26,860 11.0
23,600 7.7 39,709 16.3
48 75
90,305 29.4 66,763 27.5
307,738 100.0 243,531 100.0
2012 6 30 2011 12 31
(%) (%)
290,321 94.3 224,976 92.4
17,417 5.7 18,555 7.6
307,738 100.0 243,531 100.0
15
37.24 235.52 14.00
37.59% 0.45
0.68 4.28 0.45
66.18%
(%)
1 4,052 2013-4-23 3.45
2 4,000 2017-2-28 4.20
3 3,077 2017-4-23 4.11
4 3,013 2015-2-20 4.26
5 2,646 2019-4-23 4.32
6 2,430 2015-12-7 4.27
7 2,212 2017-5-6 3.83
8 2,152 2022-4-23 4.44
9 2,000 2017-3-14 4.45
10 1,942 2022-6-18 4.24
27,524
2012 2011
6 30 12 31
440 350
(1)
(13) 181
– (11)
(2)
1 (80)
428 440
(1)
(2)
2012 2011
6 30 12 31
294 303
134 137
428 440
16
2012 6 30 2011 12 31
232,597 1,497 1,098 200,104 1,627 1,314
506,256 3,430 2,403 404,074 3,036 2,438
1,047 4 11 1,050 19 11
– – – 15 1 1
739,900 4,931 3,512 605,243 4,683 3,764
2011 2012
12 31 6 30
3,566 50,199 (49,980) 3,785
3,515 4,778 (3,897) 4,396
3,026 13,360 (13,104) 3,282
10,107 68,337 (66,981) 11,463
(56) (31) 3 (84)
10,051 68,306 (66,978) 11,379
2012 6 30 2011 12 31
433 404
22 34
(155) (137)
(18) (24)
282 277
17
2012 6 30 2011 12 31
(%) (%)
814,590 37.2 787,052 40.0
996,844 45.6 835,035 42.4
100,096 4.6 69,866 3.6
1,811,434 82.8 1,622,087 82.4
101,920 4.7 91,762 4.7
275,466 12.5 254,202 12.9
377,386 17.2 345,964 17.6
2,188,820 100.0 1,968,051 100.0
21,888.20 2,207.69
11.22%
2012 6 30 2011 12 31
(%) (%)
799,300 38.3 770,384 41.3
948,541 45.5 787,775 42.2
99,340 4.8 69,240 3.7
1,747,841 83.8 1,558,159 83.5
87,489 4.2 79,753 4.3
250,019 12.0 227,309 12.2
337,508 16.2 307,062 16.5
2,085,349 100.0 1,865,221 100.0
20,853.49 2,201.28 11.80%
1,896.82 2011 692.40 2012 6
30 993.40 301 43.47%
304.46 9.92%
18
2012 6 30 2011 12 31
(%) (%)
1,975,478 90.3 1,816,875 92.3
213,342 9.7 151,176 7.7
2,188,820 100.0 1,968,051 100.0
2012 6 30 2011 12 31
(%) (%)
602,169 27.5 538,762 27.4
573,239 26.2 505,692 25.7
291,631 13.3 278,346 14.1
302,954 13.8 257,689 13.1
253,370 11.6 227,366 11.6
62,492 2.9 57,160 2.9
102,965 4.7 103,036 5.2
2,188,820 100.0 1,968,051 100.0
3 3-12 1-5 5
(%) (%) (%) (%) (%) (%)
885,951 40.5 376,690 17.2 397,687 18.2 143,966 6.6 7,140 0.3 1,811,434 82.8
168,561 7.7 98,820 4.5 81,771 3.7 28,222 1.3 12 – 377,386 17.2
1,054,512 48.2 475,510 21.7 479,458 21.9 172,188 7.9 7,152 0.3 2,188,820 100.0
3 3-12 1-5 5
(%) (%) (%) (%) (%) (%)
870,660 41.7 339,779 16.3 387,341 18.6 142,921 6.9 7,140 0.3 1,747,841 83.8
154,119 7.5 79,790 3.8 75,646 3.6 27,941 1.3 12 – 337,508 16.2
1,024,779 49.2 419,569 20.1 462,987 22.2 170,862 8.2 7,152 0.3 2,085,349 100.0
19
2012 6 30 2011 12 31
617,074 503,666
76,786 64,534
247,871 244,312
110,146 95,218
65,227 60,937
1,117,104 968,667
8,383 8,260
734 1,438
5,495 11,637
1,131,716 990,002
(%)
(1)
(%) 2012 6 30 2011 12 31 2010 12 31
25 62.15 60.89 59.11
25 59.23 58.97 56.75
25 92.62 96.55 68.68
(2)
75 70.07 72.97 72.83
75 72.23 73.26 73.31
75 37.69 65.44 60.42
(1)
(2)
(1) (2)
(3)
(4)
20
2012
2012 6
200
2012 6 8
13.44% 10.05% 1.17
0.14
2012 6 30 2011 12 31 2010 12 31
250,611 214,002 160,928
186,393 171,534 119,166
64,218 42,468 41,762
4,191 4,134 4,314
246,420 209,868 156,614
184,294 169,466 116,988
1,822,617 1,702,165 1,385,262
850 696 –
10.05% 9.91% 8.45%
13.44% 12.27% 11.31%
2011
21
30%
2012 6
(%)
5,405 38.66
1,540 49.66
254 (48.48)
2,524 30.84
20 –
15,530 89.62
225,462 38.99
5,084 (48.15)
54,022 60.16
12,122 141.67 2011
970 353.27
212.14
81.21% 12.93 4.95%
36.16 13.84%
185.48 71.68%
64.98 25.11% 8.30
22
2012
17,478.41
12.17% 11,792.74 6.87%
37.15 34.07%
29.7 1.3 17,478.41
12.17% 4,606.5 12.5%
26.36% 993.4 43.47% 5.68%
11,792.74 6.87%
11,066.44 4.59%
3,773 976 1,809
16.9% 1,007.5 20%
23
6.5
5.2
B2B E 3.0
2,200 263 13,478 1,672
64,628 53.3%
1,127.85 6.24%
628.1
17.7%
14.7 49.9%
13.58% 24.79%
14.17%
2,400 14,000 15
13,478
2,200 12.54
10.05
2,000 1,937 11,806 12,000 10
1,600 10,000 5
1,200 8,000 0
2011 12 2012 6 2011 2012
1-6 1-6
24
560.03 61.28% 948.84
19.58% 12.54 24.79%
70.36% 57.6% 52.87%
+
1
20,781 2,204
3,641.17 461.89 14.53% 1,620.69
14.64% 249.00 18.15%
6.81 0.42% 0.15
24.73% 23.75%
50%
4,000 4,431.96
32.81% 192.86 46.89
32.12% 2.29 52.67%
18.15% 32.81%
443,196
180,000 450,000
162,069
333,744
137,169
140,000 325,000
100,000 200,000
60,000 75,000
2011 12 2012 6 2011 12 2012 6
1
2,000 2
25
2011
60 4,098
881 27.39% 1,812.17 432.52
31.35% 718.28 464.19
24.25 5.51% 8,209.27 1,513.54
22.60%
3,375.08
9.92% 2,785.52 9.72% 2,279.89
7.65% 61.72 18.46%
14.42%
1
3,375.08
9.92% 5,451.41 12.44%
2,321.62 6.61%
1,716.59 1.12%
379.61 35.84% 103.11 17.32%
18.46% 64.29%
7,500 1,200 1,157
6,172
5,210
5,000 800 704
2,500 400
0 0
2011 6 2012 6 2011 6 2012 6
1
26
4.29 0.84
0.18% 0.02
50 199,224 21,064 11.82%
3,357.49 61.94% 483.84
84.44%
29,751
8,137 19.65 43.88%
3.21 49.65 64
477 41 1,077.82
0.22%
23.78% 26.61%
55 4,000
49.65 3,357.49
45 3,000
42.05 2,651.92
35 2,000
25 1,000
2011 12 2012 6 2011 12 2012 6
27
1,557 23%
1,157 64% 414.25 29.85%
i
2012
ICMI
2012
MOT 2012
GDP
-
37.39
8.73% 10.40 15.96%
28
148
89 18
3,450.93 52.93%
15.83% 11.65%
29
785.07
1,044.02
609.46
4,348.44 2,367
4,081.16 638 2,884.98 70.69%
1,729 1,196.18 29.31% 86.80
180.48 30.48
1,920.26 358.75
22.97% 1,361 1,548.95
489 1,010.18 65.22% 872
538.77 34.78% 131.29
240.02
30
52 5 10
2,100
4,540
731.13
0.93
PE 13.4
109.11
501.75
8,682.15
BBVA
5,000 BBVA
IBU
IT BBVA
31
BBVA
BBVA
BBVA
BBVA 163
46.15
BBVA
BBVA
26 2 23 2
8 2012
1 9 98 799
36 56 707
32
1,413 5,018
5.84% 5.89%
WAP HTML Windows Phone 7
531,684 459,442
635.98% 8.32 6.23 3.76
6.5 B2B
24
3.4 50.8%
215.98 36.23% 47.7% 7.66
72,447 20,996 62.24% 7.06
32
33.04% 6.09 81.42
652.13 14.27% 2414.20 1.45
1.66 1.48 5.26 130.85
1.81 2.85 39.32 1844.70
2.53 1.51
e
3.0 2012 4
673.48 35.02 44.98%
29.56% 274.43 5.8 0.23
7.03
95558
CC
1,906 98.87%
92.38% 144.72
40.68
IT
(NRWA)
33
BBVA 70.32% 29.68%
1,730.25 8.78
BBVA
18.7 3.5%
0.52% 0.23
41
95% 5% 2,500
11.22
1,311 46.18%
2012 1 9
2 51% 13 49%
5.30 4.07
34
2011
35
WCS
MOT
36
2007
KMV 2007 6
2011
2012
2012
IT
2012
9 2012 2013
2012
(NRWA) IT
ICAAP
37
15,353.52 1,013.15 7.07%
66.33% 315.40 8.40%
1.33
176.58 129.24 9.43%
7.31% 2.37 0.24
38
2012 6 30 2011 12 31
(%) (%)
407,175 26.52 375,635 26.19
( )
404,221 26.33 379,024 26.43
206,894 13.48 196,103 13.68
204,859 13.34 187,201 13.05
189,803 12.36 176,879 12.33
48,796 3.18 46,425 3.24
73,604 4.79 72,770 5.08
1,535,352 100.00 1,434,037 100.00
2012 6 30 2011 12 31
(%) (%)
405,127 27.79 373,731 27.54
( )
403,323 27.67 378,142 27.86
205,918 14.13 194,949 14.36
204,859 14.05 187,201 13.79
189,803 13.02 176,879 13.03
48,796 3.34 46,425 3.42
1,457,826 100.00 1,357,327 100.00
11,654.79 490.90
4.40% 19.09% 248.53
9.27% 2.2 768.23 273.72
55.35%
2012 6 30 2011 12 31
(%) (%)
1,165,479 75.91 1,116,389 78.49
293,050 19.09 268,197 17.11
76,823 5.00 49,451 4.40
1,535,352 100.00 1,434,037 100.00
39
2012 6 30 2011 12 31
(%) (%)
1,106,644 75.91 1,058,128 77.96
278,552 19.11 253,867 18.7
72,630 4.98 45,332 3.34
1,457,826 100.00 1,357,327 100.00
2,930.50 248.53
9.27% 416.58 29.64% 20.38
708.08 23.84%
14.58
2012 6 30 2011 12 31
(%) (%)
180,584 61.62 178,888 66.7
41,658 14.22 32,133 11.98
70,808 24.16 57,176 21.32
293,050 100.00 268,197 100.00
2012 6 30 2011 12 31
(%) (%)
171,659 61.63 169,763 66.87
41,425 14.87 31,903 12.57
65,468 23.5 52,201 20.56
278,552 100.00 253,867 100.00
11,654.79 490.90
4.40%
67.64% 3,249.67 1,945.93 1,355.33 1,332.59
231.52 7.67%
174.72 9.86%; 134.22 10.99%
40
107.03 77.84 52.01
13.38% 11.09% 24.60%
2012 6 30 2011 12 31
(%) (%)
324,967 27.88 301,815 27.03
133,259 11.43 125,457 11.24
69,267 5.94 79,970 7.16
194,593 16.70 177,121 15.87
135,533 11.63 122,111 10.94
62,397 5.36 70,181 6.29
53,748 4.61 50,495 4.52
62,965 5.40 58,734 5.26
15,937 1.37 21,138 1.89
112,813 9.68 109,367 9.80
1,165,479 100.00 1,116,389 100.00
2012 2011
2012 6 30 2011 12 31
(%) (%)
319,392 28.86 295,684 27.94
131,213 11.86 123,333 11.66
68,854 6.22 79,584 7.52
187,134 16.91 171,650 16.22
123,935 11.20 111,028 10.5
62,397 5.64 70,181 6.63
53,580 4.84 50,376 4.76
62,695 5.67 58,535 5.53
15,937 1.44 21,063 1.99
81,507 7.36 76,694 7.25
1,106,644 100.00 1,058,128 100.00
2012 2011
7,706.75
589.57 8.28% 50.19% 0.56
6,878.54 44.81% 2.11
150.5
41
2012 6 30 2011 12 31
(%) (%)
314,565 20.49 329,615 22.98
373,289 24.32 343,253 23.94
562,431 36.63 523,632 36.51
208,244 13.56 188,086 13.12
1,458,529 95.00 1,384,586 96.55
76,823 5.00 49,451 3.45
1,535,352 100.00 1,434,037 100.00
2012 6 30 2011 12 31
(%) (%)
305,406 20.95 318,333 23.45
351,850 24.14 325,259 23.96
527,348 36.17 487,902 35.95
200,592 13.76 180,501 13.30
1,385,196 95.02 1,311,995 96.66
72,630 4.98 45,332 3.34
1,457,826 100.00 1,357,327 100.00
2012 6 30 2011 12 31 2010 12 31
(%) 10 2.84 3.78 5.21
(%) 50 18.63 22.12 30.01
(1) =
(2) =
2012 6 30
(%) (%)
A 7,000 0.46 2.84
B 7,000 0.46 2.84
C 6,941 0.45 2.82
D 5,030 0.33 2.04
E 4,604 0.30 1.87
F 4,196 0.27 1.70
G 3,460 0.23 1.40
H 2,657 0.17 1.08
I 2,592 0.17 1.05
J 2,428 0.16 0.99
45,908 3.00 18.63
42
459.08 3%
18.63% 3.49
2012 6 30 2011 12 31
(%) (%)
1,515,253 98.69 1,410,760 98.37
10,706 0.70 14,736 1.03
4,774 0.31 3,740 0.26
3,622 0.24 3,827 0.27
997 0.06 974 0.07
1,535,352 100.00 1,434,037 100.00
1,525,959 99.39 1,425,496 99.40
9,393 0.61 8,541 0.60
2012 6 30 2011 12 31
(%) (%)
1,439,306 98.73 1,335,852 98.42
9,527 0.65 13,502 0.99
4,707 0.32 3,486 0.26
3,303 0.23 3,529 0.26
983 0.07 958 0.07
1,457,826 100.00 1,357,327 100.00
1,448,833 99.38 1,349,354 99.41
8,993 0.62 7,973 0.59
43
2012
1,044.93 98.69% 0.32
40.30 0.33 0.70%
93.93 8.52 0.61% 0.01
10.34 0.05
3,882
2012
2012 6 30 2011 12 31 2010 12 31
(%) 0.32 1.06 0.83
(%) 4.74 6.37 5.09
(%) 0.59 8.22 28.65
(%) 3.36 2.27 7.32
(%) 0.14 0.21 0.10
2012 6 30 2011 12 31
(%) (%)
1,518,929 98.93 1,423,305 99.25
1-90 9,031 0.59 5,131 0.36
91-180 2,050 0.13 528 0.04
181 5,342 0.35 5,073 0.35
16,423 1.07 10,732 0.75
1,535,352 100.00 1,434,037 100.00
91 7,392 0.48 5,601 0.39
3,617 0.24 3,184 0.22
(1)
(2)
44
2012 6 30 2011 12 31
(%) (%)
1,442,148 98.92 1,347,890 99.3
1-90 8,629 0.59 4,195 0.31
91-180 2,025 0.14 509 0.04
181 5,024 0.35 4,733 0.35
15,678 1.08 9,437 0.70
1,457,826 100.00 1,357,327 100.00
91 7,049 0.49 5,242 0.39
2,886 0.20 2,413 0.18
(1)
(2)
0.32 3 55%
99%
2012 6 30 2011 12 31
(%) (%) (%) (%)
8,292 88.28 0.71 7,666 89.76 0.69
1,101 11.72 0.38 875 10.24 0.33
– – – – – –
9,393 100.00 0.61 8,541 100.00 0.60
2012 6 30 2011 12 31
(%) (%) (%) (%)
7,901 87.86 0.71 7,110 89.18 0.67
1,092 12.14 0.39 863 10.82 0.34
– – – – – –
8,993 100.00 0.62 7,973 100.00 0.59
6.26
0.02 2.26 0.05
45
2012 6 30 2011 12 31
(%) (%) (%) (%)
663 60.22 1.59 518 59.2 1.61
196 17.80 0.11 184 21.03 0.10
242 21.98 0.34 173 19.77 0.30
1,101 100.00 0.38 875 100.00 0.33
2012 6 30 2011 12 31
(%) (%) (%) (%)
663 60.71 1.60 518 60.02 1.62
190 17.40 0.11 175 20.28 0.10
239 21.89 0.37 170 19.70 0.33
1,092 100.00 0.39 863 100.00 0.34
2012 6 30 2011 12 31
(%) (%) (%) (%)
2,495 26.56 0.61 2,191 25.65 0.58
2,334 24.85 0.58 2,208 25.85 0.58
2,483 26.43 1.20 2,125 24.88 1.08
661 7.04 0.32 542 6.35 0.29
648 6.90 0.34 493 5.77 0.28
466 4.96 0.95 481 5.63 1.04
306 3.26 0.42 501 5.87 0.69
9,393 100.00 0.61 8,541 100.00 0.60
46
2012 6 30 2011 12 31
(%) (%) (%) (%)
2,477 27.54 0.61 2,169 27.20 0.58
2,290 25.46 0.57 2,208 27.69 0.58
2,451 27.26 1.19 2,079 26.08 1.07
661 7.35 0.32 542 6.80 0.29
648 7.21 0.34 493 6.18 0.28
466 5.18 0.95 482 6.05 1.04
8,993 100.00 0.62 7,973 100.00 0.59
3.58 3.04
0.12 0.03
2012 6 30 2011 12 31
(%) (%) (%) (%)
3,132 37.77 0.96 2,294 29.92 0.76
1,022 12.33 0.77 1,095 14.28 0.87
219 2.64 0.32 219 2.85 0.27
2,060 24.84 1.06 1,393 18.17 0.79
691 8.33 0.51 889 11.6 1.00
417 5.03 0.78 328 4.28 0.65
15 0.18 0.02 485 6.33 0.69
159 1.92 0.25 130 1.70 0.22
– – – – – –
577 6.96 0.51 833 10.87 0.76
8,292 100.00 0.71 7,666 100.00 0.69
47
2012 6 30 2011 12 31
(%) (%) (%) (%)
3,030 38.35 0.95 2,216 31.17 0.75
1,018 12.88 0.78 1,092 15.36 0.89
219 2.77 0.32 219 3.08 0.28
2,024 25.62 1.08 1,368 19.24 0.80
658 8.33 0.53 843 11.86 1.08
417 5.28 0.78 328 4.61 0.65
15 0.19 0.02 485 6.82 0.69
159 2.01 0.25 130 1.83 0.22
– – – – – –
361 4.57 0.44 429 6.03 0.56
7,901 100.00 0.71 7,110 100.00 0.67
2012
8.38 6.67
0.20 0.27
4.70 1.98
0.73 0.67 0.49 0.11
2012 2011
6 30 12 31
23,258 18,219
2,447 5,734
(101) (141)
5 (37)
(39) (683)
90 166
25,660 23,258
(1)
(2)
(3)
48
2012 2011
6 30 12 31
22,818 17,660
2,437 5,747
(98) (131)
2 (14)
– (586)
82 142
25,241 22,818
(1)
(2)
(3)
232.58 256.60
24.02
273.18% 1.67% 0.87 0.05
49
3 3 1 1 5 5
52,779 1,756,006 937,157 113,463 56,960
59,854 1,835,471 606,331 172,976 49,253
(7,075 ) (79,465 ) 330,826 (59,513 ) 7,707
3 3 1 1 5 5
55,113 1,648,635 924,515 109,358 56,955
51,599 1,754,928 583,818 171,659 45,621
3,514 (106,293 ) 340,697 (62,301 ) 11,334
21,415 3,015 (15,857) 8,573
(22,912) 9,886 15,234 2,208
(1,497) 12,901 (623) 10,781
6,619 (3,451) (6,367) (3,199)
(8,858) 3,239 5,742 123
(2,239) (212) (625) (3,076)
50
3 3 1 1 5 5
(1,012,373) 130,332 221,162 221,508 276,522 355,329 192,480
3 3 1 1 5 5
(987,135) 137,403 213,173 198,714 264,560 360,236 186,951
51
25
42
52
2012
53
2.0
2007 4 27 A 23.02 H 56.18 A H
448.36
2011 7 7 2011 8 3 A H 257.86
2012
54
(%) (%)
2,138,179,203 4.57 2,138,179,203 4.57
1. 0 0
2. 213,835,341 0.46 213,835,341 0.46
3. 0 0
0 0
0 0
4. 1,924,343,862 4.11 1,924,343,862 4.11
1,924,343,862 4.11 1,924,343,862 4.11
0 0
44,649,147,831 95.43 44,649,147,831 95.43
1. 31,691,328,716 67.73 31,691,328,716 67.73
2. 0 0
3. 12,957,819,115 27.70 12,957,819,115 27.70
4. 0 0
46,787,327,034 100.00 46,787,327,034 100.00
2012 6 30 399,678 A 357,946 H 41,732
1 A 28,938,928,294 61.85 0 0 0
2
H 7,367,658,656 15.75 0 3,273,038
3 BBVA H 7,018,099,055 15.00 1,924,343,862 0 0
4 A H 338,513,209 0.72 213,835,341 0
5 H 168,599,268 0.36 0 0
6 H 81,910,800 0.18 0 0
7 A 35,172,000 0.08 0 0
8
005L-FH002 A 34,529,412 0.08 0 -15,093,081
9
005L-CT001 A 33,030,713 0.07 0 -888,005
10 A 31,034,400 0.07 0 0
11 A 31,034,400 0.07 0 0
12 A 31,034,400 0.07 0 0
13 A 31,034,400 0.07 0 0
A H 338,513,209 2009 A 213,835,341 H
H 68,259,000 2011 A+H A 42,767,068 H
13,651,800
55
H H
H H
1 28,938,928,294 A
2 7,367,658,656 H
3 BBVA 5,093,755,193 H
4 168,599,268 H
5 124,677,868 A H
6 81,910,800 H
7 35,172,000 A
8
005L-FH002 34,529,412 A
9
005L-CT001 33,030,713 A
10 31,034,400 A
10 31,034,400 A
10 31,034,400 A
10 31,034,400 A
BBVA 1,924,343,862 1,924,343,862 (1) 2013.04.02
213,835,341 213,835,341 (2) 2013.04.28
2,138,179,203 2,138,179,203
(1) BBVA 2006 11 22 BBVA
2009 12 3 BBVA 1,924,343,862 H
2010 4 1 2010 4 1 2013 4 1
(2) 2009 6 19
[2009]94 213,835,341 0.55%
2009 12
2013 4 28
2013 4 2 1,924,343,862 213,835,341 38,819,508,713 BBVA H
2013 4 28 213,835,341 0 39,033,344,054 A
56
2012 6 30 336
(%)
(L)
BBVA 10,942,096,691 73.52 (L)
H
3,809,655,853 (S) 25.60 (S)
BBVA 24,329,608,919 (L) 91.36 (L) A
(L) (L)
7,032,455,195 47.25 H
(L) (L)
28,938,928,294 90.70 A
CITIC Limited 28,938,928,294 (L) 90.70 (L) A
732,821,000 (L) 6.32 (L)
H
732,821,000 (S) 6.32 (S)
732,821,000 (L) 6.32 (L)
H
732,821,000 (S) 6.32 (S)
732,821,000 (L) 6.32 (L)
H
732,821,000 (S) 6.32 (S)
892,920,477 (L) 5.99 (L)
JP Morgan Chase & Co. 22,344,000 (S) 0.15 (S) H
183,015,382 (P) 1.23 (P)
(L) , (S) (P)
2012 6 30 336
XV
57
A 28,938,928,294 61.85% GIL H 710
0.01% 61.85%
1979 10
1,837
2011 12 27
99.9%
0.1%
28,938,928,294 A 61.85%
GIL 710 H 28,938,929,004 61.85%
2012 8 29
100%
61.85% GIL
<0.01%
58
2012 8 29
2012 8 3,569,625 H
2011 11 2011 12
2011 2012 2
2011 12 2011 2012 2
59
2012 2
2012 5 2011
2012 5 2011 2012 5
2012 5
2012 8
2012 8
2012 8
2012 8
2012
2012 8
2012 8
2012
37,589 28,490 9,099
401 1,757
60
2011
2011
1 1 8 4
2011 2012
2011 2011 2011 2012
2011 2012
15 2 8 5
8 2011 2011
2011 2011 2012 2012
2011 2011
2012
5 2 1 2
4 2011 2011 2012
2011
61
10 1 8 1
30
3
4 2
40
62
2012 200
2012 38 2012
2012 6 21 200 AAA 5.15%
10+5 15 10
10%
2011 2012 7 18 A 2012 6 11 H
2011 0.145 67.84
2012 6 30 2011 6 30 0.055
63
56
74.41
60.31 BBVA
14.10
[2003]56
[2005]120
BBVA
A
2010 8
2012 0.50
2010 8
2012 13.543
2010 8
2011 10 2012
3
64
2010 8 2010
(1) (2) (3)
2012 480
2010 8
2012
1.17
2010 8
2012
0.826
2010 8
2012
13
42
2011 10
2012 4.4
BBVA
2011 10 BBVA BBVA
(1) (2)
(3)
2012
1.5
65
2010 8
2012
10
35
2011 10
(1)
(2) (3)
2012
3.0
3,000 102
64.21 / 49
2.76
00762 (HK) 7,020,000.00 3,182,954.95 5,302,536.82 (2,119,581.87)
V Visa Inc. 7,509,605.39 39,396,962.30 26,838.70 32,494,532.10 6,902,430.20
MA Mastercard 201,629.69 2,061,909.08 813.29 1,780,763.20 281,145.88
International
14,731,235.08 44,641,826.33 27,651.99 39,577,832.12 5,063,994.21
66
70,000,000.00 87,500,000 4.24% 113,750,000.00 3,062,500.00
SWIFT 161,127.66 22 471,246.92
Joint Electronic 4,535,347.33 16 (Class B) 4,199,641.63
Teller Services
Electronic Payment 14,263,759.80 2 13,207,958.54
Services Company
(HK) Ltd.
88,960,234.79 131,628,847.09 3,062,500.00
3.70
5%
2011
5% 5%
XV
352
1,250,000 (L) 2010.9.9–2012.9.8
0.56%
1,250,000 (L) 2011.9.9–2014.9.8
(L)
3,569,625 H 0.02%
(L)
67
2012 3 31
2012 6 30
2012 4 1
A.1.3 14 167
10
2012
2012
2012
2011
A H A H H
A H H
bank.ecitic.com www.sse.com.cn www.hkexnews.hk A H
86-10-65558000 852-28628555
68
193.73 28.95%
71 149
2012 6 30
34 34
2410
2012 6 30
34
10
8
2012 8 29
70
6 30
2012 2011
68,337 47,616
(31,408) (17,810)
3 36,929 29,806
5,817 4,212
(412) (314)
4 5,405 3,898
5 1,540 1,029
6 115 110
7 – (1)
254 493
44,243 35,335
8 (15,858) (13,159)
28,385 22,176
(2,447) (1,916)
(77) (13)
9 (2,524) (1,929)
35 29
(20) 50
25,876 20,326
10 (6,291) (5,053)
19,585 15,273
1,090 149
(23) 31
67 (327)
6 24
– 6
1,140 (117)
(242) (37)
11 898 (154)
20,483 15,119
19,373 15,024
212 249
19,585 15,273
20,180 14,941
303 178
20,483 15,119
12 0.41 0.37
76 149
71
2012 2011
6 30 12 31
13 379,044 366,391
14 294,529 386,535
15 149,836 151,004
16 15,530 8,190
17 4,931 4,683
18 225,462 162,211
19 11,379 10,051
20 1,509,692 1,410,779
21 174,008 134,518
22 127,401 108,468
23 2,210 2,212
25 10,196 10,116
26 308 272
27 822 818
28 260 254
29 2,804 2,971
30 7,953 6,408
2,916,365 2,765,881
32 427,259 535,546
33 4,050 4,676
– –
17 3,512 3,764
34 5,084 9,806
35 2,188,820 1,968,051
36 7,955 8,861
37 3,756 4,015
38 17,269 13,599
39 36 36
40 54,022 33,730
41 12,122 5,016
2,723,885 2,587,100
42 46,787 46,787
43 49,491 49,491
44 970 214
45 8,691 8,691
46 20,825 20,825
63,211 50,622
(2,083) (2,134)
187,892 174,496
4,588 4,285
192,480 178,781
2,916,365 2,765,881
2012 8 29
76 149
72
2012 2011
6 30 12 31
13 377,556 365,318
14 292,112 379,964
15 125,591 125,535
16 15,440 7,899
17 2,977 3,002
18 225,513 162,261
19 10,672 9,449
20 1,432,585 1,334,509
21 154,118 116,839
22 127,653 108,720
24 9,986 9,986
25 9,680 9,619
28 260 254
29 2,769 2,890
30 7,664 5,743
2,794,576 2,641,988
32 436,360 540,810
33 797 819
– –
17 2,498 2,684
34 4,779 9,806
35 2,085,349 1,865,221
36 7,734 8,595
37 3,447 3,900
38 16,790 13,111
39 36 36
40 38,469 18,500
41 11,366 4,213
2,607,625 2,467,695
42 46,787 46,787
43 51,619 51,619
44 1,012 428
45 8,691 8,691
46 20,750 20,750
58,092 46,018
186,951 174,293
2,794,576 2,641,988
2012 8 29
76 149
73
2012 1 1 46,787 49,214 277 214 8,691 20,825 50,622 (2,134) 4,285 178,781
19,373 212 19,585
11 756 51 91 898
756 19,373 51 303 20,483
1. 47 (6,784) (6,784)
2012 6 30 46,787 49,214 277 970 8,691 20,825 63,211 (2,083) 4,588 192,480
2011 1 1 39,033 31,301 273 (632) 5,618 15,698 30,576 (1,692) 4,363 124,538
15,024 249 15,273
11 4 130 (217) (71) (154)
4 130 15,024 (217) 178 15,119
1. 1,441 (1,441)
2. 800 (800)
2011 6 30 39,033 31,301 277 (502) 7,059 16,498 43,359 (1,909) 4,541 139,657
2011 1 1 39,033 31,301 273 (632) 5,618 15,698 30,576 (1,692) 4,363 124,538
30,819 25 30,844
4 846 (442) (201) 207
4 846 30,819 (442) (176) 31,051
1. 7,754 17,913 25,667
2. 98 98
1. 45 3,073 (3,073)
2. 46 5,127 (5,127)
3. (2,573) (2,573)
2011 12 31 46,787 49,214 277 214 8,691 20,825 50,622 (2,134) 4,285 178,781
76 149
74
6 30
2012 2011
25,876 20,326
(370) (113)
(84) (160)
3 (9)
(149) 190
2,524 1,929
770 649
639 650
(11) (2)
(6,364) (5,062)
22,834 18,398
(31,378) (55,586)
23,244 (6,976)
(28,219) (34,659)
(7,743) (211)
(63,252) 13,580
(100,905) (93,145)
(108,263) 8,279
(625) (1,327)
(2,250)
(4,725) 10,600
220,173 144,731
(613) 1,979
3,921 4,078
(75,551) 7,491
253,677 246,083
14 26
11 41
(306,044) (256,857)
(1,101) (518)
(53,443) (11,225)
19,969
(1,018) (1,190)
(1,579) (4,000)
222)
17,150 (5,190)
(111,844) (8,924)
1 1 479,083 173,910
195 (926)
6 30 48 367,434 164,060
67,184 46,886
(26,723) (15,276)
76 149
75
1
2006 12 31
8 C
2012 6 30 28
1987 4 20
2011 12 27 2005 8 2
2006
2006 12
2006 12 31 1000001000600
2007 5 15 B0006H111000001
2011 4 26
100000000006002
2007 4 A H 2007 4 27
2011 A H 77.54 1 2012 7
5
2012 8 29
2
(1)
34
2011 12 31
2011 12 31
(2)
76
2
(3)
(i)
(ii)
(iii)
(iv)
(4)
7
12
7
7
12
12
12
40
12
12
12
2011 1 1 2011 12 31
77
2
(5)
2012 8 29
2410
2011 12 31
2012 3 30
3
6 30
2012 2011
2,941 2,022
4,115 1,024
3,742 1,040
2,561 2,700
(i)
39,280 29,879
8,659 6,058
2,260 1,373
(ii) 4,778 3,510
1 10
68,337 47,616
(7,857) (2,715)
(160) (120)
(639) (650)
(405) (127)
(22,332) (13,992)
(15) (206)
(31,408) (17,810)
36,929 29,806
(i) 2012 6 30
1.11 2011 6 30 0.83
(ii)
(iii) 1.73 2011 6 30
1.02 0.15 2011 6 30
2.06
78
4
6 30
2012 2011
1,506 1,324
1,624 942
1,446 819
263 392
(i) 465 319
280 262
229 150
4 4
5,817 4,212
(412) (314)
5,405 3,898
(i)
5
6 30
2012 2011
208 2
757 909
574 115
1
1 2
1,540 1,029
6
6 30
2012 2011
79 129
23 (31)
13 12
115 110
7
6 30
2012 2011
1
79
8
6 30
2012 2011
5,286 4,487
367 289
670 514
258 247
120 115
116 92
(1)
221 185
68 107
7,105 6,036
957 794
494 449
276 200
156 121
154 109
191 213
2,228 1,886
3,257 2,432
3,268 2,805
15,858 13,159
9
6 30
2012 2011
2,447 1,916
(9)
(4)
85 51
(5) (45)
10 7
2,524 1,929
10
(a)
6 30
2012 2011
6,241 4,840
110 147
14
(74) 66
6,291 5,053
80
10
(b)
6 30
2012 2011
25,876 20,326
6,469 5,082
(70) (82)
(i) 186 270
(266) (179)
(28) (38)
6,291 5,053
(i)
11
6 30
2012 2011
1,090 149
(23) 31
(242) (37)
825 143
67 (327)
6 24
6
898 (154)
12
2012 2011 6 30
1 2011
2011 6 30
2012 2011 6 30
6 30
2012 2011
19,373 15,024
39,033
0.38
(a) 46,787 40,908
0.41 0.37
(a)
6 30
2012 2011
46,787 39,033
1,875
46,787 40,908
81
13
2012 2011 2012 2011
6 30 12 31 6 30 12 31
5,785 4,972 5,618 4,808
(i) 328,252 297,991 327,178 297,247
(ii) 40,968 60,638 40,721 60,473
4,039 2,790 4,039 2,790
379,044 366,391 377,556 365,318
(i)
2012 6 30 18% 2011 12 31
19% 5% 2011 12 31 5%
(ii)
14
(a)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
274,557 370,377 260,556 338,266
2,251 126 16,315 32,617
276,808 370,503 276,871 370,883
15,766 14,925 15,241 9,081
1,955 1,107
17,721 16,032 15,241 9,081
294,529 386,535 292,112 379,964
31
294,529 386,535 292,112 379,964
(b)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
37,291 27,421 34,874 19,850
189,799 284,783 189,799 284,783
66,899 74,331 66,899 75,331
540 540
294,529 386,535 292,112 379,964
31
294,529 386,535 292,112 379,964
82
15
(a)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
134,273 131,599 114,505 112,518
10,273 10,456 10,273 10,456
144,546 142,055 124,778 122,974
5,298 8,957 1,663
821 906
5,298 8,957 821 2,569
149,844 151,012 125,599 125,543
31 (8) (8) (8) (8)
149,836 151,004 125,591 125,535
(b)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
39,656 68,900 27,319 58,332
110,148 82,082 98,250 67,181
40 30 30 30
149,844 151,012 125,599 125,543
31 (8) (8) (8) (8)
149,836 151,004 125,591 125,535
16
2012 2011 2012 2011
6 30 12 31 6 30 12 31
(i) 15,440 7,899 15,440 7,899
(ii) 2 2
(iii) 88 289
15,530 8,190 15,440 7,899
83
16
(i)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
71 325 71 325
7,856 1,726 7,856 1,726
452 663 452 663
969 389 969 389
5,776 4,796 5,776 4,796
15,124 7,899 15,124 7,899
316 316
316 316
15,440 7,899 15,440 7,899
15,440 7,899 15,440 7,899
15,440 7,899 15,440 7,899
(ii)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
2 2
2 2
2 2
2 2
84
16
(iii)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
15 15
35 158
38 101
88 274
15
15
88 289
64
88 225
88 289
17
17(i)
2012 6 30 2011 12 31
4,673 473 4,970 396
227,924 1,024 1,098 195,134 1,231 1,314
506,256 3,430 2,403 404,074 3,036 2,438
1,047 4 11 1,050 19 11
15 1 1
739,900 4,931 3,512 605,243 4,683 3,764
2012 6 30 2011 12 31
186,377 862 875 157,630 960 999
311,784 2,111 1,612 246,430 2,023 1,674
1,047 4 11 1,050 19 11
499,208 2,977 2,498 405,110 3,002 2,684
85
17
2012 2011 2012 2011
6 30 12 31 6 30 12 31
764 803 330 440
6,391 4,886 2,333 1,744
26 29 26 29
7,181 5,718 2,689 2,213
(i)
18
(a)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
4,050 24,410 4,050 24,410
200,204 123,321 200,204 123,321
21,208 14,300 21,208 14,300
225,462 162,031 225,462 162,031
180 180
51 50
180 51 230
225,462 162,211 225,513 162,261
31
225,462 162,211 225,513 162,261
86
18
(b)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
122,237 143,590 122,237 143,590
99,488 16,168 99,539 16,218
3,737 2,453 3,737 2,453
225,462 162,211 225,513 162,261
31
225,462 162,211 225,513 162,261
19
2012 2011 2012 2011
6 30 12 31 6 30 12 31
4,396 3,515 4,298 3,411
3,785 3,566 3,531 3,287
3,282 3,026 2,927 2,807
11,463 10,107 10,756 9,505
31 (84) (56) (84) (56)
11,379 10,051 10,672 9,449
20
(a)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
1,164,115 1,114,685 1,106,644 1,058,128
76,823 49,451 72,630 45,332
1,364 1,704
1,242,302 1,165,840 1,179,274 1,103,460
180,584 178,888 171,659 169,763
41,658 32,133 41,425 31,903
70,808 57,176 65,468 52,201
293,050 268,197 278,552 253,867
1,535,352 1,434,037 1,457,826 1,357,327
31
(4,708) (3,959) (4,549) (3,800)
(20,952) (19,299) (20,692) (19,018)
1,509,692 1,410,779 1,432,585 1,334,509
87
20
(b)
2012 6 30
(i)
1,525,959 1,122 8,271 1,535,352 0.61%
(20,025) (927) (4,708) (25,660)
1,505,934 195 3,563 1,509,692
2011 12 31
(i)
1,425,496 877 7,664 1,434,037 0.60%
(18,547) (752) (3,959) (23,258)
1,406,949 125 3,705 1,410,779
2012 6 30
(i)
1,448,833 1,092 7,901 1,457,826 0.62%
(19,766) (926) (4,549) (25,241)
1,429,067 166 3,352 1,432,585
2011 12 31
(i)
1,349,354 863 7,110 1,357,327 0.59%
(18,266) (752) (3,800) (22,818)
1,331,088 111 3,310 1,334,509
(i)
88
20
(b)
(ii) 2012 6 30 82.71
2011 12 31 76.64
26.03 2011 12 31 29.72 56.68 2011 12 31
46.92 27.83 2011 12 31
33.53 47.08 2011
12 31 39.59
2012 6 30 79.01
2011 12 31 71.10
23.37 2011 12 31 25.38 55.64 2011 12 31
45.72 23.89 2011 12 31
26.75 45.49 2011
12 31 38.00
(c)
2012 6 30
18,547 752 3,959 23,258
1,477 178 1,364 3,019
(22) (550) (572)
(101) (101)
1 4 5
(3) (36) (39)
22 68 90
20,025 927 4,708 25,660
2011 12 31
12,822 670 4,727 18,219
5,739 211 1,048 6,998
(46) (1,218) (1,264)
(141) (141)
(14) (23) (37)
(129) (554) (683)
46 120 166
18,547 752 3,959 23,258
89
20
(c)
2012 6 30
18,266 752 3,800 22,818
1,500 174 1,310 2,984
(19) (528) (547)
(98) (98)
2 2
19 63 82
19,766 926 4,549 25,241
2011 12 31
12,518 668 4,474 17,660
5,748 206 943 6,897
(40) (1,110) (1,150)
(131) (131)
(14) (14)
(122) (464) (586)
40 102 142
18,266 752 3,800 22,818
(d)
2012 6 30
3
3 1 1 3 3
2,221 443 674 585 3,923
909 668 183 1,191 2,951
5,614 1,786 587 938 8,925
287 180 128 29 624
9,031 3,077 1,572 2,743 16,423
2011 12 31
3
3 1 1 3 3
1,118 343 510 490 2,461
447 76 548 1,097 2,168
3,370 602 807 957 5,736
196 59 82 30 367
5,131 1,080 1,947 2,574 10,732
90
20
(d)
2012 6 30
3
3 1 1 3 3
2,213 441 674 553 3,881
890 662 167 1,166 2,885
5,253 1,763 496 937 8,449
273 33 128 29 463
8,629 2,899 1,465 2,685 15,678
2011 12 31
3
3 1 1 3 3
1,105 341 503 444 2,393
379 52 514 1,068 2,013
2,686 468 766 915 4,835
25 59 82 30 196
4,195 920 1,865 2,457 9,437
1
(e)
2012 6 30 2011 12 31
1 1 211 248 209 252
1 2 2 152 178 166 197
2 3 3 79 98 96 120
3 922 1,085 1,233 1,464
1,364 1,609 1,704 2,033
(1) (1)
1,363 1,703
91
21
2012 2011 2012 2011
6 30 12 31 6 30 12 31
(i) 164,809 126,875 148,661 111,357
(ii) 5,695 5,706 5,325 5,353
(iii) 3,327 1,766
(iv) 177 171 132 129
174,008 134,518 154,118 116,839
(i)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
19,639 17,306 18,939 16,711
10,287 11,611 10,287 11,611
13,626 14,415 13,626 14,415
40,425 19,753 39,766 19,471
64,754 46,300 64,722 46,300
148,731 109,385 147,340 108,508
7,673 5,605 575 195
6,822 9,573 863 2,813
1,877 2,615 32
16,372 17,793 1,470 3,008
165,103 127,178 148,810 111,516
31 (294) (303) (149) (159)
164,809 126,875 148,661 111,357
4,101 3,706 4,101 3,706
920 1,114 734 973
159,788 122,055 143,826 106,678
164,809 126,875 148,661 111,357
92
21
(ii)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
5,695 5,706 5,325 5,353
5,695 5,706 5,325 5,353
31
5,695 5,706 5,325 5,353
5,695 5,706 5,325 5,353
5,695 5,706 5,325 5,353
(iii)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
1,526 467
1,801 1,299
3,327 1,766
3,327 1,766
3,327 1,766
(iv)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
117 119 114 114
18 15 18 15
42 37
177 171 132 129
3 5
42 35 18 15
132 131 114 114
177 171 132 129
93
22
2012 2011 2012 2011
6 30 12 31 6 30 12 31
32,368 38,871 32,368 38,871
7,196 13,523 7,196 13,523
9,522 24,631 9,522 24,631
59,852 17,862 59,852 17,862
17,440 12,531 17,440 12,531
126,378 107,418 126,378 107,418
28 28 28 28
661 664 976 979
48 75 48 75
420 420 357 357
1,157 1,187 1,409 1,439
127,535 108,605 127,787 108,857
31 (134) (137) (134) (137)
127,401 108,468 127,653 108,720
119 119 119 119
546 544 798 796
126,736 107,805 126,736 107,805
127,401 108,468 127,653 108,720
126,859 108,244 127,108 108,494
700 692 949 942
2012 6 30 6 2010 6 30
40.58
30.98 9.60
3.14%
94
23
(a) 2012 6 30
27.5% 0.49
40% 20.20
(b)
9,672 4,966 4,706 169 (34)
2,405 205 2,200 52 (12)
12,077 5,171 6,906 221 (46)
(c)
1,038 893 1,931
2012 1 1 1,383 829 2,212
(12) (2) (14)
8 4 12
2012 6 30 1,379 831 2,210
2011 1 1 1,375 878 2,253
74 10 84
(18) (18)
(66) (41) (107)
2011 12 31 1,383 829 2,212
95
24
2012 2011
6 30 12 31
(i) 9,797 9,797
(ii) 87 87
(iii) 102 102
9,986 9,986
2012 6 30
(i) 74.59 70.32% 70.32%
(ii) 2,500 95% 5% 98.5%
(iii) 2 51% 51%
(i) 2009 10 23
70.32%
(ii) 1984 2500
95% 5%
(iii) 2011 2 51%
, ,
25
(ii)
2012 1 1 8,917 892 4,891 14,700
313 20 245 578
(50) (50)
2 4 6
2012 6 30 9,232 912 5,090 15,234
2012 1 1 (1,834) (2,750) (4,584)
(165) (329) (494)
43 43
(1) (2) (3)
2012 6 30 (2,000) (3,038) (5,038)
2012 1 1 (i) 7,083 892 2,141 10,116
2012 6 30 (i) 7,232 912 2,052 10,196
96
25
(ii)
2011 1 1 8,847 701 4,246 13,794
122 193 823 1,138
2 (2)
(34) (144) (178)
(20) (34) (54)
2011 12 31 8,917 892 4,891 14,700
2011 1 1 (1,528) (2,292) (3,820)
(318) (597) (915)
7 114 121
5 25 30
2011 12 31 (1,834) (2,750) (4,584)
2011 1 1 7,319 701 1,954 9,974
2011 12 31 (i) 7,083 892 2,141 10,116
(ii)
2012 1 1 8,436 891 4,119 13,446
313 20 186 519
(20) (20)
2012 6 30 8,749 911 4,285 13,945
2012 1 1 (1,634) (2,193) (3,827)
(160) (293) (453)
15 15
2012 6 30 (1,794) (2,471) (4,265)
2012 1 1 (i) 6,802 891 1,926 9,619
2012 6 30 (i) 6,955 911 1,814 9,680
97
25
(ii)
2011 1 1 8,348 701 3,561 12,610
120 192 698 1,010
2 (2)
(34) (140) (174)
2011 12 31 8,436 891 4,119 13,446
2011 1 1 (1,333) (1,769) (3,102)
(308) (534) (842)
7 110 117
2011 12 31 (1,634) (2,193) (3,827)
2011 1 1 7,015 701 1,792 9,508
2011 12 31 (i) 6,802 891 1,926 9,619
(i) 2012 6 30 6.04 2011 12 31 6.15
(ii)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
50 69 69
10~50 183 187
10~50 6,955 6,802 6,955 6,802
25 25
7,232 7,083 6,955 6,802
26
2012 2011
6 30 12 31
1 1 272 248
35 29
1 (5)
6 30 /12 31 308 272
98
26
2012 6 30
2012 6 30
(a)
2012 2011
6 30 12 31
50 11 11
10-50 269 234
10-50 28 27
308 272
27
2009 10 23 70.32%
2012 2011
6 30 12 31
1 1 818 857
4 (39)
6 30 12 31 822 818
2012 2011
6 30 12 31
822 818
2012 6 30 2011 12 31
99
28
2012 1 1 486 28 514
45 3 48
2012 6 30 531 31 562
2012 1 1 (251) (9) (260)
(42) (42)
2012 6 30 (293) (9) (302)
2012 1 1 235 19 254
2012 6 30 238 22 260
2011 1 1 392 14 406
94 14 108
2011 12 31 486 28 514
2011 1 1 (181) (8) (189)
(70) (1) (71)
2011 12 31 (251) (9) (260)
2011 1 1 211 6 217
2011 12 31 235 19 254
100
29
(a)
2012 6 30 2011 12 31
9,360 2,320 8,091 1,999
(1,867) (468) (639) (182)
4,276 1,069 5,300 1,325
(483) (117) (702) (171)
11,286 2,804 12,050 2,971
2012 6 30 2011 12 31
9,124 2,281 7,816 1,954
(1,888) (472) (904) (226)
4,276 1,069 5,300 1,325
(436) (109) (652) (163)
11,076 2,769 11,560 2,890
(b)
2012 1 1 1,999 (182) 1,325 (171) 2,971
320 (44) (256) 54 74
(242) (242)
1 1
2012 6 30 2,320 (468) 1,069 (117) 2,804
2011 1 1 1,275 136 1,103 51 2,565
726 (36) 222 (222) 690
(280) (280)
(2) (2) (4)
2011 12 31 1,999 (182) 1,325 (171) 2,971
101
29
(b)
2012 1 1 1,954 (226) 1,325 (163) 2,890
327 (51) (256) 54 74
(195) (195)
2012 6 30 2,281 (472) 1,069 (109) 2,769
2011 1 1 1,225 95 1,103 50 2,473
729 (28) 222 (213) 710
(293) (293)
2011 12 31 1,954 (226) 1,325 (163) 2,890
(i) 2012 6 30 2011 12 31
30
2012 2011 2012 2011
6 30 12 31 6 30 12 31
871 959 871 959
(i) 282 277 282 277
633 615 633 615
435 396 433 394
2
(ii) 5,732 4,159 5,445 3,498
7,953 6,408 7,664 5,743
(i)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
433 404 433 404
22 34 22 34
455 438 455 438
31 (173) (161) 173) (161)
282 277 282 277
(ii)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
6,411 4,859 6,122 4,195
31 (679) (700) 677) (697)
5,732 4,159 5,445 3,498
102
31
2012 6 30
14
15 8 8
18
19 56 31 (3) 84
20 23,258 3,019 (572) (6) (39) 25,660
21 303 (9) 294
22 137 (4) 1 134
30(i) 161 33 (38) 17 173
30(ii) 700 (18) (3) 679
24,623 3,083 (644) 9 (39) 27,032
2011 12 31
14
15 8 8
18
19 30 38 (7) (5) 56
20 18,219 6,998 (1,264) (12) (683) 23,258
21 241 148 (75) (11) 303
22 109 33 (5) 137
30(i) 280 1 (63) (25) (32) 161
30(ii) 620 114 (13) (16) (5) 700
19,507 7,332 (1,347) (133) (736) 24,623
2012 6 30
14
15 8 8
18
19 56 31 (3) 84
20 22,818 2,984 (547) (14) 25,241
21 159 (9) (1) 149
22 137 (4) 1 134
30(i) 161 33 (38) 17 173
30(ii) 697 1 (18) (3) 677
24,036 3,049 (619) 26,466
103
31
2011 12 31
14
15 8 8
18
19 30 38 (7) (5) 56
20 17,660 6,897 (1,150) (3) (586) 22,818
21 213 (54) 159
22 109 33 (5) 137
30(i) 229 1 (13) (24) (32) 161
30(ii) 615 114 (13) (17) (2) 697
18,864 7,083 (1,183) (103) (625) 24,036
9
32
2012 2011 2012 2011
6 30 12 31 6 30 12 31
294,171 413,583 294,323 413,599
125,498 121,396 125,498 122,396
419,669 534,979 419,821 535,995
7,590 567 16,539 4,815
7,590 567 16,539 4,815
427,259 535,546 436,360 540,810
33
2012 2011 2012 2011
6 30 12 31 6 30 12 31
4 634
797 819 797 819
801 1,453 797 819
3,249 3,223
3,249 3,223
4,050 4,676 797 819
104
34
(a)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
429 541 429 541
4,299 8,800 4,299 8,800
4,728 9,341 4,728 9,341
356 50 51 50
415 415
356 465 51 465
5,084 9,806 4,779 9,806
(b)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
4,655 9,265 4,350 9,265
429 541 429 541
5,084 9,806 4,779 9,806
35
2012 2011 2012 2011
6 30 12 31 6 30 12 31
804,862 782,261 789,572 765,593
101,920 91,762 87,489 79,753
906,782 874,023 877,061 845,346
996,844 835,035 948,541 787,775
275,466 254,202 250,019 227,309
1,272,310 1,089,237 1,198,560 1,015,084
9,728 4,791 9,728 4,791
2,188,820 1,968,051 2,085,349 1,865,221
105
35
2012 2011 2012 2011
6 30 12 31 6 30 12 31
285,230 231,807 285,106 231,602
t 38,341 47,665 37,854 47,356
13,365 10,693 13,003 10,196
66,266 52,774 61,415 47,758
403,202 342,939 397,378 336,912
36
2012 6 30
8,282 5,286 (6,341) 7,227
367 (367)
(i) 21 670 (606) 85
20 258 (256) 22
28 120 (117) 31
(ii) 3 116 (113) 6
(iii) 41 (1) (3) 37
350 221 (129) 442
116 68 (79) 105
8,861 7,105 (8,011) 7,955
2011 12 31
7,358 8,924 (8,000) 8,282
753 (753)
(i) 19 994 (992) 21
16 498 (494) 20
28 229 (229) 28
(ii) 195 (192) 3
(iii) 39 6 (4) 41
272 367 (289) 350
121 328 (333) 116
7,853 12,294 (11,286) 8,861
106
36
2012 6 30
8,020 4,877 (5,888) 7,009
363 (363)
(i) 21 662 (599) 84
20 256 (254) 22
28 119 (116) 31
(ii) 3 113 (111) 5
(iii) 41 (1) (3) 37
350 219 (128) 441
112 36 (43) 105
8,595 6,644 (7,505) 7,734
2011 12 31
7,127 8,108 (7,215) 8,020
747 (747)
(i) 19 987 (985) 21
16 494 (490) 20
28 227 (227) 28
(ii) 191 (188) 3
(iii) 39 6 (4) 41
271 365 (286) 350
118 259 (265) 112
7,618 11,384 (10,407) 8,595
(i)
(ii)
2012 6 30 1.13 2011 6 30
0.90
(iii)
36(i) 36(iii)
107
37
2012 2011 2012 2011
6 30 12 31 6 30 12 31
1,821 1,876 1,525 1,773
1,872 2,126 1,867 2,121
63 13 55 6
3,756 4,015 3,447 3,900
38
2012 2011 2012 2011
6 30 12 31 6 30 12 31
14,183 11,533 13,912 11,314
147 623 90 458
2,939 1,443 2,788 1,339
17,269 13,599 16,790 13,111
39
2012 2011
6 30 12 31
36 36
2012 2011
6 30 12 31
36 36
36 36
40
2012 2011 2012 2011
6 30 12 31 6 30 12 31
(i) 316 322
(ii) 10,400 8,576
(iii) 38,469 18,500 38,469 18,500
(iv) 4,837 6,332
54,022 33,730 38,469 18,500
(i)
(ii)
108
40
(iii) 2012 6 30 2011 12 31
2012 2011
6 30 12 31
2020 5 (a) 5,000 5,000
2021 6 (b) 2,000 2,000
2025 5 (c) 11,500 11,500
2027 6 (d) 19,969
38,469 18,500
(a) 2010 5 28 4.00% 2015
5 28 5
4.00%
(b) 2006 6 22 4.12% 2016
6 22 5
7.12%
(c) 2010 5 28 4.30% 2020
5 28 5
4.30%
(d) 2012 6 21 5.15% 2022
6 21 5
5.15%
(iv) 2012 6 30 2011 12 31
2012 2011
6 30 12 31
(a) 1,582
2017 12 (b) 1,254 1,261
2020 6 (c) 3,583 3,489
4,837 6,332
(a) 2012 5 31
(b) 2007 11 30 20
2007 12 11 2.5
1.75%
2017 12 12
(c) 2010 6 24 6.875% 5
2020 6 24
109
41
2012 2011 2012 2011
6 30 12 31 6 30 12 31
1,344 1,169 1,319 1,169
170 169 170 169
249 444 249 444
195 61 195 61
10,164 3,173 9,433 2,370
12,122 5,016 11,366 4,213
42
2012 2011
6 30 12 31
A 31,905 31,905
H 14,882 14,882
46,787 46,787
2012 2011
6 30 12 31
1 1 46,787 39,033
7,754
A 5,274
H 2,480
6 30 12 31 46,787 46,787
2011 52.74 A 24.80 H 1
2011 7 7 2011 7 29
KPMG-A(2011) CR No. 0013 KPMG-A(2011) CR No. 0017
43
2012 2011 2012 2011
6 30 12 31 6 30 12 31
(i) 49,214 49,214 51,619 51,619
277 277
49,491 49,491 51,619 51,619
(i)
110
43
2012 2011 2012 2011
6 30 12 31 6 30 12 31
1 1 49,214 31,301 51,619 33,706
25,786 25,786
(7,754) (7,754)
(119) (119)
6 30 12 31 49,214 49,214 51,619 51,619
44
2012 2011 2012 2011
6 30 12 31 6 30 12 31
1 1 214 (632) 428 (451)
1,010 866 813 1,084
(26) 263 (34) 88
(228) (283) (195) (293)
6 30 12 31 970 214 1,012 428
45
2012 2011
6 30 12 31
1 1 8,691 5,618
3,073
6 30 12 31 8,691 8,691
2006
10% 50%
25%
111
46
2012 2011 2012 2011
6 30 12 31 6 30 12 31
1 1 20,825 15,698 20,750 15,650
5,127 5,100
6 30 12 31 20,825 20,825 20,750 20,750
1% 2012 7 1 5
1.5%
47
2012 5 30 2012 7 25 2011 12 31
10 1.45 67.84
48
2012 2011
6 30 6 30
5,785 4,297
40,968 41,987
3 266,109 60,300
3 37,413 33,146
3 17,159 24,330
361,649 159,763
367,434 164,060
49
(a)
112
49
(a)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
1 92,575 79,634 61,957 54,376
1 17,571 15,584 15,287 12,616
110,146 95,218 77,244 66,992
76,786 64,534 75,636 63,852
247,871 244,312 244,064 239,779
617,074 503,666 615,241 501,746
65,227 60,937 59,681 55,543
1,117,104 968,667 1,071,866 927,912
(b)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
427,671 375,757 423,566 371,066
0% 100%
(c)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
637 750 613 728
97 688 91 687
(d)
1 5
2012 2011 2012 2011
6 30 12 31 6 30 12 31
1,673 1,409 1,521 1,264
1,514 1,294 1,380 1,154
1,325 1,204 1,206 1,095
1,830 1,772 1,665 1,598
2,041 2,581 1,914 2,438
8,383 8,260 7,686 7,549
113
49
(e)
2012 6 30 2.76 2011 12 31
2.42
0.36 2011 12 31 0.36
(f )
2012 6 30 2011 12 31
(g)
2012 2011
6 30 12 31
4,647 5,465
(h)
39
50
(a)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
271 606 271 606
5,154 10,961 4,817 10,961
70 70
5,495 11,637 5,088 11,567
(b)
2012 6 30 2011 12 31
114
51
(a)
2012 2011
6 30 12 31
121,970 108,556
121,970 108,556
(b)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
183,975 137,903 116,194 72,665
183,975 137,903 116,194 72,665
2012 6 30 193.72 2011 12 31
247.47
115
52
(a)
2011 2012 6 30
116
52
(a)
2012 6 30
2012 6 30
21,492 5,056 10,361 20 36,929
8,408 (288) (7,865) 255)
29,900 4,768 2,496 (235) 36,929
3,427 1,900 75 3 5,405
1 398 60 1,249 202 1,909
33,725 6,728 3,820 (30) 44,243
(376) (316) (35) (43) (770)
(9,798) (4,911) (204) (175) (15,088)
(2,337) (208) 35 (14) (2,524)
35 35
(20) (20)
21,214 1,293 3,616 (247) 25,876
341 268 29 14 652
2012 6 30
2,182,795 363,136 371,481 (6,061) 2,911,351
2,210
2,804
2,916,365
2,250,277 385,361 102,207 (13,960) 2,723,885
2,723,885
1,051,877 65,227 1,117,104
117
52
(a)
2012 6 30
2012 6 30
20,850 5,069 10,116 894 36,929
8,340 (658) (7,417) (265)
29,190 4,411 2,699 894 (265) 36,929
3,307 1,746 80 272 5,405
1 408 15 960 415 111 1,909
32,905 6,172 3,739 1,581 (154) 44,243
(360) (304) (34) (72) (770)
(9,570) (4,638) (151) (688) (41) (15,088)
(2,328) (210) 35 (6) (15) (2,524)
35 35
(20) (20)
20,647 1,020 3,589 830 (210) 25,876
324 246 28 54 652
2012 6 30
2,113,949 334,746 326,930 130,455 5,271 2,911,351
2,210 2,210
2,804
2,916,365
2,180,852 332,984 84,425 125,293 331 2,723,885
2,723,885
1,012,185 59,681 45,238 1,117,104
118
52
(a)
2011 6 30
18,049 3,753 7,342 743 (81) 29,806
5,144 276 (5,063) 13 (370)
23,193 4,029 2,279 756 (451) 29,806
2,400 1,172 75 221 30 3,898
1 371 9 464 559 228 1,631
25,964 5,210 2,818 1,536 (193) 35,335
(320) (257) (35) (34) (3) (649)
(7,869) (3,794) (121) (635) (91) (12,510)
(1,634) (344) 61 (12) (1,929)
29 29
50 50
16,141 815 2,662 1,007 (299) 20,326
527 438 48 73 3 1,089
2011 12 31
1,460,870 310,607 848,186 135,347 5,688 2,760,698
2,212 2,212
2,971
2,765,881
2,089,057 312,222 44,867 124,995 15,959 2,587,100
2,587,100
872,369 55,543 40,755 968,667
1
119
52
(b)
28
2012 6 30
7,197 3,984 6,025 4,005 4,233 1,226 9,359 900 36,929
1,847 980 2,123 977 215 (46) (6,090) (6)
9,044 4,964 8,148 4,982 4,448 1,180 3,269 894 36,929
1,176 410 1,050 511 448 126 1,412 272 5,405
1 250 105 276 52 43 27 741 415 1,909
10,470 5,479 9,474 5,545 4,939 1,333 5,422 1,581 44,243
(142) (77) (142) (81) (78) (22) (156) (72) (770)
(3,788) (2,035) (3,238) (2,055) (1,759) (424) (1,101) (688) (15,088)
(924) (807) (32) (500) (270) (130) 145 (6) (2,524)
35 35
(20) (20)
5,616 2,560 6,062 2,909 2,832 757 4,310 830 25,876
62 21 45 54 300 7 117 46 652
120
52
(b)
2012 6 30
695,799 426,563 700,690 358,857 405,914 79,424 974,216 139,938 (870,050) 2,911,351
2,210 2,210
2,804
2,916,365
688,137 421,844 692,964 354,887 401,545 78,087 829,682 126,866 (870,127) 2,723,885
2,723,885
318,423 133,106 249,865 171,660 106,508 32,623 59,681 45,238 1,117,104
2011 6 30
6,805 3,562 5,173 3,365 3,223 869 6,057 752 29,806
775 750 1,471 537 90 14 (3,648) 11
7,580 4,312 6,644 3,902 3,313 883 2,409 763 29,806
836 439 801 390 333 96 779 224 3,898
1 234 123 240 55 33 14 299 633 1,631
8,650 4,874 7,685 4,347 3,679 993 3,487 1,620 35,335
(134) (68) (123) (63) (66) (18) (142) (35) (649)
(2,992) (1,705) (2,444) (1,460) (1,338) (350) (1,517) (704) (12,510)
(622) (318) 195 (499) (468) (96) (182) 61 (1,929)
29 29
50 50
4,902 2,783 5,313 2,325 1,807 529 1,646 1,021 20,326
207 111 240 136 142 55 124 74 1,089
2011 12 31
641,067 407,317 740,810 337,367 314,148 69,579 855,864 139,763 (745,217) 2,760,698
2,212 2,212
2,971
2,765,881
629,878 401,011 730,097 331,652 308,503 68,109 735,288 127,779 (745,217) 2,587,100
2,587,100
265,912 111,062 226,460 160,111 83,237 25,587 55,543 40,755 968,667
1
121
53
(a)
i
ii iii iv v
122
53
(a)
(i)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
373,259 361,419 371,938 360,510
294,529 386,535 292,112 379,964
149,836 151,004 125,591 125,535
15,528 8,188 15,440 7,899
4,931 4,683 2,977 3,002
225,462 162,211 225,513 162,261
11,379 10,051 10,672 9,449
1,509,692 1,410,779 1,432,585 1,334,509
168,136 128,641 148,661 111,357
127,401 108,468 127,653 108,720
5,390 3,811 5,239 3,286
2,885,543 2,735,790 2,758,381 2,606,492
1,117,104 968,667 1,071,866 927,912
4,002,647 3,704,457 3,830,247 3,534,404
123
53
(a)
(ii)
2012 6 30
8,271 30 765
(4,708) (8) (428)
3,563 22 337
1,122
(927)
195
(1)
8,522
3 8,129
3 1 393
1
(377)
8,145
1,517,437 444,343 225,462 310,728
(2) (19,648)
1,497,789 444,343 225,462 310,728
1,509,692 444,365 225,462 311,065
124
53
(a)
(ii)
2011 12 31
7,664 30 724
(3,959) (8) (440)
3,705 22 284
877
(752)
125
(1)
4,815
3 4,551
3 1 264
1
(187)
4,628
1,420,681 537,517 162,211 245,013
(2) (18,360)
1,402,321 537,517 162,211 245,013
1,410,779 537,539 162,211 245,297
125
53
(a)
(ii)
2012 6 30
7,901 30 390
(4,549) (8) (283)
3,352 22 107
1,092
(926)
166
(1)
8,166
3 7,773
3 1 393
1
(372)
7,794
1,440,667 417,681 225,513 291,647
(2) (19,394)
1,421,273 417,681 225,513 291,647
1,432,585 417,703 225,513 291,754
126
53
(a)
(ii)
2011 12 31
7,110 30 405
(3,800) (8) (296)
3,310 22 109
863
(752)
111
(1)
4,037
3 3,773
3 1 264
1
(182)
3,855
1,345,317 505,477 162,261 227,867
(2) (18,084)
1,327,233 505,477 162,261 227,867
1,334,509 505,499 162,261 227,976
(1)
2012 6 30
24.89 2011 12 31 6.73 9.31
2011 12 31 4.76 15.58 2011 12 31 1.97
18.05 2011 12 31 15.84
2012 6 30
21.32 2011 12 31 2.18 6.15
2011 12 31 0.83 15.17 2011 12 31 1.35
9.49 2011 12 31 1.04
(2)
127
53
(a)
(iii)
2012 6 30 2011 12 31
% %
324,967 21.2 123,211 301,815 21.0 108,903
194,593 12.7 111,081 177,121 12.4 98,792
135,533 8.8 116,607 122,111 8.5 103,983
133,259 8.7 52,396 125,457 8.8 46,507
69,267 4.5 12,290 79,970 5.6 11,632
62,965 4.1 24,101 58,734 4.1 19,918
62,397 4.1 27,490 70,181 4.9 29,174
53,748 3.5 29,164 50,495 3.5 26,697
15,937 1.0 3,662 21,138 1.5 5,821
112,813 7.3 33,056 109,367 7.6 34,078
1,165,479 75.9 533,058 1,116,389 77.9 485,505
293,050 19.1 237,617 268,197 18.7 226,213
76,823 5.0 49,451 3.4
1,535,352 100.0 770,675 1,434,037 100.0 711,718
2012 6 30 2011 12 31
% %
319,392 21.9 119,478 295,684 21.8 105,263
187,134 12.8 104,985 171,650 12.6 94,427
131,213 9.0 51,093 123,333 9.1 44,835
123,935 8.5 105,142 111,028 8.2 93,041
68,854 4.7 12,195 79,584 5.9 11,541
62,695 4.3 23,935 58,535 4.3 19,823
62,397 4.3 27,490 70,181 5.2 29,174
53,580 3.7 29,125 50,376 3.7 26,677
15,937 1.1 3,662 21,063 1.6 5,821
81,507 5.6 27,064 76,694 5.6 25,318
1,106,644 75.9 504,169 1,058,128 78.0 455,920
278,552 19.1 223,771 253,867 18.7 212,483
72,630 5.0 45,332 3.3
1,457,826 100.0 727,940 1,357,327 100.0 668,403
10%
128
53
(a)
(iii)
2012 6 30
3,132 1,733 4,024 778 (23)
2,060 1,060 2,465 572 (11)
2011 12 31
2,294 1,469 3,537 672 (446)
1,393 889 2,080 948 (72)
2012 6 30
3,030 1,705 4,005 746
2,024 1,056 2,431 564
2011 12 31
2,216 1,449 3,515 725 (411)
1,368 877 2,046 920 (28)
(iv)
2012 6 30 2011 12 31
% %
407,175 26.5 208,697 375,635 26.2 188,053
404,221 26.3 176,591 379,024 26.4 167,580
206,894 13.5 116,175 196,103 13.7 107,572
204,859 13.3 103,951 187,201 13.1 90,712
189,803 12.4 96,164 176,879 12.3 90,767
48,796 3.2 29,556 46,425 3.2 27,146
73,604 4.8 39,541 72,770 5.1 39,888
1,535,352 100.0 770,675 1,434,037 100.0 711,718
129
53
(a)
(iv)
2012 6 30 2011 12 31
% %
405,127 27.8 207,028 373,731 27.5 186,321
403,323 27.7 175,848 378,142 27.9 166,831
205,918 14.1 115,393 194,949 14.4 106,626
204,859 14.1 103,951 187,201 13.8 90,712
189,803 13.0 96,164 176,879 13.0 90,767
48,796 3.3 29,556 46,425 3.4 27,146
1,457,826 100.0 727,940 1,357,327 100.0 668,403
10%
2012 6 30
2,495 1,157 6,141
2,334 1,219 5,724
2,483 1,396 2,834
661 225 2,977
648 294 2,362
2011 12 31
2,191 987 5,455
2,208 1,269 5,670
2,125 865 2,574
542 168 2,552
493 302 2,163
2012 6 30
2,477 1,146 6,137
2,290 1,203 5,724
2,451 1,396 2,834
661 225 2,977
648 294 2,362
130
53
(a)
(iv)
10%
2011 12 31
2,169 976 5,454
2,208 1,269 5,670
2,079 865 2,574
542 168 2,552
493 302 2,163
(v)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
314,565 329,615 305,406 318,333
373,289 343,253 351,850 325,259
562,431 523,632 527,348 487,902
208,244 188,086 200,592 180,501
1,458,529 1,384,586 1,385,196 1,311,995
76,823 49,451 72,630 45,332
1,535,352 1,434,037 1,457,826 1,357,327
(vi)
2012 6 30 2011 12 31
3,617 0.24% 3,184 0.22%
3
2,216 0.15% 1,748 0.12%
3
1,401 0.09% 1,436 0.10%
131
53
(a)
(vi)
2012 6 30 2011 12 31
2,886 0.20% 2,413 0.18%
3
2,051 0.14% 1,716 0.13%
3
835 0.06% 697 0.05%
(b)
132
53
(b)
2012 6 30
3
(i) 3 1 1 5 5
1.57% 379,044 5,785 373,259
4.36% 294,529 285,045 8,944 540
5.05% 149,836 22 86,273 63,541
4.38% 225,462 199,727 22,968 2,767
(ii) 6.88% 1,509,692 187 758,677 740,088 9,885 855
(iii) 3.57% 319,149 8,132 53,025 101,616 100,271 56,105
38,653 38,653
2,916,365 52,779 1,756,006 937,157 113,463 56,960
4.57% 427,259 679 306,428 120,152
3.88% 4,050 2,276 977 797
4.47% 5,084 4,465 619
2.30% 2,188,820 14,525 1,516,460 479,293 171,390 7,152
3.46% 54,022 5,842 5,290 789 42,101
44,650 44,650
2,723,885 59,854 1,835,471 606,331 172,976 49,253
192,480 (7,075) (79,465) 330,826 (59,513) 7,707
2011 12 31
3
(i) 3 1 1 5 5
1.48% 366,391 4,972 361,419
3.66% 386,535 369,257 17,278
4.33% 151,004 22 113,112 37,870
4.85% 162,211 155,771 4,055 2,385
(ii) 6.12% 1,410,779 180 1,081,119 324,266 3,947 1,267
(iii) 3.21% 253,388 8,146 51,477 79,444 78,948 35,373
35,573 35,573
2,765,881 48,893 2,132,155 462,913 85,280 36,640
133
53
(b)
2011 12 31
3
(i) 3 1 1 5 5
3.73% 535,546 297 526,568 8,681
4.25% 4,676 3,857 819
4.55% 9,806 9,650 156
1.84% 1,968,051 8,347 1,461,348 370,437 115,165 12,754
3.58% 33,730 6,186 4,267 1,446 21,831
35,291 35,291
2,587,100 43,935 2,007,609 383,541 117,430 34,585
178,781 4,958 124,546 79,372 (32,150) 2,055
2012 6 30
3
(i) 3 1 1 5 5
1.58% 377,556 5,618 371,938
4.50% 292,112 282,628 8,944 540
5.78% 125,591 22 63,766 61,803
4.39% 225,513 199,778 22,968 2,767
(ii) 7.08% 1,432,585 688,466 733,852 9,417 850
(iii) 3.71% 307,197 15,451 42,059 96,948 96,634 56,105
34,022 34,022
2,794,576 55,113 1,648,635 924,515 109,358 56,955
134
53
(b)
2012 6 30
3
(i) 3 1 1 5 5
4.58% 436,360 316,148 120,212
9.67% 797 797
4.56% 4,779 4,160 619
2.35% 2,085,349 9,728 1,434,620 462,987 170,862 7,152
4.19% 38,469 38,469
41,871 41,871
2,607,625 51,599 1,754,928 583,818 171,659 45,621
186,951 3,514 (106,293) 340,697 (62,301) 11,334
2011 12 31
3
(i) 3 1 1 5 5
1.48% 365,318 4,808 360,510
4.21% 379,964 364,394 15,570
5.09% 125,535 22 91,795 33,718
4.85% 162,261 155,821 4,055 2,385
(ii) 6.33% 1,334,509 1,017,165 312,962 3,121 1,261
(iii) 3.29% 243,444 15,468 41,410 76,576 74,617 35,373
30,957 30,957
2,641,988 51,255 2,031,095 442,881 80,123 36,634
135
53
(b)
2011 12 31
3
(i) 3 1 1 5 5
3.78% 540,810 528,753 12,057
5.69% 819 819
4.57% 9,806 9,650 156
1.90% 1,865,221 4,791 1,374,351 360,321 113,004 12,754
4.16% 18,500 18,500
32,539 32,539
2,467,695 37,330 1,912,754 372,534 113,823 31,254
174,293 13,925 118,341 70,347 (33,700) 5,380
(i)
(ii) 3 2012 6 30 111.55
2011 12 31 63.00
3 2012 6 30 105.72
2011 12 31 51.52
(iii)
2012 6
30 2011 12 31
2012 6 30 2011 12 31
(100) 100 (100) 100
(1,687) 1,687 (1,841) 1,841
i
ii iii
136
53
(b)
,
2012 6 30
371,610 6,884 383 167 379,044
224,083 54,661 2,204 13,581 294,529
133,076 13,240 2,912 608 149,836
225,462 225,462
1,389,345 74,602 43,432 2,313 1,509,692
284,923 17,128 14,781 2,317 319,149
33,100 2,530 2,583 440 38,653
2,661,599 169,045 66,295 19,426 2,916,365
415,366 9,688 500 1,705 427,259
1,676 1,573 3 798 4,050
4,729 355 5,084
1,975,478 127,989 55,695 29,658 2,188,820
42,552 5,911 3,771 1,788 54,022
37,891 2,114 3,311 1,334 44,650
2,477,692 147,630 63,280 35,283 2,723,885
183,907 21,415 3,015 (15,857) 192,480
972,445 116,696 20,033 7,930 1,117,104
(i) (1,579) (22,912) 9,886 15,234 629
137
53
(b)
2011 12 31
362,517 3,379 337 158 366,391
358,217 24,158 1,859 2,301 386,535
133,096 13,950 3,929 29 151,004
162,211 162,211
1,294,067 70,119 44,000 2,593 1,410,779
220,183 17,462 11,943 3,800 253,388
29,939 2,780 2,563 291 35,573
2,560,230 131,848 64,631 9,172 2,765,881
527,889 5,289 410 1,958 535,546
249 3,077 529 821 4,676
9,341 465 9,806
1,816,875 77,790 57,709 15,677 1,968,051
20,429 7,592 3,797 1,912 33,730
30,382 2,693 1,365 851 35,291
2,405,165 96,906 63,810 21,219 2,587,100
155,065 34,942 821 (12,047) 178,781
844,890 97,629 18,235 7,913 968,667
(i) 6,409 (29,280) 11,228 11,779 136
138
53
(b)
2012 6 30
370,598 6,579 233 146 377,556
224,060 54,220 324 13,508 292,112
121,484 3,481 50 576 125,591
225,462 51 225,513
1,384,380 46,514 9 1,682 1,432,585
293,281 12,257 651 1,008 307,197
31,704 2,049 269 34,022
2,650,969 125,151 1,267 17,189 2,794,576
424,766 9,694 197 1,703 436,360
797 797
4,728 51 4,779
1,955,260 107,628 2,524 19,937 2,085,349
38,469 38,469
37,596 1,159 1,997 1,119 41,871
2,460,819 118,532 4,718 23,556 2,607,625
190,150 6,619 (3,451) (6,367) 186,951
970,774 93,544 423 7,125 1,071,866
(i) 13 (8,858) 3,239 5,742 136
2011 12 31
361,721 3,274 183 140 365,318
353,019 23,997 736 2,212 379,964
121,558 3,923 54 125,535
162,211 50 162,261
1,290,513 41,868 23 2,105 1,334,509
228,607 13,035 642 1,160 243,444
29,519 1,278 3 157 30,957
2,547,148 87,425 1,641 5,774 2,641,988
533,225 5,233 394 1,958 540,810
819 819
9,341 465 9,806
1,796,754 58,643 2,591 7,233 1,865,221
18,500 18,500
30,260 1,658 55 566 32,539
2,388,080 65,999 3,040 10,576 2,467,695
159,068 21,426 (1,399) (4,802) 174,293
844,113 76,580 312 6,907 927,912
(i) 11,099 (16,700) 1,141 4,639 179
(i)
139
53
(b)
2012 6
30 2011 12 31
2012 6 30 2011 12 31
(100) 100 (100) 100
(17) 17 (28) 28
(i)
100 (ii) (iii) ,
(c)
140
53
(c)
2012 6 30
3 3 1 1 5 5
(i)
46,753 332,291 379,044
37,291 247,754 8,944 540 294,529
84,322 65,482 10 22 149,836
198,487 23,238 3,737 225,462
(ii) 5,783 316,002 661,763 263,382 256,642 6,120 1,509,692
5,535 27,023 78,694 134,083 70,680 3,134 319,149
9,262 7,186 3,826 1,458 236 16,685 38,653
104,624 880,774 841,947 403,210 327,558 358,252 2,916,365
38,830 262,341 126,088 427,259
1,292 488 2,270 4,050
4,465 619 5,084
1,054,512 475,510 479,458 172,188 7,152 2,188,820
2,923 6,140 1,605 43,354 54,022
23,655 3,911 7,992 5,639 530 2,923 44,650
1,116,997 750,442 620,785 181,702 51,036 2,923 2,723,885
(1,012,373) 130,332 221,162 221,508 276,522 355,329 192,480
2011 12 31
3 3 1 1 5 5
(i)
65,610 300,781 366,391
27,421 341,836 17,278 386,535
108,922 42,060 22 151,004
155,703 4,055 2,453 162,211
(ii) 3,551 257,878 619,927 278,386 246,130 4,907 1,410,779
5,479 25,157 62,904 102,434 54,531 2,883 253,388
7,018 6,792 3,812 1,481 494 15,976 35,573
109,079 896,288 750,036 384,754 301,155 324,569 2,765,881
56,558 469,311 9,677 535,546
3,082 759 835 4,676
9,650 156 9,806
1,011,927 444,673 381,810 116,887 12,754 1,968,051
2,108 7,453 2,338 21,831 33,730
16,973 4,541 5,617 4,766 1,023 2,371 35,291
1,085,458 933,365 405,472 124,826 35,608 2,371 2,587,100
(976,379) (37,077) 344,564 259,928 265,547 322,198 178,781
141
53
(c)
2012 6 30
3 3 1 1 5 5
(i)
46,339 331,217 377,556
34,874 247,754 8,944 540 292,112
63,766 61,803 22 125,591
198,538 23,238 3,737 225,513
(ii) 5,358 300,136 639,994 241,255 239,888 5,954 1,432,585
5,533 18,724 73,106 129,022 70,587 10,225 307,197
7,287 7,199 3,826 1,458 236 14,016 34,022
99,391 836,117 810,911 376,012 310,711 361,434 2,794,576
39,157 271,063 126,140 436,360
797 797
4,160 619 4,779
1,024,779 419,569 462,987 170,862 7,152 2,085,349
38,469 38,469
22,590 3,922 7,992 5,639 530 1,198 41,871
1,086,526 698,714 597,738 177,298 46,151 1,198 2,607,625
(987,135) 137,403 213,173 198,714 264,560 360,236 186,951
2011 12 31
3 3 1 1 5 5
(i)
65,281 300,037 365,318
19,850 341,836 18,278 379,964
90,177 35,336 22 125,535
155,753 4,055 2,453 162,261
(ii) 2,773 242,399 600,296 255,637 228,901 4,503 1,334,509
5,479 18,486 59,397 95,568 54,290 10,224 243,444
5,335 6,791 3,845 1,484 494 13,008 30,957
98,718 855,442 721,207 355,142 283,685 327,794 2,641,988
58,479 470,274 12,057 540,810
819 819
9,650 156 9,806
983,231 382,795 373,437 113,004 12,754 1,865,221
18,500 18,500
15,626 4,425 5,651 4,769 1,023 1,045 32,539
1,057,336 867,144 391,301 118,592 32,277 1,045 2,467,695
(958,618) (11,702) 329,906 236,550 251,408 326,749 174,293
(i)
(ii) 1 1
(iii)
142
53
(d)
54
2004 2004 2
2007 7 11
100% 50%
8% 4%
100% 50%
143
54
2012 2011
6 30 12 31
(i) 13.44% 12.27%
(ii) 10.05% 9.91%
46,787 46,787
47,408 47,357
29,516 29,516
(iii) 58,094 43,589
4,588 4,285
186,393 171,534
20,025 18,547
43,306 23,566
887 355
64,218 42,468
250,611 214,002
822 818
2,246 2,230
1,123 1,086
246,420 209,868
184,294 169,466
1,822,617 1,702,165
850 696
(i) 12.5
(ii) 100% 50% 12.5
(iii) 2012
55
(a)
22
144
55
(b)
2012 2011 2012 2011
6 30 12 31 6 30 12 31
10,400 8,576 10,395 8,577
316 322 317 322
43,306 24,832 41,947 23,003
2012 2011 2012 2011
6 30 12 31 6 30 12 31
38,469 18,500 37,359 17,002
56
(a)
(1)
BBVA
(2) 1979
(3) 5%
BBVA
BBVA 2012 6 30 15% 2011
12 31 15%
(4) 24
(b)
2012 6 30
BBVA
(i)
84 14 1 18
59 55
(743) (64) (1) (11)
(14) 28 (1)
(122) (36)
145
56
(b)
2011 6 30
BBVA
(i)
60 24 3 6
49 37
(508) (63) (8) (17)
23 (51) (2)
(23) (1) (16)
2012 6 30
BBVA
(i)
6,286 133 122
(90) (1)
6,196 132 122
4,469 2 1,185
(7)
4,462 2 1,185
744 249 10,303
51
110 121 3
17,447 848 152
12,544 608 9,405
648 2,292
4,300
168 115 11
751 2,680
708
67 374
6,605 22,917 63
146
56
(b)
2011 12 31
BBVA
(i)
5,350 186 162
(77) (2)
5,273 184 162
5,606 503 2,124
(8)
5,598 503 2,124
751 743 11,562
50
133 258 3
21,954 410 854 209
20,534 5,342
2,624 2,249
8,000
178 189 38
818 2,664
471
55 32 290
6,465 22,318 63
(i)
(c)
2012 6 30 2,094 2011 12
31 2,286
2012 6 30 726
2011 6 30 868
(d)
36(iii)
147
56
(e)
57
2011 12 27
58
2012 6 30
7
32
1
1
9
10
27 2011
11
28 2011
148
58
12
13
19
20
2009-2011
9
59
60
149
1
34
34 2012 6 30
32 32 2012 6 30
34 32
2012 6 30 2012 6 30
2
2012 2011
6 30 12 31
59.23% 58.97%
92.62% 96.55%
2006
3
2012 6 30
169,045 66,295 19,426 254,766
(147,630) (63,280) (35,283) (246,193)
209,606 18,284 49,624 277,514
(227,457) (8,383) (34,385) (270,225)
(5,061) (15) (5) (5,081)
(1,497) 12,901 (623) 10,781
2011 12 31
131,848 64,631 9,172 205,651
(96,906) (63,810) (21,219) (181,935)
167,992 21,317 33,557 222,866
(197,183) (10,089) (21,783) (229,055)
(89) – 5 (84)
5,662 12,049 (268) 17,443
150
4
10%
2012 6 30
8,049 170 9,860 18,079
1,281 68 5,026 6,375
6,495 67 1,568 8,130
19,680 908 2,550 23,138
34,224 1,145 13,978 49,347
2011 12 31
11,970 172 10,840 22,982
3,711 68 5,426 9,205
16,469 2 2,267 18,738
8,233 235 1,618 10,086
36,672 409 14,725 51,806
5
2012 6 30
3
407,175 2,210 2,495
404,221 2,298 2,334
206,894 1,492 2,483
204,859 516 661
189,803 364 648
48,796 220 466
73,604 292 306
1,535,352 7,392 9,393
2011 12 31
3
375,635 1,250 2,191
379,024 2,206 2,208
196,103 1,189 2,125
187,201 265 542
176,879 251 493
46,425 150 481
72,770 290 501
1,434,037 5,601 8,541
151
5
6
(i)
2012 2011
6 30 12 31
30 30
0.01% 0.01%
12
(ii)
2012 2011
6 30 12 31
3 6 2,050 528
6 12 1,027 552
12 4,315 4,521
7,392 5,601
3 6 0.13% 0.04%
6 12 0.07% 0.04%
12 0.28% 0.31%
0.48% 0.39%
3
2012 6 30
60.36 2011 12 31 45.51
13.56 2011 12 31 10.50
22.28 2011 12 31
9.64 38.08 2011 12 31 35.87
23.40 2011 12 31
11.82
37.46 2011 12 31 33.74
7
2012 6 30
90%
152
26 2 23
2 8
2012 1 9 98 799
36 56 707 2
1 1 8 010-65558888
100027 010-65550801
http://bank.ecitic.com 95558
SWIFT BIC CIBKCNBJ
52 27 A 010-66211769
100140 010-66211770
2 28 162 5 022-23028880
300020 022-23028800
3 29
20 10 0311-87884438
050056 0311-87884436
7 46 0315-3738508
063000 0315-3738522
1 733 0312-2081598
071000 0312-5881160
1 183 0310-7050655
056004 0310-7050655
4 58
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239000 0550-3529559
9 40
15 99 0591-87538066
350001 0591-87537066
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7 336 1-3 0595-22148687
362000 0595-22148222
3 81 1 2 0594-2853280
351100 0594-2853260
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363000 0596-2995207
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364000 0597-2956500
10 61
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250011 0531-86929194
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272000 0537-2338888
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11 28
19 1 0371-55588888
450018 0371-55588555
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454000 0391-8789969
1 1736 0379-64682858
471000 0379-64682875
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473000 0377-61628299
1 30 0372-5998026
455000 0372-5998086
1 0375-2195558
467000 0375-2195574
12 25
22 747 027-85355111
430015 027-85355222
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441000 0710-3454166
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13 24
23 456 0731-84582177
410011 0731-84582179
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421001 0734-8669899
14 86
24 233 020-87521188
510613 020-87520668
7 140 0757-83989999
528000 0757-83309903
27 1093 5-7 0755-25942568
518031 0755-25942028
23 106 0769-22667888
523070 0769-22667999
2 188 0750-3939016
529000 0750-3939029
1 2 0752-2898837
516000 0752-2898851
154
1 1 0756-3292936
519015 0756-3292956
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528400 0760-88668315
15 20 56 B 023-63107677
400010 023-63107527
16
27 47 028-85258888
610041 028-85258898
17 21
19 81 0871-3648666
650021 0871-3648667
1 310 B 1-2 0874-3119536
655000 0874-3115696
1 116 1 0872-2323278
671000 0872-2323278
18
2 126 0851-5587009
550002 0851-5587377
19
6 638 0931-8890600
730000 0931-8890699
20 21
19 89 029-87820018
710061 029-87817025
1 50 B 0917-3158818
721013 0917-3158807
1 0913-2089610
714000 0913-2089606
21 10
9 9 A 0351-3377040
030002 0351-3377000
1 19-21 1-3 0352-2513800
037008 0352-2513779
22 9
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6 36-1 0771-5569881
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1 7 0772-2083625
545026 0772-2083622
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852-28017399
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852-25253303
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1 777 0571-61109006
311300 0571-61106889
155
BBVA Banco Bilbao Vizcaya Argentaria S.A.
GIL Gloryshare Investments Limited
156
8 C
100027
bank.ecitic.com
2012 Interim Report
Contents
2 Financial Highlights
4 Corporate Information
6 Report of the Board of Directors
6 Economic, Financial and Regulatory Environment
7 Analysis of the Financial Statements
26 Business Overview
43 Risk Management
66 Investment of Funds Raised
67 Outlook
68 Changes in Share Capital and Shareholding
of Substantial Shareholders
73 Directors, Supervisors, Senior Management and Staff
76 Corporate Governance
79 Significant Events
90 Independent Auditors’ Review Report and Financial Report
181 Unaudited Supplementary Financial Information
185 List of Domestic and Overseas Affiliates
188 Definition
Financial Highlights
Operating Performance
Unit: RMB million
January to January to Growth rate
Item June 2012 June 2011 (%)
Operating income 44,243 35,335 25.21
Total profits 25,876 20,326 27.30
Net profit attributable to
shareholders of the Bank 19,373 15,024 28.95
Net operating cash flow (75,551 ) 7,491 –
Per share
Basic earnings per share (RMB) 0.41 0.37 10.81
Diluted earnings per share (RMB) 0.41 0.37 10.81
Net operating cash flow per share (RMB) (1.61 ) 0.19 –
Note: In 2011, the Bank completed equity financing through rights issue. As a result, the price discount in rights shares subscription was considered
when calculating basic earnings per share, and earnings per share in comparative period were recalculated based on the number of shares
adjusted.
Profitability Indicators
January to January to Increase/
Item June 2012 June 2011 (decrease)
Return on average assets (ROAA) 1.38% 1.41% (0.03 )
Return on average equity
(ROAE, excluding
non-controlling interests) 21.38% 23.54% (2.16 )
Cost-to-income ratio 28.48% 30.36% (1.88 )
Credit cost 0.33% 0.29% 0.04
Net interest spread 2.68% 2.76% (0.08 )
Net interest margin 2.89% 2.89% –
Scale Indicators
Unit: RMB million
31 December Growth rate
Item 30 June 2012 2011 (%)
Total assets 2,916,365 2,765,881 5.44
Total loans and advances to customers 1,535,352 1,434,037 7.07
Total liabilities 2,723,885 2,587,100 5.29
Total deposits from customers 2,188,820 1,968,051 11.22
Total equity attributable to
the Bank’s shareholders 187,892 174,496 7.68
Net asset per share attributable
to the Bank’s shareholders (RMB) 4.02 3.73 7.68
China CITIC Bank Corporation Limited
Financial Highlights
Asset Quality Indicators
Unit: RMB million
31 December Growth rate/
Item 30 June 2012 2011 increase/(decrease)
Performing loans 1,525,959 1,425,496 7.05%
Non-performing loans (NPLs) 9,393 8,541 9.98%
Allowance for impairment of loans 25,660 23,258 10.33%
NPL ratio 0.61% 0.60% 0.01%
Provision coverage ratio 273.18% 272.31% 0.87%
Allowance for impairment of loans
to total loans ratio 1.67% 1.62% 0.05%
Note: Performing loans include normal loans and special-mention loans. NPLs include substandard loans, doubtful loans and loss loans.
Capital Adequacy Indicators
31 December Increase/
Item 30 June 2012 2011 (decrease)
Capital adequacy ratio 13.44% 12.27% 1.17
Core capital adequacy ratio 10.05% 9.91% 0.14
Total equity to total assets ratio 6.60% 6.46% 0.14
2012 Interim Report
Corporate Information
Registered Name in Chinese: 中信銀行股份有限公司
Registered Name in English: CHINA CITIC BANK CORPORATION LIMITED
(abbreviated as “CNCB”)
Legal Representative: Tian Guoli
Authorized Representatives: Chen Xiaoxian, Lin Zhengyue
Secretary to the Board of Directors: Lin Zhengyue
Joint Company Secretary Lin Zhengyue, Wendy KAM Mei Ha (ACS, ACIS)
Representative of Securities Affairs: Wang Junwei
Qualified Accountant: Lu Wei (MPA, CPA)
Registered Address and Office Address: Block C, Fuhua Mansion, No. 8 Chaoyangmen Beidajie,
Dongcheng District, Beijing
Postal Code: 100027
Website: bank.ecitic.com
Telephone Number: +86-10-65558000
Fax Number: +86-10-65550809
Email Address: ir_cncb@citicbank.com
Principal Place of Business in Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong
Hong Kong:
Newspapers for Information Disclosure: China Securities Journal, Shanghai Securities News, Securities Time
Websites for Information Disclosure: Website designated by the CSRC to publish A-share interim
report:
www.sse.com.cn
Website designated by the SEHK to publish H-share interim
report:
www.hkexnews.hk
Place Where Interim Report is Kept: Board Office, CITIC Bank
Legal Advisor as to PRC Laws: Jun He Law Offices
Legal Advisor as to Hong Kong Laws: Freshfields Bruckhaus Deringer
China CITIC Bank Corporation Limited
Corporate Information
PRC Auditor: KPMG Huazhen (Special General Partnership)
8th Floor, Office Building Tower 2, Oriental Plaza East,
No. 1 East Chang’an Avenue, Beijing, China
(Postal code: 100738)
International Auditor: KPMG
8th Floor, Prince’s Building, No. 10 Chater Road, Central,
Hong Kong
A-share Registrar: Shanghai Branch of China Securities Depository and
Clearing Corporation Limited
36th Floor, China Insurance Building,
No. 166 Lujiazui East Road,
Pudong New District, Shanghai
H-share Registrar: Computershare Hong Kong Investor Services Limited
46th Floor, Hopewell Centre, No. 183 Queen’s Road East,
Wan Chai, Hong Kong
Places Where Shares are Listed, A-share
Stock Name and Stock Code: Shanghai Stock Exchange
CNCB 601998
H-Share
The Stock Exchange of Hong Kong Limited
CITIC Bank 00998
Date of First Registration: 20 April 1987
Date of Changing Registration: 5 July 2012
Authority of First Registration State Administration for Industry & Commerce, PRC
and Changing Registration:
Registration Number of Business License: 100000000006002
Institution Number of Finance License: B0006H111000001
Tax Registration Number: 110105101690725
Certificate of Organization Code: 10169072-5
This report is made in both Chinese and English. Should there be any discrepancy between the two versions, the
Chinese version shall prevail.
2012 Interim Report
Report
of the Board of Directors
Economic, Financial and Regulatory Environment
In the first half of 2012, the world economy still lingered on the downward track and suffered from unstable and
uneven economic development. Fiscal and trade deficits of the United States persisted. With no fundamental solution
available to the European sovereign debt crisis, the entire Euro zone economy remained weak and vulnerable. The
Japanese economy showed no remarkable sign of change for the better. Even economic momentum of emerging
economies generally slowed down. Countries resorted to monetary easing to promote economic growth, with some
countries facing risks of high inflation and flows of massive cross-border short-term capital.
Confronted with the complicated and severe international and domestic economic environment, the Chinese national
economy enjoyed an overall stability thanks to the Central Committee of CPC and the State Council’s insistence on
an overall work tone of progressing amidst stability, which, amongst others, featured more attention to the growth
stability, implementation of proactive fiscal policy and prudent monetary policy, and enhanced policy pre-adjustment
and fine-tuning. Gross domestic product (GDP) in the first half of the year recorded RMB22.7098 trillion, representing
a growth of 7.8% year on year; fixed assets investment grew steadily to RMB15.0710 trillion, up by 20.4% year on
year; and aggregate sales of retail consumer goods was RMB9.8222 trillion, an increase of 14.4% year on year.
The financial industry in China maintained its prudent operation in the first half of 2012. The total social financing
in China registered RMB7.78 trillion, RMB13.5 billion more than the same period of the previous year. As at the end
of June 2012, the supply of broad money (M2) and narrow money (M1) reached RMB92.50 trillion and RMB28.75
trillion respectively, up by 13.6% and 4.7% year on year respectively. Balance of loans denominated in both local
and foreign currencies totaled RMB63.33 trillion, a growth of 15.9% year on year, including Renminbi loan balance
of RMB59.64 trillion, up by 16.0% year on year; while new increase in Renminbi-denominated loans was RMB4.86
trillion, RMB683.3 billion more than the incremental amount in the same period of the previous year. Balance of
deposits denominated in both local and foreign currencies totaled RMB90.88 trillion, up by 13.2% year on year,
including Renminbi deposit balance of RMB88.31 trillion, a growth of 12.3% year on year.
In the first half of 2012, China’s banking industry encountered an even broader regulation. The CBRC increased
its financial support to key economic and social aspects and tightened its risk regulations over key areas to push
the banking industry to better serve the real economy. To regulate service charges by commercial banks and protect
legitimate rights and interests of consumers, CBRC, PBC and National Development and Reform Commission jointly
released the Measures for Administration of Service Charges by Commercial Banks (draft for comments) intensifying
regulation over service charges by commercial banks. With regard to capital regulation, the newly released Measures
for Administration of Capital Management of Commercial Banks (trial) features more stringent regulatory criteria,
stricter capital regulation, a broader range of regulation indicators and stricter regulatory requirements. In terms
of interest rate regulation, the PBC announced asymmetrical interest rate cuts twice within a single month, which
indicated a marked acceleration of the market-oriented interest rate reform, in the face of which, it is imperative
for commercial banks to strengthen their interest rate risk management, drive forward strategic transformation and
create competitive and differentiated advantages so as to respond to the far-reaching influence of the interest rate
marketization.
China CITIC Bank Corporation Limited
Report of the Board of Directors
Analysis of the Financial Statements
Overview
Faced with complicated and changeable economic and financial situations at home and abroad in the first half of
2012, the Group adhered to its guiding principle of “accelerating transformation, strengthening management and
promoting market competitiveness”, and continued promoting the business transformation and the adjustment of
operation strategies. With all indicators fulfilling the regulatory requirements, the Group continued to achieve
remarkable increase in economic returns, maintained a sound asset quality and realized a steady growth in business
scale.
During the reporting period, the Group realized a net profit attributable to the Bank’s shareholders of RMB19.373
billion, up by 28.95% year on year; net interest income of RMB36.929 billion, up by 23.90% year on year; realized
a net interest margin of 2.89%, breaking even with the previous year; and a net non-interest income of RMB7.314
billion, up by 32.28% year on year.
As at the end of the reporting period, the Group’s total assets reached RMB2,916.365 billion, up by 5.44% over the
end of the previous year, of which total loans to customers was RMB1,535.352 billion, up by 7.07% over the end
of the previous year; total liabilities of the Group amounted to RMB2,723.885 billion, up by 5.29% over the end
of the previous year, of which total deposits from customers amounted to RMB2,188.820 billion, up by 11.22%
over the end of the previous year.
As at the end of the reporting period, the Group’s balance of non-performing Loans (NPLs) was RMB9.393 billion,
up by RMB852 million over the end of the previous year; NPL ratio was 0.61%, up by 0.01 percentage point over
the end of the previous year; and provision coverage ratio reached 273.18%, up by 0.87 percentage point over the
end of the previous year.
Income Statement Analysis
Unit: RMB million
Increase/ Growth rate
January to January to decrease year on year
June 2012 June 2011 year on year (%)
Net interest income 36,929 29,806 7,123 23.90
Net non-interest income 7,314 5,529 1,785 32.28
Operating income 44,243 35,335 8,908 25.21
Operating expense (15,858 ) (13,159 ) 2,699 20.51
Asset impairment loss (2,524 ) (1,929 ) 595 30.84
Profit before taxation 25,876 20,326 5,550 27.30
Income tax (6,291 ) (5,053 ) 1,238 24.50
Net profit 19,585 15,273 4,312 28.23
Including: Net profit attributable to
the Bank’s shareholders 19,373 15,024 4,349 28.95
Minority interests 212 249 (37 ) (14.86 )
2012 Interim Report
Report of the Board of Directors
Net Interest Income
The Group’s net interest income was influenced by the difference between the yield of interest-earning assets and the
cost of interest-bearing liabilities, as well as the difference between the average balance of interest-earning assets and
the interest-bearing liabilities. During the reporting period, the Group realized a net interest income of RMB36.929
billion, up by RMB7.123 billion or 23.90% year on year, which was mainly attributable to the continuous increase
in interest-earning assets.
The table below sets out the average balances and average interest rates of the Group’s interest-earning assets and
interest-bearing liabilities.
Unit: RMB million
January to June 2012 January to June 2011 2011
Average Average Average
Average yield/cost Average yield/cost Average yield/cost
Item balance Interest rate (%) balance Interest rate (%) balance Interest rate (%)
Interest-earning assets
Loans and advances
to customers 1,466,465 50,199 6.88 1,306,515 37,310 5.76 1,343,708 82,234 6.12
Investment in debt securities 269,371 4,778 3.57 241,537 3,510 2.93 237,823 7,636 3.21
Deposits with Central Bank 375,666 2,941 1.57 278,531 2,022 1.46 298,864 4,425 1.48
Deposits and placements
with banks and non-bank
financial institutions 339,001 7,857 4.66 133,625 2,064 3.11 188,459 7,528 3.99
Amounts under resale
agreements 117,448 2,561 4.38 116,093 2,700 4.69 98,934 4,796 4.85
Others (1) – 1 – – 10 – – 4 –
Subtotal 2,567,951 68,337 5.35 2,076,301 47,616 4.62 2,167,788 106,623 4.92
Interest-bearing liabilities
Deposits from customers 1,951,002 22,332 2.30 1,708,604 13,992 1.65 1,761,117 32,450 1.84
Deposits and placements
from banks and non-bank
financial institutions 354,004 8,017 4.55 171,605 2,835 3.33 194,295 7,247 3.73
Amounts under repurchase
agreements 18,206 405 4.47 5,840 127 4.39 10,420 474 4.55
Others (2) 38,157 654 3.45 46,127 856 3.74 36,964 1,346 3.64
Subtotal 2,361,369 31,408 2.67 1,932,176 17,810 1.86 2,002,796 41,517 2.07
Net interest income 36,929 29,806 65,106
Net interest spread (3) 2.68 2.76 2.85
Net interest margin (4) 2.89 2.89 3.00
Notes: (1) Mainly including interests collected from loans written off by subsidiaries during the reporting period.
(2) Including debt securities payable and trading financial liabilities.
(3) Representing the difference between the average yield of total interest-earning assets and the average cost of total interest-bearing liabilities.
(4) Calculated by dividing the net interest income by the average balance of total interest-earning assets.
China CITIC Bank Corporation Limited
Report of the Board of Directors
The table below sets out the changes in the Group’s net interest income due to the changes of the factors of scale
and interest rate, where changes under the joint influence of both factors are reflected in the changes of the interest
rate.
Unit: RMB million
January to June 2012 compared
with January to June 2011
Interest
Scale factor rate factor Total
Assets
Loans and advances to customers 4,569 8,320 12,889
Investment in debt securities 404 864 1,268
Deposits with Central Bank 703 216 919
Deposits and placements with banks
and non-bank financial institutions 3,167 2,626 5,793
Amounts under resale agreements 32 (171 ) (139 )
Others – (9 ) (9 )
Changes in interest income 8,875 11,846 20,721
Liabilities
Deposits from customers 1,983 6,357 8,340
Deposits and placement from banks
and non-bank financial institutions 3,012 2,170 5,182
Amounts under repurchase agreements 269 9 278
Others (148 ) (54 ) (202 )
Changes in interest expense 5,116 8,482 13,598
Changes in net interest income 3,759 3,364 7,123
Net Interest Margin and Net Interest Spread
During the reporting period, the Group’s net interest margin was 2.89%, breaking even with that of the corresponding
period of the previous year; and net interest spread was 2.68%, down by 0.08 percentage point year on year. During
the reporting period, the Central Bank strengthened the pre-emptive adjustment and fine tuning of its monetary
policies by consecutively lowering the statutory deposit reserve ratio, cutting the interest rates, and accelerating the
market-based reform of interest rate, which lead to the continuous narrowing down of the interest spread between
deposits and loans. The Group responded proactively and took the following effective measures to ensure the net
interest margin remain at a relatively high level: (1) continuously enhancing the authorization management in
interest rate pricing, improving the loan re-pricing circle, and upgrading the asset yield level; (2) adjusting the funds
transfer pricing prices in appropriate time, and constantly optimizing the structure of assets and liabilities; and (3)
strengthening its assessment guidance, and reasonably controlling the cost of liabilities.
Interest Income
During the reporting period, the Group realized an interest income of RMB68.337 billion, up by RMB20.721 billion
or 43.52% year on year. The increase in interest income was primarily due to the increase in scale and average
yield of interest-earning assets. The Group’s average balance of interest-earning assets increased to RMB2,567.951
billion in the first half of 2012 from RMB2,076.301 billion in the first half of 2011, up by RMB491.650 billion
or 23.68%. The average yield of interest-earning assets increased from 4.62% in the first half of 2011 to 5.35% in
the first half of 2012, up by 0.73 percentage point.
2012 Interim Report
Report of the Board of Directors
Interest Income from Loans and Advances to Customers
The interest income from loans and advances to customers has always taken the largest share in the Group’s interest
income. In the first half of 2012 and the first half of 2011, the interest income from loans and advances to customers
accounted for 73.46% and 78.36% of the Group’s total interest income, respectively.
The following table sets out the average balance, interest income and average yield of each component of the Group’s
loans and advances to customers during the reporting period.
Table 1: Classification by Term Structure
The Group
Unit: RMB million
January to June 2012 January to June 2011 2011
Average Interest Average Average Interest Average Average Interest Average
balance income yield (%) balance income yield (%) balance income yield (%)
Short-term loans 768,120 28,422 7.44 640,542 19,698 6.20 666,517 44,578 6.69
Long and medium-term loans 698,345 21,777 6.27 665,973 17,612 5.33 677,191 37,656 5.56
Total 1,466,465 50,199 6.88 1,306,515 37,310 5.76 1,343,708 82,234 6.12
The Bank
Unit: RMB million
January to June 2012 January to June 2011 2011
Average Interest Average Average Interest Average Average Interest Average
balance income yield balance income yield balance income yield
(%) (%) (%)
Short-term loans 754,404 27,984 7.46 629,539 19,522 6.25 656,320 44,181 6.73
Long and medium-term loans 634,011 20,867 6.62 597,957 16,767 5.65 608,977 35,857 5.89
Total 1,388,415 48,851 7.08 1,227,496 36,289 5.96 1,265,297 80,038 6.33
Table 2: Classification by Type of Product
The Group
Unit: RMB million
January to June 2012 January to June 2011 2011
Average Interest Average Average Interest Average Average Interest Average
balance income yield (%) balance income yield (%) balance income yield (%)
Corporate loans 1,138,227 39,280 6.94 1,036,691 29,879 5.81 1,059,306 65,557 6.19
Discounted bills 52,443 2,260 8.67 43,091 1,373 6.43 44,645 3,405 7.63
Personal loans 275,795 8,659 6.31 226,733 6,058 5.39 239,757 13,272 5.54
Total loans to customers 1,466,465 50,199 6.88 1,306,515 37,310 5.76 1,343,708 82,234 6.12
10 China CITIC Bank Corporation Limited
Report of the Board of Directors
The Bank
Unit: RMB million
January to June 2012 January to June 2011 2011
Average Interest Average Average Interest Average Average Interest Average
balance income yield (%) balance income yield (%) balance income yield (%)
Corporate loans 1,079,045 38,316 7.14 975,346 29,184 6.03 998,702 64,028 6.41
Discounted bills 48,132 2,149 8.98 40,287 1,319 6.60 41,467 3,273 7.89
Personal loans 261,238 8,386 6.46 211,863 5,786 5.51 225,128 12,737 5.66
Total loans to customers 1,338,415 48,851 7.08 1,227,496 36,289 5.96 1,265,297 80,038 6.33
During the reporting period, the Group’s interest income from loans and advances to customers was RMB50.199
billion, up by RMB12.889 billion or 34.55% year on year, of which the Bank’s interest income from loans and
advances to customers was RMB48.851 billion, an increase of RMB12.562 billion or 34.62% year on year, which was
mainly because the average loan yield grew by 1.12 percentage points year on year and the average balance increased
by RMB160.919 billion. The main reasons that contributed to the increase of the average loan yield are as follows:
(1) the Bank achieved the continuous improvement in its capability of loan risk pricing by strengthening its loan
interest rate pricing management, assessment and guidance; and (2) the Bank proactively optimized its loan structure,
and enhanced the issuance of loans to small and medium-sized enterprises and loans to individual businesses as well
as other businesses that have relatively high yields.
Interest Income from Investment in Debt Securities
During the reporting period, the Group’s interest income from investment in debt securities was RMB4.778 billion,
up by RMB1.268 billion or 36.13% year on year, which is primarily because, as the growth of credit business in
the banking industry slowed down, the Group enhanced its flexible operation of non-credit assets and increased the
scale of investments in debt securities.
Interest Income from Deposits with the Central Bank
During the reporting period, the Group’s interest income from deposits with the Central Bank amounted to RMB2.941
billion, an increase of RMB919 million or 45.45% year on year. This was mainly because, affected by the growth
of consumer deposits, the statutory deposit reserves largely increased, and compared with the first half of 2011, the
average balance of deposits with the Central Bank grew by RMB97.135 billion or 34.87% year on year. Meanwhile,
the decrease in the proportion of the average balance of excess reserves lead to the increase in the average yield of
deposits with the Central Bank growing from 1.46% in the first half of 2011 to 1.57% in the first half of 2012.
Interest Income from Deposits and Placements with Banks and Non-Bank Financial Institutions
During the reporting period, the Group’s interest income from deposits and placements with banks and non-bank
financial institutions was RMB7.857 billion, up by RMB5.793 billion or 280.67% year on year, which was mainly
due to the increase of 1.55 percentage points in the average yield of interest income from deposits and placements
with banks and non-bank financial institutions and the increase of RMB205.376 billion in the average balance.
Interest Income from Amounts under Resale Agreements
During the reporting period, the Group’s interest income from the amounts under resale agreements was RMB2.561
billion, down by RMB139 million year on year, which was mainly because the average yield of the amounts under
resale agreements declined by 0.31 percentage point year on year.
2012 Interim Report 11
Report of the Board of Directors
Interest Expense
During the reporting period, the Group’s interest expense was RMB31.408 billion, up by RMB13.598 billion or
76.35% year on year. The increase in interest expense was primarily due to the increase of scale and average cost
rate of interest-bearing liabilities.
The average balance of the Group’s interest-bearing liabilities increased from RMB1,932.176 billion in the first half
of 2011 to RMB2,361.369 billion in the first half of 2012, up by RMB429.193 billion or 22.21%. The average
cost of its interest-bearing liabilities rose from 1.86% in the first half of 2011 to 2.67% in the first half of 2012,
up by 0.81 percentage point.
Interest Expense on Deposits from Customers
Deposits from customers have always been the major funding source of the Group. The interest expense on deposits
from customers in the first half of 2012 and the first half of 2011 accounted for 71.10% and 78.56% of the Group’s
total interest expense, respectively.
The table below sets out the average balances, interest expenses and average cost of corporate deposits and personal
deposits of the Group, divided by product type during the periods indicated.
The Group
Unit: RMB million
January to June 2012 January to June 2011 2011
Average Average Average
Average Interest cost rate Average Interest cost rate Average Interest cost rate
balance expense (%) balance expense (%) balance expense (%)
Corporate deposits
Time deposits 901,257 15,631 3.49 729,199 9,190 2.54 762,992 21,233 2.78
Demand deposits 723,071 2,841 0.79 700,594 2,463 0.71 709,800 5,328 0.75
Subtotal 1,624,328 18,472 2.29 1,429,793 11,653 1.64 1,472,792 26,561 1.80
Personal deposits
Time deposits 244,007 3,680 3.03 200,937 2,188 2.20 211,280 5,568 2.64
Demand deposits 82,667 180 0.44 77,874 151 0.39 77,045 321 0.42
Subtotal 326,674 3,860 2.38 278,811 2,339 1.69 288,325 5,889 2.04
Total 1,951,002 22,332 2.30 1,708,604 13,992 1.65 1,761,117 32,450 1.84
12 China CITIC Bank Corporation Limited
Report of the Board of Directors
The Bank
Unit: RMB million
January to June 2012 January to June 2011 2011
Average Average Average
Average Interest cost rate Average Interest cost rate Average Interest cost rate
balance expense (%) balance expense (%) balance expense (%)
Corporate deposits
Time deposits 853,258 15,197 3.58 684,949 9,024 2.66 718,757 20,767 2.89
Demand deposits 706,972 2,832 0.81 684,668 2,455 0.72 692,926 5,310 0.77
Subtotal 1,560,230 18,029 2.32 1,369,617 11,479 1.69 1,411,683 26,077 1.85
Personal deposits
Time deposits 217,799 3,370 3.11 181,122 2,009 2.24 188,359 5,125 2.72
Demand deposits 69,420 167 0.48 62,330 135 0.44 62,895 290 0.46
Subtotal 287,219 3,537 2.48 243,452 2,144 1.78 251,254 5,415 2.16
Total 1,847,449 21,566 2.35 1,613,069 13,623 1.70 1,662,937 31,492 1.89
During the reporting period, the Group’s interest expense on deposits from customers was RMB22.332 billion, up
by RMB8.340 billion or 59.61% year on year.
The Bank’s interest expense on deposits from customers amounted to RMB21.566 billion, up by RMB7.943 billion
or 58.31% year on year, which was primarily due to the increase of RMB234.380 billion in the Bank’s average
balance of deposits from customers and the increase of 0.65 percentage point in average cost. The key reasons for
the rise in average cost of deposits from customers are: (1) the Central Bank raised the benchmark interest rate for
deposits from customers for five consecutive times from October 2010 to July 2011, coupled with the completion
of the interest rate repricing, as a result of which the average cost rose gradually; meanwhile, the interest rate policy
issued on 8 June 2012 did not materially affect the cost of deposits; and (2) time deposits accounted for increasingly
higher proportion of total deposits from customers, and the proportion of average balance of time deposits rose from
53.69% in the first half of 2011 to 57.97% in the first half of 2012.
Interest Expense on Deposits and Placements from Banks and Non-Bank Financial Institutions
During the reporting period, the Group’s interest expense on deposits and placements from banks and non-bank
financial institutions amounted to RMB8.017 billion, up by RMB5.182 billion or 182.79% year on year, which was
primarily due to the rise of average cost of such deposits and placements from 3.33% to 4.55%, and the increase of
RMB182.399 billion in average balance.
Interest Expense on Other Borrowed Funds
During the reporting period, the Group’s interest expenses on other borrowings was RMB654 million, down by
RMB202 million year on year, which was primarily because the interest cost of bond issuance by the Group was
lower than that of the previous year.
2012 Interim Report 13
Report of the Board of Directors
Net Non-Interest Income
During the reporting period, by adopting measures including strengthening the performance assessment and
appropriating dedicated budget, the Group accelerated and improved the management system of fee-based business
which contributed to the sustained and stable growth of net non-interest income.
During the reporting period, the Group realized a net non-interest income of RMB7.314 billion, up by RMB1.785
billion or 32.28% year on year. The proportion of the Group’s net non-interest income to its operating income
reached 16.53%, up by 0.88 percentage point year on year.
Unit: RMB million
Increase/ Growth rate
January to January to decrease year on year
June 2012 June 2011 year on year (%)
Net fee and commission income 5,405 3,898 1,507 38.66
Net gain from trading 1,540 1,029 511 49.66
Net gain from investment securities 115 110 5 4.55
Net (loss) from arbitrage – (1 ) 1 –
Income from other businesses 254 493 (239 ) (48.48 )
Total net non-interest income 7,314 5,529 1,785 32.28
Net Fee and Commission Income
During the reporting period, the Group realized a net fee and commission income of RMB5.405 billion, an increase
of RMB1.507 billion or 38.66% year on year, of which the fee and commission income amounted to RMB5.817
billion, up by 38.11% year on year. This increase was primarily due to the Group’s devotion to the development of
its fee-based business and the relatively rapid growth in items including bank card fees, settlement fees, agency fees,
and custody and other trusted services commissions.
Unit: RMB million
Increase/ Growth rate
January to January to decrease year on year
June 2012 June 2011 year on year (%)
Bank card fees 1,624 942 682 72.40
Consulting and advisory fees 1,506 1,324 182 13.75
Settlement fees 1,446 819 627 76.56
Agency fees 465 319 146 45.77
Wealth management fees 280 262 18 6.87
Guarantee fees 263 392 (129 ) (32.91 )
Custody and other trusted
services commissions 229 150 79 52.67
Others 4 4 – –
Subtotal 5,817 4,212 1,605 38.11
Fee and commission expense (412 ) (314 ) 98 31.21
Net fee and commission income 5,405 3,898 1,507 38.66
14 China CITIC Bank Corporation Limited
Report of the Board of Directors
Net Gain from Trading
Unit: RMB million
January to January to Increase/ Growth rate
Item June 2012 June 2011 decrease (%)
Net gain from foreign
exchange trading 757 909 (152 ) (16.72 )
Derivatives 574 115 459 399.13
Debt securities 208 2 206 –
Investment funds – 1 (1 ) –
Financial liabilities measured at
fair value through profit or loss 1 2 (1 ) (50.00 )
Net gain from trading 1,540 1,029 511 49.66
During the reporting period, the Group’s net gain from trading was RMB1.540 billion, up by RMB511 million or
49.66% year on year, which was mainly due to the increase in the fair value of derivatives through revaluation.
Loss on Asset Impairment
Unit: RMB million
Increase/ Growth rate
January to January to decrease year on year
June 2012 June 2011 year on year (%)
Loans and advances to customers 2,447 1,916 531 27.71
Off-balance sheet credit assets 85 51 34 66.67
Others (note) (8 ) (38 ) 30 –
Total loss on asset impairment 2,524 1,929 595 30.84
Note: Including the impairment losses of debt assets and other assets.
During the reporting period, the Group’s impairment loss on assets was RMB2.524 billion, up by RMB595 million
year on year, of which impairment loss on loans and advances to customers was RMB2.447 billion, up by RMB531
million year on year.
Operating Expenses
Unit: RMB million
January to January to Increase/ Growth rate
Item June 2012 June 2011 decrease (%)
Staff cost 7,105 6,036 1,069 17.71
Property and equipment
expenses and amortization 2,228 1,886 342 18.13
General and administrative expenses 3,268 2,805 463 16.51
Subtotal 12,601 10,727 1,874 17.47
Business tax and surcharges 3,257 2,432 825 33.92
Total operating expenses 15,858 13,159 2,699 20.51
Cost-to-income ratio 35.84% 37.24% Down by 1.40 percentage points
Cost-to-income ratio (deducting
business tax and surcharges) 28.48% 30.36% Down by 1.88 percentage points
2012 Interim Report 15
Report of the Board of Directors
During the reporting period, the Group’s operating expenses amounted to RMB15.858 billion, up by RMB2.699
billion or 20.51% year on year, which was primarily because: (1) the Group’s staff cost, property and equipment
expenses and amortization increased due to the increase of business outlets; (2) the Group’s business expenses increased
due to the increase in its dedicated budget for purpose of promoting its restructuring.
During the reporting period, the Group’s cost-to-income ratio was 28.48%, down by 1.88 percentage points year
on year, thus maintaining relatively high input-output efficiency.
Income Tax Analysis
During the reporting period, the Group’s income tax was RMB6.291 billion, up by RMB1.238 billion or 24.50%
year on year. The Group’s effective tax rate was 24.31%, down by 0.55 percentage point from 24.86% in the first
half of 2011.
Balance Sheet Analysis
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
Total loans and advances to customers 1,535,352 – 1,434,037 –
Including:
Corporate loans 1,165,479 – 1,116,389 –
Discounted bills 76,823 – 49,451 –
Personal loans 293,050 – 268,197 –
Provision for impairment losses (25,660 ) – (23,258 ) –
Net loans and advances to customers 1,509,692 51.8 1,410,779 51.0
Investments (1) 319,149 10.9 253,388 9.2
Cash and deposits with Central Bank 379,044 13.0 366,391 13.2
Net deposits and placements
with banks and non-bank
financial institutions 444,365 15.2 537,539 19.4
Amounts under resale agreements 225,462 7.7 162,211 5.9
Others (2) 38,653 1.4 35,573 1.3
Total assets 2,916,365 100.0 2,765,881 100.0
Deposits from customers 2,188,820 80.4 1,968,051 76.1
Including:
Corporate loans 1,811,434 66.5 1,622,087 62.7
Personal loans 377,386 13.9 345,964 13.4
Deposits and placement from banks
and non-bank financial institutions 431,309 15.8 540,222 20.9
Amounts under repurchase agreements 5,084 0.2 9,806 0.4
Debt securities payable 54,022 2.0 33,730 1.3
Others (3) 44,650 1.6 35,291 1.3
Total liabilities 2,723,885 100.0 2,587,100 100.0
Notes: (1) Including investments for trading purpose, available-for-sale investments, held-to-maturity investments and investments in associates.
(2) Including derivative financial assets, interest receivables, fixed assets, intangible assets, real estate for investment purposes, goodwill, deferred
income tax assets and other assets.
(3) Including trading financial liabilities, derivative financial liabilities, staff remuneration payable, tax and fee payables, interest payables, estimated
liabilities, other liabilities and so on.
Most of the Group’s assets are loans and advances to customers. As at the end of the reporting period, The Group’s
loans and advances to customers after deducting provisions for impairment losses accounted for 51.8% of the Group’s
total assets.
1 China CITIC Bank Corporation Limited
Report of the Board of Directors
Loan Business
For the analysis of loan business, please refer to “Report of the Board of Directors — Risk Management” in this
report.
Investment Business
Investment Portfolio Analysis
Unit: RMB million
30 June 2012 31 December 2011
Value Proportion (%) Value Proportion (%)
Held-to-maturity debt securities 127,401 39.9 108,468 42.8
Available-for-sale debt securities 164,809 51.6 126,875 50.1
Debt securities measured at fair
value through profit or loss 15,528 4.9 8,188 3.2
Total debt securities 307,738 96.4 243,531 96.1
Available-for-sale investment funds 5,695 1.8 5,706 2.3
Investment funds measured at fair
value through profit or loss 2 — 2 —
Total investment funds 5,697 1.8 5,708 2.3
Available-for-sale equity investments 177 — 171 —
Investment in associates 2,210 0.7 2,212 0.9
Long-term equity investments 2,387 0.7 2,383 0.9
Available-for-sale financial
assets-certificates of deposits 3,327 1.1 1,766 0.7
Total investments 319,149 100.0 253,388 100.0
Market value of listed securities
in held-to-maturity debt securities 700 692
Classification of Debt Securities Investment
As at the end of the reporting period, the Group’s investment in debt securities reached RMB307.738 billion, an
increase of RMB64.207 billion or 26.37% over the end of the previous year.
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
Banks and non-bank financial institutions 108,336 35.2 47,974 19.7
Government 60,110 19.5 62,150 25.5
PBC 25,339 8.2 26,860 11.0
Policy banks 23,600 7.7 39,709 16.3
Public entities 48 — 75 —
Others (Note) 90,305 29.4 66,763 27.5
Total debt securities 307,738 100.0 243,531 100.0
Note: Primarily corporate bonds.
2012 Interim Report 1
Report of the Board of Directors
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
Domestic 290,321 94.3 224,976 92.4
Overseas 17,417 5.7 18,555 7.6
Total debt securities 307,738 100.0 243,531 100.0
Foreign Currency Denominated Debt Securities Held
As at the end of the reporting period, the Group held a total of USD3.724 billion worth of foreign currency
denominated debt securities (equivalent to RMB23.552 billion), of which the Bank held USD1.400 billion with
the proportion of 37.59%. The Bank had no exposure to European sovereign debts and the balance of European
regions debts was merely USD45 million (which were mainly financial institutional debts of Germany and the
United Kingdom).
The Group’s balance for provision for impairment losses on foreign currency denominated debt securities investment
was USD68 million (equivalent to RMB428 million), of which the Bank’s balance for provision was USD45 million,
with the proportion of 66.18%.
Breakdown of Significant Investments in Financial Debt Securities
The table below sets out the breakdown of significant investments in financial debt securities held by the Group as
at the end of the reporting period.
Unit: RMB million
Name of Debt Securities Book value Maturity Date Annual interest rate (%)
Debt Securities 1 4,052 23 April 2013 3.45
Debt Securities 2 4,000 28 February 2017 4.20
Debt Securities 3 3,077 23 April 2017 4.11
Debt Securities 4 3,013 20 February 2015 4.26
Debt Securities 5 2,646 23 April 2019 4.32
Debt Securities 6 2,430 7 December 2015 4.27
Debt Securities 7 2,212 6 May 2017 3.83
Debt Securities 8 2,152 23 April 2022 4.44
Debt Securities 9 2,000 14 March 2017 4.45
Debt Securities 10 1,942 18 June 2022 4.24
Total debt securities 27,524
1 China CITIC Bank Corporation Limited
Report of the Board of Directors
Investment Quality Analysis
The table below sets out the changes in the provision for impairment loss on investment of the Group.
Unit: RMB million
As at 30 As at 31
June 2012 December 2011
Beginning balance 440 350
Accruals during the year (1)
(13 ) 181
Write-offs – (11 )
Transfer in/(out) (2) 1 (80 )
Ending balance 428 440
Notes: (1) Equal to the net expense from provisions for impairment loss recognized in the consolidated income statement of the Group.
(2) Transfer in/(out) includes the amount transferred from the provisions for impairment loss of investment in overdue debt securities to the provisions
for bad debt, the sale of impaired investments and the impact due to changes in exchange rate.
Unit: RMB million
As at 30 As at 31
June 2012 December 2011
Provision for available-for-sale
investment impairment 294 303
Provision for held-to-maturity
investment impairment 134 137
Provision for long-term equity
investment impairment — —
Total 428 440
Derivatives Classification and Fair Value Analysis
Unit: RMB million
30 June 2012 31 December 2011
Nominal Fair value Nominal Fair value
principal Assets Liabilities principal Assets Liabilities
Interest rate derivatives 232,597 1,497 1,098 200,104 1,627 1,314
Currency derivatives 506,256 3,430 2,403 404,074 3,036 2,438
Credit derivatives 1,047 4 11 1,050 19 11
Equity derivatives – – – 15 1 1
Total 739,900 4,931 3,512 605,243 4,683 3,764
2012 Interim Report 1
Report of the Board of Directors
On-Balance Sheet Interest Receivables
The table below sets out the changes in interest receivables of the Group.
Unit: RMB million
Increase Collected/returned
31 December during the during the
2011 current period current period 30 June 2012
Loan interest receivables 3,566 50,199 (49,980 ) 3,785
Interest receivables from debt securities 3,515 4,778 (3,897 ) 4,396
Other interest receivables 3,026 13,360 (13,104 ) 3,282
Subtotal 10,107 68,337 (66,981 ) 11,463
Allowances for impairment loss
on interest receivables (56 ) (31 ) 3 (84 )
Total 10,051 68,306 (66,978 ) 11,379
Debt Assets
The table below sets out the status of the debt assets of the Group.
Unit: RMB million
30 June 2012 31 December 2011
Original value of debt assets
– Land, premises and constructions 433 404
– Others 22 34
Allowances for impairment of debt assets
– Land, premises and constructions (155 ) (137 )
– Others (18 ) (24 )
Total book value of debt assets 282 277
Deposits from Customers
The Group
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
Corporate deposits
Demand deposits 814,590 37.2 787,052 40.0
Time deposits 996,844 45.6 835,035 42.4
Including: negotiated 100,096 4.6 69,866 3.6
Subtotal 1,811,434 82.8 1,622,087 82.4
Personal deposits
Demand deposits 101,920 4.7 91,762 4.7
Time deposits 275,466 12.5 254,202 12.9
Subtotal 377,386 17.2 345,964 17.6
Total deposits from customers 2,188,820 100.0 1,968,051 100.0
As at the end of the reporting period, deposits from customers of the Group totaled RMB2,188.820 billion, an
increase of RMB220.769 billion or 11.22% over the end of the previous year.
20 China CITIC Bank Corporation Limited
Report of the Board of Directors
The Bank
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
Corporate deposits
Demand deposits 799,300 38.3 770,384 41.3
Time deposits 948,541 45.5 787,775 42.2
Including: negotiated 99,340 4.8 69,240 3.7
Subtotal 1,747,841 83.8 1,558,159 83.5
Personal deposits
Demand deposits 87,489 4.2 79,753 4.3
Time deposits 250,019 12.0 227,309 12.2
Subtotal 337,508 16.2 307,062 16.5
Total deposits from customers 2,085,349 100.0 1,865,221 100.0
As at the end of the reporting period, the Bank’s deposits from customers totaled RMB2,085.349 billion, an increase
of RMB220.128 billion or 11.80% over the end of the previous year. The balance of corporate deposits of the
Bank increased by RMB189.682 billion over the end of the previous year, of which negotiated deposits increased to
RMB99.340 billion as at 30 June 2012 from RMB69.240 billion as at the end of 2011, up by RMB30.1 billion or
43.47%, which was mainly because the Bank properly obtained certain negotiated deposits considering the match
of the maturity of assets and liabilities and the Bank’s personal deposits increased by RMB30.446 billion or 9.92%
over the end of the previous year.
Breakdown of Deposits from Customers by Currency
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
RMB 1,975,478 90.3 1,816,875 92.3
Foreign currencies 213,342 9.7 151,176 7.7
Total 2,188,820 100.0 1,968,051 100.0
Breakdown of Deposits by Geographical Location
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
Bohai Rim (note) 602,169 27.5 538,762 27.4
Yangtze River Delta 573,239 26.2 505,692 25.7
Pearl River Delta and West Strait 291,631 13.3 278,346 14.1
Central region 302,954 13.8 257,689 13.1
Western region 253,370 11.6 227,366 11.6
Northeastern region 62,492 2.9 57,160 2.9
Overseas 102,965 4.7 103,036 5.2
Total deposits from customers 2,188,820 100.0 1,968,051 100.0
Note: Including head office.
2012 Interim Report 21
Report of the Board of Directors
Breakdown of Deposits by Remaining Period of Maturity
The table below sets out the deposits from customers by remaining period of maturity as at the end of the reporting
period.
The Group
Unit: RMB million
Overdue/updated Within 3 months Within 3 to 12 months Within 1 to 5 years After 5 years Total
Amount Proportion (%) Amount Proportion (%) Amount Proportion (%) Amount Proportion (%) Amount Proportion (%) Amount Proportion(%)
Corporate deposits 885,951 40.5 376,690 17.2 397,687 18.2 143,966 6.6 7,140 0.3 1,811,434 82.8
Personal deposits 168,561 7.7 98,820 4.5 81,771 3.7 28,222 1.3 12 – 377,386 17.2
Total 1,054,512 48.2 475,510 21.7 479,458 21.9 172,188 7.9 7,152 0.3 2,188,820 100.0
The Bank
Unit: RMB million
Overdue/updated Within 3 months Within 3 to 12 months Within 1 to 5 years After 5 years Total
Amount Proportion (%) Amount Proportion(%) Amount Proportion (%) Amount Proportion(%) Amount Proportion(%) Amount Proportion(%)
Corporate deposits 870,660 41.7 339,779 16.3 387,341 18.6 142,921 6.9 7,140 0.3 1,747,841 83.8
Personal deposits 154,119 7.5 79,790 3.8 75,646 3.6 27,941 1.3 12 – 337,508 16.2
Total 1,024,779 49.2 419,569 20.1 462,987 22.2 170,862 8.2 7,152 0.3 2,085,349 100.0
Shareholders’ Equity
For changes in shareholders’ equity during the reporting period, please refer to the Group’s financial statements
— “Consolidated Statement of Changes in Equity”.
Major Off-Balance Sheet Items
The table below sets out major off-balance sheet items and their balances as at the end of the reporting period.
Unit: RMB million
30 June 2012 31 December 2011
Credit commitments
– Banker’s acceptance bill 617,074 503,666
– Letter of guarantee issued 76,786 64,534
– Letter of credit issued 247,871 244,312
– Irrevocable loan commitments 110,146 95,218
– Credit card commitments 65,227 60,937
Subtotal 1,117,104 968,667
Operating leasing commitments 8,383 8,260
Capital commitments 734 1,438
Pledged assets 5,495 11,637
Total 1,131,716 990,002
22 China CITIC Bank Corporation Limited
Report of the Board of Directors
Supplementary Financial Indicators
Data of the Bank(%)
Major Indicators (1) Standard (%) 30 June 2012 31 December 2011 31 December 2010
Liquidity ratio ≧25 62.15 60.89 59.11
Including: RMB ≧25 59.23 58.97 56.75
Foreign currencies ≧25 92.62 96.55 68.68
Loan-to-deposit ratio (2) ≦75 70.07 72.97 72.83
Including: RMB ≦75 72.23 73.26 73.31
Foreign currencies ≦75 37.69 65.44 60.42
Notes: (1) The figures are calculated in accordance with the regulatory standards of Chinese banking industry.
(2) Discounted bills are included in loans.
Capital Management
The Group’s objectives in capital management include: to establish a dynamic capital replenishing mechanism and
maintain a solid capital base to ensure the capital adequacy ratio fulfills the regulatory requirements at any time and
the capital fully covers all risks faced by the Group; to specify the business expansion plan according to its capital
base and guide the optimal allocation of various resources of the Group for balancing capital, profits and risks and
to maximize shareholders’ value with controlled risks.
To that end, the Group carried out the following strategies to manage capital: (1) making scientific capital plans
and making adjustments thereto on a dynamic basis; (2) preparing feasible plans for capital adequacy ratio stage by
stage, specifying a targeted range of capital adequacy ratio, setting up internal capital alarming lines and regularly
monitoring the capital adequacy ratio of the Group, to maintain a reasonable growth of risk assets and proactively
manage the capital; (3) taking effective measures to enhance capital constraint mechanism and to use capital in a
more efficient way; promulgating performance-based employee evaluation system emphasizing “economic profit”
and “risk-adjusted return on capital” throughout the Bank; by leveraging on the internal capital allocation system,
realizing an optimized allocation of economic capital among all business units, products and industries of the Group;
and (4) scientifically making use of all sorts of capital instruments to optimize the total amount and the structure
of capital and reduce financing cost.
According to the above-mentioned management strategies and to adapt to external environment and meet the
requirements of internal management, in 2012, the Group continued to improve capital management procedures
and further reinforced capital management in, among others, capital plan, capital replenishing, capital allocation
and capital evaluation. The Group has taken the following measures to achieve its goals: firstly, based on the long
and medium-term capital plans, making annual economic capital management plans and keeping monitoring and
analysing on a dynamic basis; secondly, taking quota management based on capital regulation to realize the optimal
allocation of capital in different regions, and making internal adjustments to realize strategic guidance; thirdly,
enhancing the operation and management evaluation system emphasizing “risk-adjusted return on capital”; and
fourthly, having issued subordinated debts with the value of RMB20 billion in June 2012 which further replenished
the supplementary capital.
In the next stage, based on the Measures for the Administration of Capital Management of Commercial Banks (Trial)
promulgated by the CBRC on 8 June 2012, the Group will proactively push forward the preparation of rules and
working systems to ensure that the Group is in compliance with various regulatory requirements within the required
period and further enhances its risk resistance capability.
2012 Interim Report 23
Report of the Board of Directors
At the moment, the Group calculated and disclosed its capital adequacy ratio in accordance with the Measures for the
Administration of Capital Adequacy Ratio of Commercial Banks issued by CBRC and its subsequent amendments. As at
the end of the reporting period, the capital adequacy ratio and core capital adequacy ratio of the Group were 13.44%
and 10.05% respectively, up by 1.17 and 0.14 percentage points respectively over the end of the previous year.
Unit: RMB million
30 June 2012 31 December 2011 31 December 2010
Total capital before deduction 250,611 214,002 160,928
Including: Total core capital 186,393 171,534 119,166
Total supplementary capital 64,218 42,468 41,762
Deduction: Unconsolidated equity
investment and others 4,191 4,134 4,314
Net capital 246,420 209,868 156,614
Net core capital 184,294 169,466 116,988
Risk-weighted assets 1,822,617 1,702,165 1,385,262
Market risk capital 850 696 –
Core capital adequacy ratio 10.05% 9.91% 8.45%
Capital adequacy ratio 13.44% 12.27% 11.31%
Note: Since 2011, the regulatory authorities cancelled the threshold for the provision for market risk capital required previously; instead, all banks shall calculate
market risk capital according to relevant calculation methods.
Major Accounting Estimates and Assumptions
The preparation of the financial statements in conformity with the Accounting Standards for Business Enterprises
requires the Group to make certain accounting estimates and assumptions when the Group’s accounting policies are
applied to determine the amounts of relevant assets and liabilities as well as income and expenses for the reporting
period. The accounting estimates and assumptions made by the Group are based on its historical experience and
other factors such as reasonable expectations of future events, and are reviewed on an on-going basis. The accounting
estimates and assumptions made by the Group appropriately reflected the financial positions of the Group.
The main aspects of the preparation basis of the Group’s financial statements influenced by estimates and judgments
include: confirmation and measurement of financial instruments (provisions for loan impairment losses and bad
debt write-offs, classification of debt securities and equity investments, measurement of the fair value of investments
for trading purpose and transactions designated at fair value through profit or loss, measurement of the fair value
of available-for-sale investments, measurement of the fair value of derivative financial instruments), affirmation of
actuarial obligations for pension and welfare, and recognition of deferred income tax and income tax expense.
Measurement of Fair Value
The Bank measures the fair value of financial instruments according to the method stated in Price Determination
Method for Financial Instruments in Treasury and Capital Market Business of China CITIC Bank. The methods for
determination of fair value include the use of financial media quotes, open or independent valuation techniques,
and trading counterparty or third party price inquiry. In principle, it is the Bank’s priority to use the quotes from
active markets to measure fair values. For financial instruments without active markets, the latest market trading
quotes shall be applied. For those financial instruments without market quotes, valuation techniques or price inquiry
method shall be applied.
24 China CITIC Bank Corporation Limited
Report of the Board of Directors
The Bank strictly implements the internal control procedure for the measurement of fair values. The business department,
the risk management department and the accounting department collectively confirm the determination method and
source for the fair values of financial instruments according to business requirements. The accounting department
conducts an independent evaluation on fair value based on the requirements of the accounting standards, and prepares
valuation reports regularly. The risk management department reviews various valuation reports, and supervises the
implementation of those valuation methods. The relevant systems and methods related to the measurement of fair
values are approved by the Market Risk Management Committee of the Bank’s head office.
Items with Fluctuations over 30% in the Accounting Statements
Compared
End of with end
June 2012/ of previous year/
first half same period of
Item of 2012 previous year (%) Main reasons
Net fee and commission income 5,405 38.66 Rapid development of the fee-based businesses
Net gain from trading 1,540 49.66 Gains from derivatives and debt securities increased
Net gain from other operating activities 254 (48.48 ) Other incomes from the business of overseas
subsidiaries decreased
Asset impairment losses 2,524 30.84 Impairment allowance for credit assets portfolio
increased
Share of losses of associates 20 – Profit of overseas subsidiaries in associates decreased
Trading financial assets 15,530 89.62 Trading investments in debt securities increased
Financial assets held under 225,462 38.99 Bills under resale agreements increased
resale agreements
Financial assets sold under 5,084 (48.15 ) Debt securities under repurchase agreements decreased
repurchase agreements
Debts securities payable 54,022 60.16 Issue subordinated debts
Other liabilities 12,122 141.67 Retrained profit for 2011
Investment revaluation reserve 970 353.27 Fair value change of financial assets available for sale
Segment Report
Business Segment
The Group has maintained a leading position in corporate banking business. During the reporting period, the
corporate banking business contributed an operating profit of RMB21.214 billion to the Group, with the proportion
of 81.21%; the personal banking business contributed an operating profit of RMB1.293 billion to the Group, with
the proportion of 4.95%; the treasury business contributed an operating profit of RMB3.616 billion to the Group,
with the proportion of 13.84%.
Geographical Segment
The Bohai Rim (including head office), the Yangtze River Delta, the Pearl River Delta and the West Strait have
always been the most important contributors to the Group’s income and profit growth, contributing a total operating
profit of RMB18.548 billion to the Group during the reporting period, with the proportion of 71.68%. The Group’s
business in Central, Western and Northeastern regions of China have been developing rapidly in recent years, and
during the reporting period, the operating profit from these three regions amounted to RMB6.498 billion, with the
proportion of 25.11%. In addition, the profit derived from operations in Hong Kong amounted to RMB830 million
and the economic efficiency kept growing steadily.
2012 Interim Report 25
Report of the Board of Directors
Business Overview
Corporate Banking Business
In 2012, with focus on business transformation, the Bank proactively optimized its financial service models for large,
medium and small corporate customers, enhanced application of the comprehensive evaluation system of corporate
customers’ value, improved the stratified operation system for corporate customers, enhanced innovation of products
and services, and facilitated the construction of transaction banking platform which resulted in better sustainability
of the Bank’s corporate banking business. As at the end of the reporting period, the Bank recorded a total balance
of corporate deposits of RMB1,747.841 billion, an increase of 12.17% over the end of the previous year, and a total
balance of corporate loans of RMB1,179.274 billion, an increase of 6.87% over the end of the previous year; the
Bank’s net non-interest income during the reporting period was RMB3.715 billion, up by 34.07% year on year.
Corporate Deposits and Loans
In light of corporate deposits, the Bank further optimized its business development model for corporate deposits during
the reporting period. By increasing corporate liabilities with low cost and stable sources and expanding diversified
sources of liabilities, the Bank out-performed the market amidst the fierce competition. The Bank further increased
the proportion of deposits from institutional customers by enhancing professional services and systematic marketing;
increased the availability and application of transaction banking products and services such as E-finance, supply chain
finance and trade finance, so as to expand medium and small customer groups in upstream and downstream while
considering large customers as its core focus and drive the growth in enterprise settlement deposits; and paid high
attention to opportunities brought along by financial disintermediation and capital market expansion, so as to widen
sources of corporate business growth by exploring sources of liabilities business on the capital market. As at the end
of the reporting period, the number of corporate deposit accounts of the Bank was 297,000, an increase of 13,000
accounts over the end of the previous year; the corporate deposit balance reached RMB1,747.841 billion, up by
12.17% over the end of the previous year, with the balance of deposits from institutional customers including fiscal
and taxation entities registering RMB460.65 billion, 12.5% higher over the end of the previous year, accounting for
26.36% of the Bank’s total corporate deposits; and negotiated deposits recorded RMB99.34 billion, up by 43.47%
over the end of the previous year and accounting for 5.68% of the Bank’s total corporate deposits.
As to corporate loans, the Bank further adjusted and optimized its asset business structure thereof by optimizing
the allocation of the loan resources during the reporting period. Leveraging on the opportunity inherent in stronger
support from the national government to emerging industries during the “12th Five-Year Plan” period, the Bank
gave priority to marketing efforts to strategic emerging industries, including waste water treatment, manufacture
of environment protection equipment, industrial energy conservation, the Internet of things, and manufacture of
high-end equipment. In response to market-based interest rate reform, the Bank explored and expanded investment
channels for corporate asset business and made use of multiple tools such as bonds, mid-term notes, private equity
bonds and financing products, which, while effectively expanding the financing channels for customers, also helped
with coordinated development of on and off-balance sheet asset business. As at the end of the reporting period, the
Bank’s corporate loan balance registered RMB1,179.274 billion (including discounted bills), up by 6.87% over the
end of the previous year, of which general corporate loan balance was RMB1,106.644 billion, up by 4.59% over
the end of the previous year.
2 China CITIC Bank Corporation Limited
Report of the Board of Directors
Transaction Banking Business
During the reporting period, the Bank continuously paid efforts to optimize its institutional management model of
supply chain finance and established its concentrated management platform at the branch level and its multi-layer
management system for supply chain finance, implemented its project verification and approval system for supply
chain finance and expanded the service scope of supply chain finance to pharmaceuticals, paper-making, construction,
engineering and machinery, food and apparels. In addition, the Bank enhanced its innovation and application of
supply chain finance products, developed and launched a supply chain finance business system, improved its harbor
finance products system, optimized system functions for commercial papers, and thus further escalated its market
competitiveness. As at the end of the reporting period, the number of effective credit-receiving accounts of supply
chain finance business (excluding auto finance) of the Bank was 3,773, an increase of 976 accounts over the end of
the previous year, with the accumulative financing volume reaching RMB180.9 billion, up by 16.9% year on year;
and acceptance and discount of electronic commercial papers reached RMB100.75 billion with a comprehensive
market share approaching to 20%.
During the reporting period, the Bank accelerated the innovation of corporate electronic financial products and
services, including successfully launching corporate Internet banking version 6.5, initiating the construction of the
third-generation Internet banking project, and launching the cash management system version 5.2, which expanded
the functionalities of group fund reporting and multi-bank multi-currency cash pool, etc. The Bank optimized the B2B
E-commerce system platform by the launching of Trade & Tariff E-Tone version 3.0 to further optimize tax payment
categories, improve processing efficiency, enable more efficient and convenient circulation of tax bills and improve the
system safety, which in turn further supported the overall customs tariff electronic payment system. The successful
completion of the fund payment supervision business system (phase II) realized functions such as fund clearing,
information supervision and balance monitoring of the entire fund transaction process. As at the end of the reporting
period, the number of cash management projects and accounts of the Bank recorded 2,200 and 13,478 respectively,
an increase of 263 projects and 1,672 accounts over the end of the previous year respectively. The Bank realized a
transaction volume of RMB6,462.8 billion during the reporting period, an increase of RMB53.3% year on year.
International Business
During the reporting period, the Bank took the initiative to adjust its business structure, income structure, regional
structure and customer structure of its international business. While maintaining steady development of its trade in
settlement services, the Bank vigorously developed emerging business lines including trade service, capital settlement,
local letter of credit and letter of guarantee and effectively broadened its service chain and tapped the sources for
business and income growth. With the launch of products such as import finance, export reimbursing, domestic
L/C finance, arbitrage based on exchange rate difference, Renminbi loans backed by standby L/C and cross-border
three-in-one financial product, the Bank made full use of inter-bank funds and business resources at home and
abroad, effectively addressed the shortage of funds denominated in foreign currencies and other business resources,
and helped customers conduct more effective financial management.
During the reporting period, the Bank realized the international business foreign exchange received and paid (including
trade account and non-trade account) of USD112.785 billion, up by 6.24% year on year, taking a steady first place
among all small and medium joint-stock banks in terms of market share (according to the ranking of international
balance of payment statistics by the State Administration of Foreign Exchange), and the Bank completed RMB62.81
billion cross-border Renminbi settlement, up by 17.7% year on year, which also made it the lead among small and
medium joint-stock banks in terms of market share. The Bank earned RMB1.47 billion for international fee-based
business, an increase of 49.9% year on year, with the growth of income outpacing that of settlement volume.
2012 Interim Report 2
Report of the Board of Directors
In parallel with rapid development of international business, the Bank effectively drove along marketing of liabilities
business via products such as margin deposit, international settlement deposit, and cross-border Renminbi deposit,
thus effectively promoting the marketing of the liabilities business and alleviating the pressure of the growing liability
within the Bank.
Investment Banking Business
The Bank continued to practice the specialized business operation model in investment banking business and
proactively built a diversified business platform based on customers’ demands for debt and equity financing, so as
to continuously improve its capacity in providing integrated financial services to strategic customers. Therefore, the
Bank maintained its momentum of fast development in investment banking business.
During the reporting period, the Bank’s bond underwriting was RMB56.003 billion, up by 61.28% year on year.
The scale of structured financing of the Bank was RMB94.884 billion, up by 19.58% year on year. And the net
non-interest income from investment banking business reached RMB1.254 billion, up by 24.79% year on year, of
which, that of structured financing, bond underwriting and asset management business generated grew by 70.36%,
57.6% and 52.87% year on year, respectively.
Small Business Finance Business
Pursuant to the marketing positioning of “one chain, two circles, and three clusters” and the marketing model of
“cluster marketing together with credit rating raising”, the Bank further deepened the cooperation on marketing
platform. During the reporting period, the Bank conducted overall cooperation with some key chambers of commerce
to provide an all-round small business finance services to member enterprises. In the meantime, the Bank promoted
the construction of “Star of Future” club, helped growing quality small enterprises with rapid growth and provided
assistance to enterprises in acquiring fund support with innovative financial tools.
Number of Cash Management Net Non-Interest Income
Projects/Customers from Investment Banking
13.58% 24.79%
Number Account RMB100
14.17% million
2,400 14,000 15
13,478
2,200 12.54
10.05
2,000 1,937 11,806 12,000 10
1,600 10,000 5
1,200 8,000 0
End of December 2011 End of June 2012 January to January to
June 2011 June 2012
Cash Management Projects Customers
2 China CITIC Bank Corporation Limited
Report of the Board of Directors
During the reporting period, the Bank’s small business loans were mainly directed to the Yangtze River Delta region
and mainly went to the sector of wholesale and retail, followed by manufacturing industry. Such orientation of business
development was consistent with the Bank’s regional and industrial positioning. As at the end of the reporting period,
the Bank had 20,781 small business customers 1, an increase of 2,204 over the end of the previous year. The total
balance of credit granted reached RMB364.117 billion, an increase of RMB46.189 billion or 14.53% over the end
of the previous year; the total loan balance was RMB162.069 billion, accounting for 14.64% of the total corporate
loans, an increase of RMB24.900 billion or 18.15% over the end of the previous year, a growth rate markedly higher
than that of corporate loans; the NPL balance was RMB681 million, while NPL ratio 0.42%, up by 0.15 percentage
point over the end of the previous year. The Bank kept relatively high pricing for its small business loans. During
the reporting period, the Bank recorded a 24.73% and 23.75% interest rate premium above the benchmark rate on
average for newly granted small business loans and small business loans balance, both of which were remarkably
higher than the average level of interest rate premium of corporate loans.
Asset Custody Business
During the reporting period, in terms of asset custody and pension business, the Bank maintained the business
development philosophy of “conducting custody to make breakthroughs, establishing custody business platform,
combining tradition and innovation, giving equal weights to scale and income”. Through proactively making
deployment and steadily promoting marketing, the Bank’s fee income from asset custody and pension business grew
by more than 50% year on year and the assets under custody reached a new record of over RMB400 billion. As at
the end of the reporting period, assets under custody by the Bank registered RMB443.196 billion, an increase of
32.81% over the end of the previous year; and the scale of pension business under contract totaled RMB19.286
billion, up by RMB4.689 billion or 32.12% over the end of the previous year. During the reporting period, total
income from custody fees reached RMB229 million, up by 52.67% year on year.
Balance of SME Loans Scale of Asset Custody
18.15% 32.81%
RMB RMB
million million
443,196
180,000 450,000
162,069
333,744
137,169
140,000 325,000
100,000 200,000
60,000 75,000
End of December 2011 End of June 2012 End of Decmeber 2011 End of June 2012
1
The Bank defines small businesses as enterprises and legal entities with net asset of RMB20 million or below as at the end of the previous year or sales
revenue of RMB200 million or below for the previous year.
2012 Interim Report 2
Report of the Board of Directors
Auto Finance
During the reporting period, the Bank achieved steady growth in all the business indicators related to auto finance
despite the slowdown of the domestic auto market since 2011 due to adverse impact such as the external macro
economic situation, exit of China’s stimulus policy and high oil price, etc. As at the end of the reporting period,
the Bank established “head office to head office” cooperative relationship with 60 automobile brands, covering key
domestic automobile manufacturers; developed partnership with 4,098 auto dealers, up by 881 or 27.39% year on
year; provided cumulative financing of RMB181.217 billion for auto dealers, up by RMB43.252 billion or 31.35%
year on year. During the reporting period, the Bank absorbed RMB71.828 billion daily deposits from auto dealers and
manufacturers, of which the balance of daily deposits from dealers was RMB46.419 billion, an increase of RMB2.425
billion or 5.51% over the end of the previous year; and realized a fee-based income of RMB82.0927 million from
auto finance business, up by RMB15.1354 million or 22.60% year on year. The Bank enjoyed a growth rate higher
than that of auto sales nationwide in all indicators for auto finance business.
Retail Banking Business
During the reporting period, following the guiding philosophy of “outperforming the market by focusing on increasing
both the number of customers and assets under management, pursuing balanced development of liabilities, assets
and fee-based business, continuously enhancing competitiveness to target customers and increasing the market share
of liabilities and assets business”, the Bank made prudent progress on all fronts, thereby driving forward business
growth and accelerating business transformation in retail banking. As at the end of the reporting period, the balance
of savings deposits in the Bank reached RMB337.508 billion, up by 9.92% over the end of the previous year; the
balance of personal loans was RMB278.552 billion, up by 9.72% over the end of the previous year; the number of
customer accounts of retail banking reached 22.7989 million, up by 7.65% over the end of the previous year. During
the reporting period, the Bank recorded an operating income from retail banking business of RMB6.172billion, up
by 18.46% year on year, which accounted for 14.42% of the total operating income of the Bank.
Operating Income from Retail Banking Transaction Volume of Credit Card
18.46% 64.29%
RMB RMB100
million million
7,500 1,200 1,157
6,172
5,210
5,000 800 704
2,500 400
0 0
January to June 2011 January to June 2012 January to June 2011 January to June 2012
30 China CITIC Bank Corporation Limited
Report of the Board of Directors
Retail Assets under Management
During the reporting period, the Bank adhered to the “customer first” operational and service philosophy in retailing
banking, provided comprehensive wealth management services to customers, and achieved steady growth in both
assets under management and savings deposits through diversification of products and services. As at the end of the
reporting period, the balance of savings deposits of the Bank reached RMB337.508 billion, up by 9.92% over the
end of the previous year; and the retail assets under management reached RMB545.141 billion, up by 12.44% over
the end of the previous year.
Retail Credit
During the reporting period, while maintaining steady growth in personal housing mortgage loans, the Bank vigorously
developed business loans and increased other consumer loans, thereby effectively promoting the rapid growth in
loan scale. As at the end of the reporting period, the balance of retail loans of the Bank reached RMB232.162
billion, up by 6.61% over the end of the previous year, of which the balance of personal housing mortgage loans
reached RMB171.659 billion, up by 1.12% over the end of the previous year; the balance of personal business
loans (excluding mortgage loans for commercial property and commercial vehicles) reached RMB37.961 billion, up
by 35.84% over the end of the previous year; and the balance of commercial property loans totaled RMB10.311
billion, up by 17.32% over the end of the previous year. In parallel with the increase of loan scale, the Bank also
made great efforts to promote continuous growth of overall earnings of retail credit by adjusting product mix and
improving loan pricing.
The Bank always attaches great attention to the risk management of retail credit. Despite the fluctuation of macro-
economic environment, NPL ratio of retail banking business was well under control. As at the end of the reporting
period, the Bank’s balance of non-performing retail loans (excluding credit card loan) was RMB429 million, an increase
of RMB84 million over the end of the previous year and the NPL ratio stayed at 0.18%, up by 0.02 percentage
point over the end of the previous year.
Wealth Management
During the reporting period, the Bank strengthened cross selling to its VIP customers through specialized customer
programs like the “Everyday Up” program. As at the end of the reporting period, the Bank had 199,224 VIP
customers with assets of over RMB500,000 under the management of the Bank, an increase of 21,064 or 11.82%
over the end of the previous year; the balance of assets of VIP customers managed at the Bank reached RMB335.749
billion, accounting for 61.94% of the total retail assets under the Bank’s management; and the new assets from VIP
customers managed by the Bank recorded RMB48.384 billion, accounting for 84.44% of the newly increased retail
assets under management at the Bank.
Private Banking Business
During the reporting period, the Bank continuously optimized its unique “Five-type Private Banking” system.
Following the idea of “precise marketing and delicacy managing” and focusing on dynamic wealth management
services, intensified the building of its investment consulting service system, established asset program based upon
automatic identification of wealth products by category in the wealth management system, incorporated exclusive
products, agency sales products and open market products into the wealth management analysis system, and launched
tailor-made products and services to high net worth customers. In addition, the Bank further improved its club and
“circle” models of value-added service systems and launched “Zunyihui”– an exclusive club for the top customers,
in which a membership-only practice that features multiple exclusive services prevailed and won high regards from
customers. As at the end of the reporting period, the number of private banking customers of the Bank reached
29,751, indicating that private banking business of the Bank entered a fast development stage.
1
Retail assets under management refer to the aggregate value of individual customers’ savings deposits and financial assets under the Bank’s
management.
2012 Interim Report 31
Report of the Board of Directors
Personal Auto Consumer Credit
The Auto Finance Center of the Bank continued to expand its auto consumer credit business in Beijing and
Shanghai, acquiring significant local market shares. During the reporting period, the Auto Finance Center issued
8,137 personal auto consumer loans valued at RMB1.965 billion in total, up by 43.88% year on year. As at the
end of the reporting period, the Bank’s cumulative personal auto loan issuance was 32,100, with total loan balance
amounting to RMB4.965 billion, the personal auto consumer credit business of the Bank covered 64 auto brands
and 477 dealers, who are located in Beijing and Shanghai, an increase of 41 over the end of the previous year; the
NPL balance of personal auto consumer credit was RMB10.7782 million, the NPL ratio 0.22%, indicating the good
quality of the overall assets.
Special Column
Steady and Healthy Development of the Credit Card Business
During the reporting period, following the guiding principle of “pursuing process reengineering, and tackling
difficulties in business transformation”, the Bank deepened the “second business transformation” of its credit
card business and registered steady growth in both scale and income. As at the end of the reporting period,
the Bank issued a total of 15.57 million credit cards, up by 23% year on year. During the reporting period,
the total credit card transaction volume reached RMB115.7 billion, up by 64% year on year, with a balance
of credit card loans of RMB41.425 billion, up by 29.85% over the end of the previous year.
Product portfolio continuously diversified
During the reporting period, following the guiding principle of “pursuing process reengineering, and tackling
difficulties in business transformation”, the Bank deepened the “second business transformation” of its credit
card business and registered steady growth in both scale and income. As at the end of the reporting period,
the Bank issued a total of 15.57 million credit cards, up by 23% year on year. During the reporting period,
the total credit card transaction volume reached RMB115.7 billion, up by 64% year on year, with a balance
of credit card loans of RMB41.425 billion, up by 29.85% over the end of the previous year.
Balance of Personal
Auto Consumer Credit Balance of AUM of VIP Customers
23.78% 26.61%
RMB100 RMB100
million million
55 4,000
49.65 3,357.49
45 3,000
42.05 2,651.92
35 2,000
25 1,000
End of December 2011 End of June 2012 End of December 2011 End of June 2012
32 China CITIC Bank Corporation Limited
Report of the Board of Directors
Special Column
Product portfolio continuously diversified
During the reporting period, the Bank continuously enhanced its product development and upgrading of its credit
card business, thereby solidified the advantages of its leading products and further sharpened its competitive
edge. Targeting the young high-consumption customer group, the Bank piloted the CITIC platinum credit
card in Shenzhen. Targeting high-end customer group, the Bank re-packaged and optimized the rights and
benefits of the platinum credit card holders as a whole. Meanwhile, the Bank implemented programs aiming
to upgrade business travel functions for the platinum credit card holders and functions for magic card holders.
Targeting frequent business travelers, the Bank continuously enhanced its cooperation with business traveling
partners including airlines, travel agencies and branded hotels and improved its business travel products system
in all dimensions ranging from air flights, hotels to all-round tour services. During the reporting period, the
consumer finance installment business, as one of the core business lines for priority development, witnessed a
strong growth momentum, achieving 100% income growth year on year. “Xinjinbao”, a cash installment product,
and “Yuanmengjin”, a large-amount consumption installment product, both targeting premium customers with
steady income, made fresh headways, thereby gradually perfecting the consumer finance business system.
Brand effect continuously enhanced
During the reporting period, thanks to its solid customer base, high-quality customer service and excellent
innovative capability, the Bank’s credit card business recorded extensive influence in the industry and amongst
its customers, and was well received within and outside the industry for its operation, management and services.
In 2012, the credit card service center of the Bank, because of its consistent excellent services, became the
exclusive winner of the Global Call Center of the Year Silver Awards for “Strategic Value” in Asia-Pacific region by
International Customer Management Institute (ICMI) for the second consecutive time, which award is the only
specialized silver award. With its distinctive advantages in customer relationship management (CRM) in credit
card business, the Bank won “The Excellence in Retail Financial Services Award” in Asia Pacific region for “Best
Customer Relationship Management” issued by the Asian Banker. Thanks to its leading data storage system
and innovative technical concepts, the credit card business of the Bank won “The Best Data Infrastructure
Project Award 2012” award by the Asian Banker. With extensive application of risk measurement tools in the
key business of loan cycles and the remarkable effects it has produced, the Bank’s credit card “service system
based on the dual life cycle management of MOT (critical moment)” project won the award of “The Best
Credit Risk Management of Banking in 2012” issued by the Asian Banker.
Optimistic long-term outlook
With volatile domestic and international economic environment, the credit card business of commercial banks
would be confronted with even more challenges. In addition, the emergence of new payment methods such
as online payment and mobile payment, together with the rise of third-party payment companies could exert
strong impact on the credit card sector as a whole or even affect the credit card business model itself. But in
the meantime, with the proceeding of China’s industrialization and urbanization, the proportion of residents
consumption in GDP will increase continuously, and the credit card, as major payment tool, will gradually
show its advantages. With the improvement of risk control of banks, the credit card business is expected to
embrace new long-term development opportunities. The Bank’s credit card business will continue to build its
own market status and competitiveness and, based on a steady business development, become the key source
of future profit of the Bank while continuously promoting process optimization and upgrading customer
experience.
2012 Interim Report 33
Report of the Board of Directors
Treasury and Capital Market Business
With regard to its treasury and capital market business, the Bank dynamically adjusted its business structure, effectively
managed assets and improved the assets yield during the reporting period by adhering to the “trade-sales” model and
the development strategy of “simple products with efficient marketing” and consistently implementing the “customer
first” service philosophy. With the foundation for business development continuously consolidated, all aspects of
treasury and capital market business of the Bank exhibited a sound momentum of growth. As at the end of the
reporting period, the income of the treasury and capital market business recorded RMB3.739 billion, accounting
for 8.73% of the Bank’s total operating income; and the net non-interest income of the treasury and capital market
business totaled RMB1.040 billion, accounting for 15.96% of the Bank’s total net non-interest income.
Foreign Exchange Business
During the reporting period, the Bank proactively dealt with the severe and complicated external economic situation,
strengthened guidance to market-making products and market risk management of foreign exchange business, while
actively working on innovative products such as portfolio options and cross-border business products, in order to
identify new source of business growth and create value for customers through product innovation. During the
reporting period, with the foreign exchange market-making transaction volume and profitability both growing steadily,
the Bank took a leading position in market share amongst all small and medium commercial banks.
Renminbi Bond and Interest Rate Market-Making Business
During the reporting period, confronted by economic turmoil both at home and abroad and wide fluctuation of
capital market yields, the Bank adopted prudent transaction strategies based on effective risk control. Thanks to
prudent conduct of Renminbi bond market-making, interest rate derivatives market-making and participation in
group subscription business, constant capacity building in market pricing and trend sizing, active innovation,
gradual tapping of actual customer demands, and continuous enhancement of business sustainability, the Bank
maintained high market shares in the above-mentioned business areas and further escalated its market influence and
competitiveness.
Wealth Management and Derivative Trading Business
During the reporting period, the Bank focused on launching wealth management products including bond asset
pool products and structured wealth management products that featured relatively low risk and stable yield, while
enhancing product research and development to meet the need of customers for wealth management products of
different maturities.
Strictly following the principle of meeting actual customer demands and the prudent development strategy, the Bank
focused on standardized simple derivative products to satisfy customer needs for financial management on the basis
of effective risk control, primarily by offering simple derivative products such as interest rate products. In the mean
time, the Bank attached great attention to improving its market research capacity to better seize market opportunities
and offer top-quality professional hedging services to customers in a continuous manner.
34 China CITIC Bank Corporation Limited
Report of the Board of Directors
Asset Management
During the reporting period, the Bank adopted a prudent investment strategy for its proprietary investments in
Renminbi bonds, and further improved overall asset yield by appropriately extending duration, optimizing asset
structure, following the market trend and enhancing operation in a dynamic basis. In terms of foreign currency
asset management, the Bank actively restructured its foreign currency assets and reduced the holding of assets with
expected high risks, thus further enhancing yield stability and risk resilience of its assets as a whole.
Financial Institutions Business
To further enhance the support for financial institutions business, the Bank established the Treasury and Financial
Institutions Department during the reporting period, which integrated functions of financial institutions business
management and Renminbi liquidity risk management, pushed forward the development of financial institutions
business and improved the liquidity risk management.
During the reporting period, confronted with the complicated external policies and market environment, based
on effective risk management, the Bank rapidly developed its financial institutions business by actively absorbing
deposits from financial institutions, expanding sources of liabilities from financial institutions, flexibly engaging
itself in money market business such as Renminbi inter-bank lending and bond repurchase, and vigorously pushing
forward reverse repurchase of inter-bank discounted bank notes and non-settlement deposits and placements with
banks and non-bank financial institutions. Against the backdrop of an environment with decreasing interest rates,
the Bank further increased the asset allocation to medium and long-term inter-bank assets with relatively high yields,
thereby effectively improving its efficiency in funds operation.
Cooperation with Financial Institutions
During the reporting period, by giving full play to the inter-bank cooperation platform and focusing on six types
of customers, namely banks, securities companies, enterprise group financial companies, trust companies, insurance
companies and leasing companies, the Bank endeavored to explore an efficient optimum business and service model,
and expanded its basic customer group of financial institutions.
Leveraging on the opportunity of inter-bank credit granting cooperation, the Bank proactively promoted the all-
dimensional cooperation with banking financial institutions including policy banks, state-owned banks, joint-stock
banks and regional banks in financing, asset management and resource sharing. In the meantime, the Bank enhanced
its cooperations with non-bank financial institutions including securities companies, financial companies, trust
companies, insurance companies and financial leasing companies. As at the end of the reporting period, the Bank
approved credit lines for 148 banking financial institutions, cumulatively signed third-party depository agreements
with 89 securities companies and entered into margin financing and securities lending agreements with 18 securities
companies.
Deposits from Financial Institutions
The Bank further optimized its deposit structure by actively absorbing deposits from all kinds of financial institutions
including banks, credit cooperatives, securities companies, financial companies and trust companies. During the
reporting period, the average daily balance of deposits from financial institutions was RMB345.093 billion, of
which, deposits from banking financial institutions, trust companies and securities companies accounted for 52.93%,
15.83% and 11.65% respectively.
2012 Interim Report 35
Report of the Board of Directors
Reverse Repurchase of Inter-Bank Discounted Bank Notes
As reverse repurchase of inter-bank discounted bank notes does not impact on credit scale but offers relatively high
yield at relatively low risks, the Bank enhanced its effort in promoting the business development and deepened
cooperation with highly credible financial institutions that enjoyed good management in reverse repurchase of
inter-bank discount of bank notes. During the reporting period, the average daily balance of reverse repurchase of
inter-bank discount of bank notes was RMB78.507 billion.
Non-Settlement Deposits with Banks and Non-Bank Financial Institutions
The Bank actively boosted the cooperation with highly qualified counterparties including large state-owned banks and
national joint-stock banks in non-settlement deposit with banks and non-bank financial institutions by continuously
expanding the scope of counterparties and proactively strengthening guidance to branches in business pricing.
During the reporting period, the average daily balance of non-settlement deposits with banks and non-bank financial
institutions was RMB104.402 billion.
Inter-Bank Lending and Bond Repurchase Business
Money market business including inter-bank lending and bond repurchase serve as important tools for liquidity
management. The Bank, while effectively managing liquidity risk bank-wide, steadily engaged in inter-bank lending
and bond repurchase operations in a view to effectively utilizing these tools for better funds use and to maintaining
inter-bank customer relationship. During the reporting period, the Bank’s average daily balance of inter-bank lending
and bond repurchase was RMB60.946 billion.
Special Column
A New Phase for Wealth Management
In 2012, in order to comply with external regulatory and risk control requirements while meeting the
requirements for business development, the Bank integrated and optimized wealth management business
bank-wide, enhanced business management, thereby effectively controlling business risks, improving product
competitiveness and raising customer satisfaction, all of which were achieved in line with the basic principle
of “unified management, unified accounting, unified sales and unified brand” and the management philosophy
of “separating front, middle and back offices and ensuring consistency of channels and the maintenance of
the customer relationships”.
Organizational structure of wealth management business further clarified
To better conduct the design of bank-wide wealth management products and risk management, during the
reporting period the Bank established a Wealth Management Department as a management center at the
middle office.
The organizational structure of the Bank’s wealth management business is divided into front office, middle
office and back office. The front sales office is responsible for proposing demand for products and organizing
sales activities through three channels, namely retail, corporate and inter-bank channels. The middle office
is internally responsible for centralized management, planning, access control, risk limits management and
coordination; and externally it is responsible for reporting to regulators, conducting unified information
disclosure, managing and maintaining brand image in relation to wealth management business. The product
research and development department is responsible for product research and development and investment
operation. And the risk management department is responsible for providing support related to risk control. The
settlement, accounting and IT system support departments at the back office are responsible for accounting,
settlement, operation, valuation of assets under custody, coordinated IT system development and management,
respectively.
3 China CITIC Bank Corporation Limited
Report of the Board of Directors
Special Column
Management capacity of wealth management business further enhanced
During the reporting period, the Bank’s model for reviewing and approving wealth management products was
changed to a model of review by an expert panel. With their expertise and capabilities in designing different
categories of products, the new system enables a tighter and more comprehensive risk control of wealth
management products. Furthermore, the Bank integrated methods for statistical data calculation, established a
statistical notification mechanism, standardized the collection and summary of statistics of wealth management
business, thereby laying a solid data base for scientific decision-making. Meanwhile, the Bank tightened
supervision over investment operations and conducted monitoring on all-round investment operational risks
to provide strong support to operational decision-making through comprehensive supervision over investment
operations and risk profiles.
Product research and development as well as marketing capabilities built up
During the reporting period, the Bank’s sales volume of wealth management products through research and
development reached RMB434.844 billion, of which 2,367 wealth management products with a sales volume
of RMB408.116 billion; 638 wealth management products sold to retail customers with a sales volume of
RMB288.498 billion, accounting for 70.69%; 1,729 wealth management products sold to corporate customers
with a sales volume of RMB119.618 billion, accounting for 29.31%; the sales volume of trust scheme sold on
agency basis, public offering funds/securities broker wealth management products and insurance products sold
on agency basis were RMB8.680 billion, RMB18.084 billion and RMB3.048 billion, respectively.
As at the end of the reporting period, the stock of products developed and sold by the Bank in wealth management
business reached RMB192.026 billion, representing an increase of RMB35.875 billion or 22.97% over the
end of the previous year. The number of ongoing wealth management products totaled 1,361, amounting to
RMB154.895 billion; of which 489 were sold to retail customers, amounting to RMB101.018 billion, accounting
for 65.22%; 872 were sold to corporate customers, amounting to RMB53.877 billion, accounting for 34.78%;
ongoing wealth management products sold on agency basis as trust products amounted to RMB13.129 billion,
and ongoing wealth management products including public offering funds and products from securities brokers
sold on agency basis amounted to RMB24.002 billion.
Integrated Financial Service Platform of CITIC Group
CITIC Group has numerous subsidiaries that are engaged in multiple business areas such as banking, securities, fund,
trust, insurance and futures, most of which are leaders in their respective sectors. The Bank provides comprehensive
all-dimensional financial services to customers via the integrated financial service platform of CITIC Group.
Provision of Integrated Financial Solutions
The Bank provides customers with differentiated integrated financial services through cross-selling of financial
products and joint marketing of major projects.
— The Bank underwrites commercial papers, medium-term papers and private placement notes (PPNs). During
the reporting period, the Bank and CITIC Securities jointly underwrote commercial papers of RMB5.2 billion,
medium-term papers of RMB500 million and PPNs of RMB1.0 billion.
— The Bank provides cross-border financing solutions. During the reporting period, the Bank successfully
cooperated with CBI in jointly providing customers with cross-border structured financing amounted to USD
21 million.
2012 Interim Report 3
Report of the Board of Directors
Extensive Sharing of Customer Resources
The Bank has been working with securities companies under CITIC Group, including CITIC Securities, CITIC
Securities (Zhejiang), and CITIC Wantong Securities, on third-party depository services, being the main deposition
management bank of CITIC Securities and CITIC Securities (Zhejiang), and the general deposition management
bank of CITIC Wantong Securities.
— Institutional customers. As at the end of the reporting period, the Bank shared 4,540 institutional accounts
of customers with securities companies under CITIC Group, achieving RMB7.3113 million of commission fee
income for depository services.
— Individual customers. As at the end of the reporting period, the number of individual customers under deposition
management from securities companies under CITIC Group increased by 9,300.
Cross-Design and Cross-Selling
Making use of the integrated financial service platform of CITIC Group and its own banking network resources,
the Bank conducted all-round cooperation with CITIC Securities, CITIC Trust, CITIC Capital, CITIC Splendid
Capital and CIFL in product development, establishment of the industry (venture capital) fund business platform and
market expansion of custody business, whereby respective resource advantages of all relevant parties were leveraged
for further business development. As at the end of the reporting period, the custody scale of private equity (PE)
products jointly launched by the Bank and CITIC Capital reached an equivalent of RMB1.34 billion; the custody
scale of the corporate collective/targeted asset management program jointly launched by the Bank and CITIC
Securities totaled RMB10.911 billion; and the scale of collective fund trust scheme jointly launched by the Bank
and CITIC Trust registered RMB50.175 billion.
In terms of annuity, the Bank engaged in extensive cooperation with subsidiaries of CITIC Group that hold the
qualifications of annuity manager, namely CITIC Trust, CITIC Securities and China AMC to launch “CITIC Xinrui”,
an enterprise annuity product, which reached RMB86.8215 million in scale as at the end of the reporting period.
The Bank invited CITIC Trust, CITIC Securities and China AMC to serve as account manager and investment
manager for its series of annuity programs and jointly promoted the development of annuity business, which yielded
good cooperative results.
Cooperation with Strategic Investor
During the reporting period, the Bank further enhanced the strategic cooperation with BBVA, its strategic investor,
in areas including investment banking, enterprise annuity, small and medium-sized enterprise (SME) finance, treasury
and capital market, auto finance as well as private banking.
Investment banking. During the reporting period, the two parties jointly provided USD50 million loans backed by
standby L/C to the customers of the Bank. In addition, the Bank and BBVA are steadily promoting the collaboration
in providing cross-border financing services to Chinese enterprises.
Annuity business. The Bank has been steadily promoting multi-faceted and multi-modeled cooperation with BBVA
in pension business, and exploring the feasibility of establishing an independent business unit (IBU) for pension
business, with focuses on programs such as IT platform, agency sales of insurance products and personal pension
products. During the reporting period, the Bank, together with the Ministry of Human Resources and Social Security
of PRC and BBVA, jointly translated a BBVA research book entitled Pension Reform in Latin America:Balance and
Challenges Ahead, which will be tentatively released into Chinese market in the last quarter of 2012.
SME finance. During the reporting period, by holding seminars and workshops, the Bank and BBVA extensively
exchanged views on stratified management of small business customers, product standardization, marketing strategy,
product research and development and risk control, and hold discussions on cross-border collaboration projects.
3 China CITIC Bank Corporation Limited
Report of the Board of Directors
Treasury and capital market business. During the reporting period, the Bank fully leveraged its own advantages
on treasury and capital market business and those of BBVA in the global financial market for close cooperation in
foreign exchange transactions, derivatives and wealth management products. During the reporting period, the total
value of foreign exchange transactions concluded by the Bank and BBVA was equivalent to RMB16.3 billion, while
the scale of derivatives transactions reached RMB4.615 billion.
Auto finance. The project of establishment of an auto finance joint venture by the Bank and BBVA has been submitted
to the CBRC for approval, which is still in the process of approval.
Private banking. During the reporting period, the Private Banking Independent Business Cooperation Unit (PBIBCU)
between the Bank and BBVA has already entered the stage of official operation.
Distribution Channels
Branches
During the reporting period, the Bank continuously improved the layout of its branches in the provincial capitals
and Eastern regions, properly intensified branch construction in central, Western regions and tier-three cities,
while focusing on increasing the number of outlets in tier-one cities including Beijing, Shanghai, Guangzhou and
Shenzhen to improve the radiation of its outlets and optimize the strategic layout of the outlets. During the reporting
period, 26 outlets of the Bank started operation, including Haikou branch, a tier-1 branch, Chuzhou branch and
Pingdingshan branch, tier-2 branches, and 23 sub-branches. In addition, the plan of opening two provincial capital
branches, namely Yinchuan branch and Xining branch, as well as eight tier-2 branches, including Yulin branch, has
been approved by the CBRC. Lin’an CITIC Rural Bank, a subsidiary controlled by the Bank, started its business
operation on 9 January 2012. As at the end of the reporting period, the Bank had 799 branch outlets in 98 large and
medium cities in China, with 36 (directly affiliated) tier-1 branches, 56 tier-2 branches and 707 sub-branches.
CBI, a wholly-owned subsidiary of the subsidiary of the Bank, conducts commercial banking business in Hong
Kong. As at the end of the reporting period, CBI had 32 institution outlets in Hong Kong and overseas branches
in Macau, Singapore, New York and Los Angles.
Self-Service Outlets and Self-Service Terminals
During the reporting period, in parallel with enhancing risk prevention in trading through self-service banking, the
Bank exerted continuous efforts to expand the distribution networks of self-service banking and self-service equipment
and raise the replacement rate of self-service equipment. As at the end of the reporting period, the Bank had 1,413
self-service banks and 5,018 self-service equipment (including ATMs, CDMs and CRSs), up by 5.84% and 5.89%
respectively over the end of the previous year.
Mobile Banking
The Bank, pursuing establishment of “A Bank at Hand”, conducted marketing proactively, upgraded mobile banking
systems and enhanced the optimization of functionalities. During the reporting period, the Bank launched the mobile
banking software for android handsets and tablet pads, upgraded the system of web version from WAP to HTML,
and in the meantime, completed the development of mobile phone version for Windows Phone 7.
During the reporting period, the Bank intensified its marketing efforts for mobile banking. As a result, the Bank
recorded 531,684 mobile banking accounts, representing an increase of 459,442 accounts or 635.98% over the
end of the previous year, which shows an 8.32-time increase of the incremental accounts for the previous year, and
achieved the mobile banking transaction volume of RMB623 million, 3.76 times of the volume achieved in the
same period of the previous year.
2012 Interim Report 3
Report of the Board of Directors
Internet Banking
In terms of corporate Internet banking, during the reporting period, the Bank started the third generation of Internet
banking project, successfully launched corporate Internet banking version 6.5, featuring a brand new function of
fund supervision over B2B bulk commodity trading, fully optimized 24 functionalities including business process,
trading risk and system performance, and thereby further improved the service capability of the Bank for corporate
Internet banking products. During the reporting period, the Bank, conforming to the development trend of mobile
Internet, initiated its mobile phone banking project and was committed to providing diversified corporate electronic
financial mobile banking services to customers. The Bank proactively promoted the proceeding of its corporate
electronic financial trading risk management project and enhanced its risk control on liquidity risk, credit funds
risk, money laundering risk and customer legal person risk so as to foster the sustained and sound development
of corporate Internet banking business. The corporate Internet banking transaction volume of the Bank grew by
RMB3.4 trillion year on year, or up by 50.8% year on year; the number of transactions through the corporate Internet
banking system was 2,159,800, up by 36.23% year on year; transaction replacement rate of corporate Internet
banking reached 47.7%, up by 7.66 percentage points over the end of the previous year; number of accounts with
effective transactions reached 72,447, up by 20,996 year on year, and the ratio of active accounts reached 62.24%,
up by 7.06 percentage points.
In terms of personal Internet banking, the Bank vigorously marketed Internet banking, while adhering to the
development principle of “innovation with a pioneering spirit” and “attaching equal importance to quantity and
quality”. A series of marketing campaigns with “Winning in China through Internet” as the theme were carried out,
which effectively promoted account activity and trading and expanded the sales of wealth management products,
thereby maintaining a strong momentum of business growth. As at the end of the reporting period, the coverage rate
of personal Internet banking customers reached 33.04%, up by 6.09 percentage points over the end of the previous
year. During the reporting period, the number of new personal Internet banking customers reached 814,200 with a
cumulative number of personal Internet banking customers of 6.5213 million, an increase of 14.27% over the end
of the previous year. The number and volume of transactions through personal Internet banking reached 24.1420
million and RMB1.45 trillion respectively, 1.66 and 1.48 times of the figures in the previous year respectively. The
number and volume of funds sold via personal Internet banking reached 52,600 and RMB13.085 billion, 1.81 and
2.85 times of the figures in the same period of the previous year respectively. The number and volume of wealth
management products sold via personal Internet banking reached 393,200 and RMB184.470 billion respectively,
2.53 and 1.51 times of the figures in the same period of the previous year respectively.
E-Commerce
“CITIC E-Payment” version 3.0, an upgraded and optimized online payment platform, has been put in use at the
end of April 2012, aiming to further enhance the competitiveness of the Bank in E-commerce and improve the
payment experience of customers.
As at the end of the reporting period, the Bank recorded a number of 6.7348 million E-payments and RMB3.502
billion trading volume, up by 44.98% and 29.56% year on year respectively. A total of 2.7443 million payments
were made with bank card (including Express Checkout), with trading volume reaching RMB580 million; 2,300
bank card withdrawals were made, with the volume of the withdrawals totaling RMB703 million.
Telephone Banking
The 95558, the Bank’s customer service center, insists on the centralized operation, the standardized management and
the continuous improvement of service quality. During the reporting period, the Bank arranged the call center staff
specially for private banking so that a complete service system covering mass customers, VIP customers and private
banking customers was established. In addition, the Bank launched the intelligent voice service of “intelligent robot
CC”, where the service directory can be rapidly located by using voice recognition, which improved the efficiency
of service. The Bank reviewed the business operational procedures and promoted a smoother implementation of all
related works.
40 China CITIC Bank Corporation Limited
Report of the Board of Directors
During the reporting period, the hotline of the customer service center of the Bank received nearly 19.06 million
inbound calls, with customer satisfaction and satisfaction with handling of customer complaints reaching 98.87%,
and 92.38% respectively. The center proactively made 1.4472 million outbound calls (person-times) to customers,
producing good results in marketing products such as bank cards, wealth management products and sales of funds on
agency basis. In addition, the center made 406,800 outbound calls (person-times) to customers to market insurance
products, and thereby promoted the rapid growth in fee-based business indicators such as the number of policies
and the net amount insured.
Information Technology
During the reporting period, the Bank continuously increased its input into IT system construction to meet the
needs of business operation and management as guided by its IT planning and supported by the development of
three professional systems, namely application development, system operation and information technology risk
management and control.
— With regard to application development, the Bank progressed with upgrading its core business systems in
an orderly manner and completed a series of work including the demand compiling and the overall design.
Meanwhile, the Bank finished the project implementation of data governance, product and institutional
theme data standards consulting. As for the system construction project for the supply chain finance business,
the Bank realized the online operation of major business functionalities. The New Basel Capital Accord Risk
Weighted Asset (NRWA) project and liquidity risk management project were under development while the
major functionalities of the project of internal models approach for market risk were put online and the internal
control platform entering the stage of business test.
— With regard to system operation, the Bank continued to promote the integrated system for operation and
maintenance (O&M) management, continuously improved its policies, criteria and management process, and
refined its indicator system and assessment system for O&M management. The Bank enhanced the head office’s
service support and management to branches in operation, and accelerated the construction of O&M management
support systems. Further efforts were made to consolidate IT infrastructure, thereby laying a solid foundation
for safe operation of the information system. With the second center of Internet banking officially put in
operation, the reliability of the Bank’s E-channel services was improved. The emergency response capability was
built up via better contingent plan for the information system and the organized switch drillings for intra-city
disaster preparation, local double-computer switch drillings and desk drillings for various scenarios.
— With regard to information technology risk management and control, the Bank carried on its construction of
the information technology risk management system to improve the capacity for information safety assurance
and prevent information technology risks. During the reporting period, the Bank organized self-check and
rectification on information safety and assessment of information system safety protection for different levels
bank-wide, while further efforts were also exerted to ensure information safety in key areas and sensitive
information.
Business of Subsidiaries
During the reporting period, the Bank continued to enhance the synergy and cooperation with CIFH, CIFL and
Lin’an CITIC Rural Bank and its comprehensive and internationalized business development has been improved and
developed. Meanwhile, the Bank, in accordance to regulatory requirements, set up a four-layer structure including
board of directors, senior management team, departments in head office and subsidiaries, formulated a series of rules
and regulations including Measures on Consolidation Management, System on Risk Firewall and Management Measures
on Internal Trade, etc so as to prudently and orderly promote the consolidation management and make efforts to
exercise an overall and effective risk management and control on subsidiaries.
2012 Interim Report 41
Report of the Board of Directors
CITIC International Financial Holdings Limited
CIFH is the main platform for the Bank to conduct its overseas business, with the Bank and BBVA holding 70.32%
and 29.68% of equity interests in CIFH respectively. During the reporting period, CIFH continued to build CBI,
its subsidiary, as a platform to promote the internationalization of the Group.
The reporting period witnessed marked slowdown of economic growth in Hong Kong due to weakening local
consumption and shrinking trade volume. In addition, a sluggish investment environment due to the lingering debt
crisis in Europe also posed challenges to the financial industry in Hong Kong. Thanks to the ongoing full efforts
of CIFH to promote the interaction and cooperation between CBI and the Bank for greater synergy, CIFH enjoyed
high growth in the balances of both cross-border and Renminbi settlement business and Renminbi deposits.
As at the end of the reporting period, CIFH recorded a total assets of HKD173.025 billion, almost the same as that
as at the end of the previous year; and achieved a net profit of HKD878 million for the reporting period.
— CBI. With reference to the management experience of BBVA, its strategic shareholder, CBI kept optimizing its
risk management capability and improving its asset quality. To leverage on the growing cross-border business
opportunity resulting from the continuous growth of the Chinese economy and internationalization of Renminbi,
CBI boosted its cooperation with the Bank and other subsidiaries of CITIC Group, enjoying rapid growth
in both scale and income of referral business. During the reporting period, CBI recorded HKD1.87 billion
of operating income, an increase of 3.5% year on year and further improvement of loan quality, with NPL
ratio reduced to 0.52% at the end of the reporting period, down by 0.23 percentage point over the end of
the previous year. Thanks to its stable and prudent financial position, the Moody’s upgraded CBI’s financial
capacity outlook from stable to positive.
— CIAM. During the reporting period, CIAM carried out various projects as planned. CITIC YBN, its strategic
investment platform, continued to expand the agriculture-related financial services, e.g. orderly progress in
both Phase II of Henan Agricultural Fund and negotiation for conclusion of a contract with Jilin Zhongxin
Food Zone regarding the planting of organic rice.
— CITIC Capital. During the reporting period, the total assets of projects under management by CITIC Capital
was approximately USD4.1 billion, slightly less than that at the end of the previous year, which was mainly
due to dividend distribution to investors after the withdrawal of projects.
China Investment and Finance Limited
CIFL is a controlled subsidiary of the Bank established and located in Hong Kong with a registered capital of HKD25
million. The Bank holds 95% equity interest and CBI holds the other 5% in CIFL. CIFL’s business covers loan
business (CIFL holds a money lender license in Hong Kong) and investment business (including fund investment,
bond investment and equity investment, etc.)
During the reporting period, CIFL reinforced its asset risk monitoring and control and enhanced its business
cooperation with the Bank while maintaining stable development of all business lines. As at the end of the reporting
period, the total assets of CIFL was equivalent to RMB1.122 billion, striking a balance with the same period of the
previous year, and the net profit equivalent to RMB13.11 million, down by 46.18% year on year.
Zhejiang Lin’an CITIC Rural Bank
The Bank established its first rural bank in Lin’an city of Zhejiang Province, which officially started operation on
9 January 2012. Lin’an CITIC Rural Bank has a registered capital of RMB200 million. The Bank holds 51% equity
interest and another 13 enterprises hold the rest 49%. As at the end of the reporting period, Lin’an CITIC Rural
Bank realized a good performance in all business operation indicators with a deposit balance of RMB530 million
and a loan balance of RMB407 million.
42 China CITIC Bank Corporation Limited
Report of the Board of Directors
Risk Management
Management of Credit Risk
Corporate Loans Risk Management
During the reporting period, the Bank focused its efforts to prevent loan risks in key areas including local government
financing vehicles and the real estate sector, conducted stringent control over loans to overcapacity industries such
as the steel industry, and prudently carried out loan granting to export-oriented enterprises.
— Loans to local government financing vehicles (LGFV). The Bank pursued the control on aggregate credit
volume with the aim to control the balance of LGFV within that as at the end of 2011. New demand for
LGFV was mainly met through restructuring such loans, with priorities given to funding demands of key
national construction projects in progress and extending construction. As at the end of the reporting period,
the aggregate loan volume of LGFV decreased over the beginning of this year.
— Loans to the real estate sector. The Bank prioritized the risk prevention of loans to the real estate development
with multiple measures, including: (1) improving mortgage registration procedures of land and construction
projects in progress to ensure the concerned loans are validly secured; (2) monitoring the use of loan funds for
specified purposes to ensure the construction progress and prevent projects from being left unfinished; and (3)
stringently managing loan customers’ proceeds from sales to prevent misappropriation of repayment. During
the reporting period, the Bank continued to control the total credit volume of the real estate sector, while the
loans to this particular sector recorded a remarkable decrease in both incremental amount and growth rate
compared with the previous year. Efforts were made to screen the best from the eligible projects to grant real
estate credit. Great attention was specially paid to the risk of fund chain rupture of developers. Appropriate
support was provided to residential projects with superior locations, cost advantages and availability of collaterals
and closed-loop fund management, while special support was provided to construction projects in progress and
extending construction.
— Loans to overcapacity industries. The Bank exercised stringent control over loans granted to overcapacity
industries with a requirement of approval from the head office for the incremental credit grants, and thereby
ensuring a lower growth rate of general loans to overcapacity industries in comparison with the average growth
rate of the Bank. Following the principle of “focusing on premium enterprises, short-term credit granting, and
supply chain finance”, when granting credit to overcapacity industries, the Bank continued with its stringent
control over project loans disbursement.
— Loans to export-oriented businesses. Attaching great significance to the grave situation confronted by export-
oriented businesses, the Bank actively supported exporters who have channel advantages, stable orders and
strong risk-resistance capabilities, rendered priority support to the “go-international” enterprises (engineering
and large equipment manufacturing companies) insured by China Export and Credit Insurance Corporation
(Sinosure), conducted stringent control over credit granting to enterprises with strong intention of business
diversification and weak risk resistance capability without distinctive core business and took a prudent stance
when granting credit to those enterprises that imported raw materials and exported products. Thanks to the
rational arrangement of financing structure, intensified monitoring of logistic and/or capital flows and design
of standard products (credit insurance financing, export factoring, etc.), the Bank achieved effective control
over credit risks of export-oriented businesses.
2012 Interim Report 43
Report of the Board of Directors
Small Business Loans Risk Management
During the reporting period, the Bank continued improving its capability of risk management over small
businesses.
— Implementation of the “embedded” review and approval system. The Bank fully implemented the “embedded”
review and approval system at the branch level. On the basis of separating the loan approval and disbursement
processes, the Bank further improved its professional capability in review, approval and risk management of
small businesses loans.
— Promotion of the cluster credit approval model for small businesses. During the reporting period, the Bank
chose a couple of branches to pilot the business process of cluster credit approval model for cluster of markets.
Through approval of total credit lines and deployment of risk limits thereof, the Bank effectively kept systematic
risk of small business loans under control.
— Enhanced the monitoring and inspection of credit risks of small business loans. The Bank adopted various
measures to further its risk monitoring and inspection over credit granting to small businesses, namely (1)
establishing the risk monitoring and analysis mechanism of credit granting to small businesses with regular risk
analysis and assessment conducted from multiple perspectives including region, sector, product and guarantee,
etc.; and (2) enhancing specialized risk monitoring and inspection of special business areas.
Personal Loan Risk Management
During the reporting period, based on macro-economic changes and regulatory requirements, the Bank further
adjusted its personal credit policies by intensifying risk control, highlighting compliant operation, improving system
development, reviewing business processes, and enhancing post-lending management, which ensured the overall
quality of personal credit assets.
— Proactive optimization of product structure. On the basis of system improvement, the Bank took the initiative
to expand personal business loans, promote product diversification and mitigate potential risks arising from
over concentration of single products.
— Improvement of the risk management system. Based on personal loan center at branch level, the Bank adopted
the “embedded” review and approval model and further improved the risk management system of personal
loans by dispatching full-time risk reviewers thereto.
— Enhancement of post-lending management. By measures including organizing special inspections and intensifying
system monitoring, the Bank further enhanced its policy compliance and operational risk management of its
personal credit business.
— More efforts for better early warning of risks. The Bank conducted an in-depth analysis on the impacts of
macro-economic developments on its personal loan business, paid more attention to key risk areas and timely
guided branches in business development and risk prevention.
— Strengthened monitoring and loan collection. The Bank conducted regular and comprehensive monitoring of
the quality of personal credit assets, while enhancing monitoring, collection and recovery of loans overdue,
thus the Bank made constant improvement in its asset quality management.
44 China CITIC Bank Corporation Limited
Report of the Board of Directors
Risk Management of Credit Card Business
During the reporting period, the Bank continued to adhere to its master guiding principle of “pursuing risk-filtered
returns” for risk management of credit card business, and adhered to the risk management philosophy of “scientific
resources allocation, prudent risk operation”, which greatly supported the healthy and orderly progress of its credit
card business.
— Improvement of the credit card center/sub-centers risk management system. The Bank, as always, considered
the customer portfolio management as its key focus and enhancement of the evaluation system as its priority
task. By establishing the integrated credit card management system covering the credit card center at the head
office and local sub-centers, the Bank has remarkably upgraded the effectiveness of all-round management of
credit card risk.
— Establishment of the a warning system for internal and external economic indicators. By means of quantitative
analysis and other measures, the Bank made reasonable forecast and early warnings on economic fluctuations;
through relevance analysis on business indices, the Bank improved the timeliness and sensitivity of its early
warning; through the development of forward-looking strategies and reserve plans, the Bank was able to
promptly activate risk prevention mechanisms upon obvious signals generated from its early warning system
and thereby alleviating systematic risks.
— Deepening effectiveness of early intervention in risks. The Bank built a mechanism of early intervention in
risks and kept enhancing its depth and width. In the meantime, proactive treatments were made to new trend
of transaction frauds.
— Better management of highly active customers. The Bank adopted measures such as close-down and transaction
restriction against risky merchants to crack down on suspicious cash-out transactions more accurately and
control the volume and proportion of suspicious transactions.
— More effective collection of payments through system platforms. The Bank actively applied asset management
system platforms including decision engine system, WCS collection affiliate system, and loan collection scoring
tool. The Bank explored and developed differentiated loan collection strategies in combination with its current
risk profiles. All these contributed to the overall effectiveness of loan collection.
— All-round application of risk measurement tools. The Bank actively structured the “MOT credit service system
based on dual-life cycle management” for credit card business. To support bank-wide efforts for completion
of the New Basel Capital Accord implementation projects at the final stages, the Bank organized the design of
the business program for application of retail rating results in risk limits.
— Stringent prevention of compliance risk and operational risk. The Bank intensified compliance management
of credit card business in an all-round way, established an operational risk management system and enhanced
the communication and education regarding compliance and operational risks, in a view to upgrading the
awareness of compliance and operational risks throughout the Bank.
2012 Interim Report 45
Report of the Board of Directors
Special Column
Smooth progress of the New Basel Capital Accord implementation project
The New Basel Capital Accord implementation project was initiated in 2007. As at the end of the reporting
period, the primary core technical framework of the planned project was basically completed.
Three core systems for credit risk management already completed, reaching the
technology level of advanced internal ratings-based approach
The corporate customer rating system achieved mature operation. The corporate customer credit risk ratings
project, jointly developed with Moody’s KMV, was officially launched in June 2007. All corporate customers,
excluding financial institutions, were covered by the system, which is working effectively in operation.
The corporate debt rating system was fully launched. The corporate debt ratings and default risk exposure
measurement system, jointly developed with Moody’s, was officially launched on all fronts at the end of 2011,
following tests conducted in branches and the promotion bank-wide afterwards.
Development of the retail rating system came to a successful conclusion. In accordance with the requirements
of advanced internal rating approach of the New Basel Capital Accord, the Bank developed its retail ratings
system together with FICO, covering all risk exposures associated to retail operations, including retail banking,
auto finance and credit card business.
Internal model approach for market risk project to be fully launched by the end of year
Pursuant to the overall plan of the internal model approach for market risk project, the Bank conducted
its system development step by step. In the first half of 2012, the Bank successfully put system phase I in
operation, and completed the development and testing for system phase II, which will be put in place in the
second half of 2012.
Operational risk management system to be launched on trial and widely
applied by the end of the year
According to the arrangement for implementing New Basel Capital Accord already submitted to the CBRC,
the Bank, based on the defined operational risk management IT system plan, carried on system development,
operation and system application with focuses in 2012. In the first half of 2012, the Bank has already finished
develop the analysis of system requirements and the development of core functionalities, which will move on to
the stage of operation on trial and will be applied widely from the end of 2012 to the beginning of 2013.
RWA, ICAAP and regulatory compliance projects kicked off
The regulatory compliance project under the New Basal Capital Accord has completed Phase I self-assessment
with Phase II self-assessment well under way. By the end of 2012, the Bank would be ready to apply for
assessment on its preparedness for the implementation of the advanced capital measurement approach.
The NRWA project under the New Basal Capital Accord has entered the phase for system development, as the
analysis of business and IT requirements has already been basically completed.
The Internal Capital Adequacy Assessment (ICAAP) project under the New Basal Capital Accord has completed
the tasks including reviewing the current risk control regime and interviewing the relevant personnel, identifying
and assessing material risks, and designing the capital plan reporting template and capital planning template,
as well as the technological scheme on economic capital, among others.
Generally speaking, core system construction and progress of the projects in line with the New Basal Capital
Accord basically conform to the CBRC framework requirements on commercial banks for implementing the
New Basal Capital Accord, full implementation of which would play an important role in further improving
the risk control and precise/refined management of the Bank.
46 China CITIC Bank Corporation Limited
Report of the Board of Directors
Treasury Business Risk Management
During the reporting period, the Bank continued to prudentially conduct its negotiable securities investment business
and provided customers with value-added hedging services.
— Renminbi denominated bond investment. The Bank followed its annual credit granting policy, focusing on
premium enterprises within the relevant sectors as its key investment targets.
— Foreign currency denominated bond investment. In view of the re-worsening of the European sovereign debt
crisis following a short-lived calm period and the risk of a double dip of both European and American economies,
the Bank adopted proactive measures to optimize its asset structure in line with its risk management guidelines
made at the beginning of the year.
— Risk management and fund value preservation and appreciation services to the customers. The Bank proactively
provided customers with risk management and fund value preservation and appreciation services. In parallel
with the provision of hedging services for value preservation and appreciation, the Bank also reinforced its
customer applicability analysis to effectively prevent credit risks.
Loan Monitoring and Post-Lending Management
In the first half of 2012, the Group strengthened its loan monitoring and post-lending management system,
promoted loan-granting system, early warning system, risk mitigation system and loan collection system, intensified
its efforts in quality control and branch performance assessment management, and promoted “substantially adequate”
transformation in credit management. The following efforts have been made in credit management:
— The Bank promoted the establishment of the loan-granting system and deepened the operational risk
management.
— The Bank promoted the establishment of its early warning system and risk mitigation system so as to timely
identify and mitigate credit risks.
— The Bank advanced the establishment of the loan collection system to ensure recollecting loans in full and on
time.
— The Bank promoted the credit management of LGFV loans and the mitigation of relevant risks.
— The Bank conducted on-site inspection and rectification and made further efforts to promote the risk culture
based on compliance.
— The Bank emphasized on assessment based on performance indicators and on-site inspection so as to enhance
management of asset quality.
— The Bank improved data quality and data analysis, pushed forward informationalization and enhanced IT-based
credit management.
— The Bank improved systems promoted their implementation and improved assessment management.
— The Bank intensified guidance and training and built up its management team.
— The Bank enhanced the exchange of information and enhanced the consolidation supervision.
2012 Interim Report 47
Report of the Board of Directors
Credit Risk Analysis
Loan Distribution
As at the end of the reporting period, the Group’s total loan balance was RMB1,535.352 billion, an increase of
RMB101.315 billion or 7.07% over the end of the previous year.
The Group continuously optimized the geographical structure of credit assets, and loans to different regions grew
coordinately. The Group’s loans were mainly extended to the most developed regions in coastal areas in Eastern
China, including the Yangtze River Delta, the Bohai Rim and the Pearl River Delta. As at the end of the reporting
period, the Group’s loan balance to these three regions accounted for 66.33% of total loans. During the reporting
period, the largest increment of loans was in the Yangtze River Delta, up by RMB31.540 billion or 8.40%, exceeding
the average growth rate by 1.33 percentage points.
During the reporting period, the Group proactively implemented government policies aiming at boosting domestic
demand and appropriately gave more support to quality projects in Central and Western regions, where as a result
the percentage of loans in the total loan balance increased continuously. The loans to Central and Western regions
grew up by RMB17.658 billion and RMB12.924 billion, or 9.43% and 7.31%, which were 2.37 percentage points
and 0.24 percentage point higher than the average growth rate respectively.
Concentration of Loans by Region
The Group
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
Yangtze River Delta 407,175 26.52 375,635 26.19
Bohai Rim (Note) 404,221 26.33 379,024 26.43
Pearl River Delta and West Strait 206,894 13.48 196,103 13.68
Central region 204,859 13.34 187,201 13.05
Western region 189,803 12.36 176,879 12.33
Northeastern region 48,796 3.18 46,425 3.24
Overseas 73,604 4.79 72,770 5.08
Total loans 1,535,352 100.00 1,434,037 100.00
Note: Including head office.
The Bank
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
Yangtze River Delta 405,127 27.79 373,731 27.54
Bohai Rim (Note) 403,323 27.67 378,142 27.86
Pearl River Delta and West Strait 205,918 14.13 194,949 14.36
Central region 204,859 14.05 187,201 13.79
Western region 189,803 13.02 176,879 13.03
Northeastern region 48,796 3.34 46,425 3.42
Total loans 1,457,826 100.00 1,357,327 100.00
Note: Including head office.
48 China CITIC Bank Corporation Limited
Report of the Board of Directors
Concentration of Loans by Product Type
As at the end of the reporting period, the Group’s corporate loan balance (excluding discounted bills) registered a
stable growth, amounting to RMB1,165.479 billion, up by RMB49.090 billion or 4.40% over the end of the previous
year; personal loans grew at a fast pace, accounting for 19.09% of the total loan balance, up by RMB24.853 billion
or 9.27% over the end of the previous year, 2.2 percentage points above the average growth rate; and the balance
of discounted bills reached RMB76.823 billion, up by RMB27.372 billion or 55.35% over the end of the previous
year, while the proportion was basically stable compared with that at the end of the previous year.
The Group
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
Corporate loans 1,165,479 75.91 1,116,389 78.49
Personal loans 293,050 19.09 268,197 17.11
Discounted bills 76,823 5.00 49,451 4.40
Total loans 1,535,352 100.00 1,434,037 100.00
The Bank
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
Corporate loans 1,106,644 75.91 1,058,128 77.96
Personal loans 278,552 19.11 253,867 18.7
Discounted bills 72,630 4.98 45,332 3.34
Total loans 1,457,826 100.00 1,357,327 100.00
Structure of Personal Loans
During the reporting period, the Group’s retail business expanded rapidly. The retail loan balance reached
RMB293.050 billion, up by RMB24.853 billion or 9.27% over the end of the previous year. In breakdown, the
balance of credit card loans reached RMB41.658 billion, up by 29.64% over the end of the previous year, 20.38
percentage points above the average growth rate; personal consumer and non-consumer loans grew remarkably as
the loan balance reached RMB70.808 billion, up by 23.84% over the end of the previous year, 14.58 percentage
points above the average growth rate; and the housing mortgage loans grew steadily, with a slight increase.
The Group
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
Housing mortgage loans 180,584 61.62 178,888 66.7
Credit card loans 41,658 14.22 32,133 11.98
Others 70,808 24.16 57,176 21.32
Total personal loans 293,050 100.00 268,197 100.00
2012 Interim Report 49
Report of the Board of Directors
The Bank
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
Housing mortgage loans 171,659 61.63 169,763 66.87
Credit card loans 41,425 14.87 31,903 12.57
Others 65,468 23.5 52,201 20.56
Total personal loans 278,552 100.00 253,867 100.00
Concentration of Loans by Sector
During the reporting period, in light of complicated economic and financial environment both at home and abroad,
the Group intensified its efforts in adjusting sector structure, giving priority to real economy and supply chain finance
in directing loans while tightening risk control on over-capacity sectors and sectors more fragile to the macro-economic
control policies. The Group strictly controlled the total volume of loans issued when it prudently engaged in real
estate sector lending. New loans to real estate sector were concentrated in the top 100 national property developers
and premium regional property developers with rich property development experience and strong regional advantages
while the Group insisted on project collaterals and closed fund management.
As at the end of the reporting period, the Group’s corporate loan balance reached RMB1,165.479 billion, up
by RMB49.090 billion or 4.40% over the end of the previous year. Loan balances of the four sectors including
manufacturing, wholesale/retail, real estate and transportation, warehousing and postal service sector were RMB324.967
billion, RMB194.593 billion, RMB135.533 billion and RMB133.259 billion respectively, accounting for 67.64%
collectively. In terms of increase structure, new loans to manufacturing sector grew at the fastest speed, up by
RMB23.152 billion or 7.67% over the end of the previous year; wholesale/retail sector came the second, up by
RMB17.472 billion or 9.86% over the end of the previous year; real estate sector came the third, up by RMB13.422
billion or 10.99% over the end of the previous year.
The Group effectively controlled the credit resources to sectors that featured long maturities, weak price negotiating
power, relatively low comprehensive returns and strong government background. As at the end of the reporting period,
the loan balances of the three sectors, namely production and supply of power, gas and water, water conservancy,
environment and public utilities management, and public and social organizations declined by RMB10.703 billion,
RMB7.784 billion and RMB5.201 billion, respectively, or down by 13.38%, 11.09% and 24.60% respectively over
the end of the previous year.
The Group
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
Manufacturing 324,967 27.88 301,815 27.03
Transportation, warehousing
and postal service 133,259 11.43 125,457 11.24
Production and supply of
power, gas, water 69,267 5.94 79,970 7.16
Wholesale and retail 194,593 16.70 177,121 15.87
Real estate 135,533 11.63 122,111 10.94
Water conservancy, environment
and public utilities management 62,397 5.36 70,181 6.29
Leasing and commercial services 53,748 4.61 50,495 4.52
Construction 62,965 5.40 58,734 5.26
Public and social organizations 15,937 1.37 21,138 1.89
Others 112,813 9.68 109,367 9.80
Total corporate loans 1,165,479 100.00 1,116,389 100.00
Note: Due to the standardization of statistical method in the first half of 2012, the balance of loans granted to the real estate sector, public and social
organizations as at the end of 2011 was restated.
50 China CITIC Bank Corporation Limited
Report of the Board of Directors
The Bank
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
Manufacturing 319,392 28.86 295,684 27.94
Transportation, warehousing
and postal service 131,213 11.86 123,333 11.66
Production and supply of
power, gas, water 68,854 6.22 79,584 7.52
Wholesale and retail 187,134 16.91 171,650 16.22
Real estate 123,935 11.20 111,028 10.5
Water conservancy, environment
and public utilities management 62,397 5.64 70,181 6.63
Leasing and commercial services 53,580 4.84 50,376 4.76
Construction 62,695 5.67 58,535 5.53
Public and social organizations 15,937 1.44 21,063 1.99
Others 81,507 7.36 76,694 7.25
Total corporate loans 1,106,644 100.00 1,058,128 100.00
Note: Due to the standardization of statistical method in the first half of 2012, the balance of loans granted to the real estate sector, public and social
organizations as at the end of 2011 was restated.
Breakdown of Loans by Type of Guarantee
In response to the complicated and volatile macro-economic environment, the Group continuously optimized the
structure of guarantees and strengthened its loan risk mitigation during the reporting period. The proportion of
unsecured loans maintained the downward trend, while the proportions of collateral loans and pledged loans both
maintained the upward trend. As at the end of the reporting period, the balance of collateral and pledged loans reached
RMB770.675 billion, up by RMB58.957 billion or 8.28% over the end of the previous year, and the proportion
reached 50.19%, 0.56 percentage point higher over the end of the previous year; the balance of unsecured and
guarantee loans was RMB687.854 billion, accounting for 44.81% of total loans, down by 2.11 percentage points
over the end of the previous year, of which the balance of unsecured loans was down by RMB15.05 billion over the
end of the previous year.
The Group
Unit: RMB million
30 June 2012 31 December 2011
Type of Guarantee Balance Proportion (%) Balance Proportion (%)
Unsecured loans 314,565 20.49 329,615 22.98
Guarantee loans 373,289 24.32 343,253 23.94
Collateral loans 562,431 36.63 523,632 36.51
Pledged loans 208,244 13.56 188,086 13.12
Subtotal 1,458,529 95.00 1,384,586 96.55
Discounted bills 76,823 5.00 49,451 3.45
Total loans 1,535,352 100.00 1,434,037 100.00
2012 Interim Report 51
Report of the Board of Directors
The Bank
Unit: RMB million
30 June 2012 31 December 2011
Type of Guarantee Balance Proportion (%) Balance Proportion (%)
Unsecured loans 305,406 20.95 318,333 23.45
Guarantee loans 351,850 24.14 325,259 23.96
Collateral loans 527,348 36.17 487,902 35.95
Pledged loans 200,592 13.76 180,501 13.30
Subtotal 1,385,196 95.02 1,311,995 96.66
Discounted bills 72,630 4.98 45,332 3.34
Total loans 1,457,826 100.00 1,357,327 100.00
Concentration of Borrowers of Corporate Loans
The Group emphasized on risk control on concentration of borrowers of corporate loans. During the reporting
period, the Group fulfilled the applicable regulatory requirements on concentration of borrowers. Since the Group
defines a single borrower as a specified legal entity, one borrower can be the related party of another.
The Group
Major regulatory indicator Regulatory standard 30 June 2012 31 December 2011 31 December 2010
Percentage of loans to the
largest single customer (%) 10 2.84 3.78 5.21
Percentage of loans to the top
10 customers (%) 50 18.63 22.12 30.01
Notes: (1) Percentage of loans to the largest single customer = balance of loans to the largest single customer/net capital
(2) Percentage of loans to the top 10 customers = balance of loans to the top 10 customers/net capital
The Group
Unit: RMB million
30 June 2012
Percentage Percentage
in total in regulated
Sector Amount loans (%) capital (%)
Borrower A Real estate 7,000 0.46 2.84
Borrower B Transportation, warehousing 7,000 0.46 2.84
and postal service
Borrower C Public and social organizations 6,941 0.45 2.82
Borrower D Manufacturing 5,030 0.33 2.04
Borrower E Transportation, warehousing 4,604 0.30 1.87
and postal service
Borrower F Transportation, warehousing 4,196 0.27 1.70
and postal service
Borrower G Transportation, warehousing 3,460 0.23 1.40
and postal service
Borrower H Public and social organizations 2,657 0.17 1.08
Borrower I Transportation, warehousing 2,592 0.17 1.05
and postal service
Borrower J Transportation, warehousing 2,428 0.16 0.99
and postal service
Total loans 45,908 3.00 18.63
As at the end of the reporting period, the total loan balance to the top 10 corporate customers amounted to RMB45.908
billion, accounting for 3% of the total loan balance and 18.63% of the net capital, down by 3.49 percentage points
over the end of the previous year.
52 China CITIC Bank Corporation Limited
Report of the Board of Directors
Loan Quality Analysis
Five-Class Loan Classification
The Bank measures and manages the quality of credit assets pursuant to the Guidelines on the Classification of
Loan Risks promulgated by CBRC, which requires Chinese commercial banks to categorize their credit assets into
five classes, i.e. normal, special mention, sub-standard, doubtful and loss, of which the last three classes are treated
as non-performing loans (NPLs).
During the reporting period, the Bank continued to enhance the centralized management of different loan classes
and improved the credit asset risk classification management system. While adhering to the core criteria of “safety
of loan collection”, different classes of loans were treated with different risk management measures after taking into
full consideration various factors that may impact the quality of credit assets.
The Bank’s procedures for loan risk classification includes the following steps: business departments conduct post-
lending inspection first, then credit granting departments of branches propose preliminary opinions, followed by an
initial classification by credit management departments of branches, and then the person in charge of risk management
in branches reviews the results; finally the head office makes the final classification. To those loans with material
changes in risk profiles, the Bank conducts the dynamic adjustment to the classification.
During the reporting period, the Bank continued to collaborate with external auditors, completed sample review
of credit quality and risk classification (focusing on LGFV and SME loans), and further enhanced the truthfulness
and accuracy of loan class classification.
The Group
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
Normal 1,515,253 98.69 1,410,760 98.37
Special mention 10,706 0.70 14,736 1.03
Sub-standard 4,774 0.31 3,740 0.26
Doubtful 3,622 0.24 3,827 0.27
Loss 997 0.06 974 0.07
Total Loans of customers 1,535,352 100.00 1,434,037 100.00
Performing loans 1,525,959 99.39 1,425,496 99.40
Non-performing loans 9,393 0.61 8,541 0.60
Note: Performing loans include normal loans and special mention loans; and non-performing loans include sub-standard loans, doubtful loans and loss
loans.
The Bank
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
Normal 1,439,306 98.73 1,335,852 98.42
Special mention 9,527 0.65 13,502 0.99
Sub-standard 4,707 0.32 3,486 0.26
Doubtful 3,303 0.23 3,529 0.26
Loss 983 0.07 958 0.07
Total Loans of customers 1,457,826 100.00 1,357,327 100.00
Performing loans 1,448,833 99.38 1,349,354 99.41
Non-performing loans 8,993 0.62 7,973 0.59
Note: Performing loans include normal loans and special mention loans; and non-performing loans include sub-standard loans, doubtful loans and loss
loans.
2012 Interim Report 53
Report of the Board of Directors
During the reporting period, facing grim economic situation at home and abroad, difficult business operations,
and surging credit risks in key areas in medium and small enterprises and the real estate sector, and guided by the
principle of “accelerating transformation, strengthening management and enhancing market competitiveness”, the
Group strengthened its management, promoted its loan issuance system, early warning system, risk mitigation system
and loan collection system, promoted “materially adequate” transformation in credit management, and intensified
its efforts to establish a bank-wide total risk management system, or the “matrix risk management system.”
As at the end of the reporting period, the balance of normal loans of the Group increased by RMB104.493 billion over
the end of the previous year, accounting for 98.69% of the total loans, up by 0.32 percentage point over the end of
the previous year. The balance of special mention loans decreased by RMB4.030 billion over the end of the previous
year, and the proportion went down by 0.33 percentage point over the end of the previous year to 0.70%.
As at the end of the reporting period, the Group’s loan quality remained stable at a superior level among other banks.
The NPL balance, according to the regulatory risk classification standard, was RMB9.393 billion, slightly up by
852 million over the end of the previous year, while the NPL ratio was 0.61%, slightly up by 0.01 percentage point
over the end of the previous year. In terms of the composition of NPLs, the balance of sub-standard loans went up
by RMB1.034 billion over the end of the previous year, representing an increase of 0.05 percentage point in total
loans, which was mainly due to the growing credit risk from medium and small private enterprises in the Yangtze
River Delta and Pearl River Delta regions, subject to the impact of the macro economy and monetary policy. The
balances and proportions of doubtful and loss loans both decreased as compared with that of the end of the previous
year, largely due to the greater efforts of the Group in loan collection and disposal. During the reporting period,
the Group had written off only RMB38.82 million of NPLs, with no large-sum writing offs.
During the reporting period, the Group witnessed a slight increase in both NPL balance and NPL ratio, in line
with the current macro-economic environment featuring slowdown in economic growth. In the first half of 2012,
facing the huge pressure imposed by the increase of NPLs, the Group took a series of measures with appropriate
anticipation and good preparation, and effectively ensured a steady change of loan quality. As a result, the growth
of NPLs was put under control as anticipated.
Migration of Loans
The table below sets out the migration of the Bank’s loans across the five classes during the indicated periods.
The Bank
30 June 2012 31 December 2011 31 December 2010
Migration ratio from normal loans (%) 0.32 1.06 0.83
Migration ratio from special mention loans (%) 4.74 6.37 5.09
Migration ratio from sub-standard loans (%) 0.59 8.22 28.65
Migration ratio from doubtful loans (%) 3.36 2.27 7.32
Migration ratio from performing loans to
non-performing loans (%) 0.14 0.21 0.10
As at the end of the reporting period, the Bank’s migration ratio from performing loans, after being annualized,
slightly went up compared with those as at the end of the previous year. This was mainly caused by factors such as
the slowdown of macro-economic growth, weak domestic and foreign demands, and monetary policies. The increased
credit risks of borrowers resulted in higher migration ratio from performing loans to NPLs.
54 China CITIC Bank Corporation Limited
Report of the Board of Directors
Loans Overdue
The Group
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
Loans repayable on demand 1,518,929 98.93 1,423,305 99.25
Loans overdue:
1-90 days 9,031 0.59 5,131 0.36
91-180 days 2,050 0.13 528 0.04
181 days or above 5,342 0.35 5,073 0.35
Subtotal 16,423 1.07 10,732 0.75
Total loans of customers 1,535,352 100.00 1,434,037 100.00
Loans overdue for 91 days or above 7,392 0.48 5,601 0.39
Restructured loans 3,617 0.24 3,184 0.22
Notes: (1) Loans overdue refer to loans with principals or interests overdue for one day or above.
(2) Restructured loans refer to loans overdue or downgraded but the conditions of which (e.g. amount and term) have been rearranged.
The Bank
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion (%) Balance Proportion (%)
Loans repayable on demand 1,442,148 98.92 1,347,890 99.3
Loans overdue:
1-90 days 8,629 0.59 4,195 0.31
91-180 days 2,025 0.14 509 0.04
181 days or above 5,024 0.35 4,733 0.35
Subtotal 15,678 1.08 9,437 0.70
Total loans of customers 1,457,826 100.00 1,357,327 100.00
Loans overdue for 91 days or above 7,049 0.49 5,242 0.39
Restructured loans 2,886 0.20 2,413 0.18
Notes: (1) Loans overdue refer to loans with principals or interests overdue for one day or above.
(2) Restructured loans refer to loans overdue or downgraded but the conditions of which (e.g. amount and term) have been rearranged.
During the reporting period, the amount of loans overdue in the Group was higher than that in 2011 due to the
impact of economic environment. As at the end of the reporting period, the percent of loans overdue was up by
0.32 percentage point over the end of the previous year. Among them, short-term and temporary overdue loans
within 3 months accounted for 55%. Loans overdue were mainly caused by the extended period of revolving cash
from borrowers, more difficulties in obtaining financing from banks or the banks’ decreased loan scale, resulting in
the tense or even broken capital chain of borrowers. Meanwhile, through continuously monitoring principals and
interests of loans overdue, circulating monthly principals and interests of loans overdue of branches, and urging
branches to accelerate the collection of loans overdue, the Group maintained a stable collection of ratio of matured
loans, which was above 99%.
2012 Interim Report 55
Report of the Board of Directors
Breakdown of NPL by Product Type
The Group
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion NPL ratio Balance Proportion NPL ratio
(%) (%) (%) (%)
Corporate loans 8,292 88.28 0.71 7,666 89.76 0.69
Personal loans 1,101 11.72 0.38 875 10.24 0.33
Discounted bills – – – – – –
Total 9,393 100.00 0.61 8,541 100.00 0.60
The Bank
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion NPL ratio Balance Proportion NPL ratio
(%) (%) (%) (%)
Corporate loans 7,901 87.86 0.71 7,110 89.18 0.67
Personal loans 1,092 12.14 0.39 863 10.82 0.34
Discounted bills – – – – – –
Total 8,993 100.00 0.62 7,973 100.00 0.59
As at the end of the reporting period, the Group witnessed slight increases in both of the corporate NPLs and personal
NPLs, with an increase of RMB626 million in corporate NPLs and RMB226 million in personal NPLs, or 0.02
percentage point and 0.05 percentage point respectively. The Group has maintained no NPL in bills discounted.
Breakdown of Personal NPLs
The Group
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion NPL ratio Balance Proportion NPL ratio
(%) (%) (%) (%)
Credit card loans 663 60.22 1.59 518 59.2 1.61
Housing mortgage loans 196 17.80 0.11 184 21.03 0.10
Others 242 21.98 0.34 173 19.77 0.30
Total 1,101 100.00 0.38 875 100.00 0.33
The Bank
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion NPL ratio Balance Proportion NPL ratio
(%) (%) (%) (%)
Credit card loans 663 60.71 1.60 518 60.02 1.62
Housing mortgage loans 190 17.40 0.11 175 20.28 0.10
Others 239 21.89 0.37 170 19.70 0.33
Total 1,092 100.00 0.39 863 100.00 0.34
56 China CITIC Bank Corporation Limited
Report of the Board of Directors
As at the end of the reporting period, the Group’s personal loans maintained a good quality. NPLs were mainly from
credit card business, consistent with the feature of high risk and high yield of the business. Housing mortgage loans
performed well, as the NPL ratio was far lower than the average level of the retail loan business.
Breakdown of NPLs by Geographic Location
The Group
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion NPL ratio Balance Proportion NPL ratio
(%) (%) (%) (%)
Yangtze River Delta 2,495 26.56 0.61 2,191 25.65 0.58
Bohai Rim 2,334 24.85 0.58 2,208 25.85 0.58
Pearl River Delta and West Strait 2,483 26.43 1.20 2,125 24.88 1.08
Central region 661 7.04 0.32 542 6.35 0.29
Western region 648 6.90 0.34 493 5.77 0.28
Northeastern region 466 4.96 0.95 481 5.63 1.04
Overseas 306 3.26 0.42 501 5.87 0.69
Total 9,393 100.00 0.61 8,541 100.00 0.60
The Bank
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion NPL ratio Balance Proportion NPL ratio
(%) (%) (%) (%)
Yangtze River Delta 2,477 27.54 0.61 2,169 27.20 0.58
Bohai Rim 2,290 25.46 0.57 2,208 27.69 0.58
Pearl River Delta and West Strait 2,451 27.26 1.19 2,079 26.08 1.07
Central region 661 7.35 0.32 542 6.80 0.29
Western region 648 7.21 0.34 493 6.18 0.28
Northeastern region 466 5.18 0.95 482 6.05 1.04
Total 8,993 100.00 0.62 7,973 100.00 0.59
During the reporting period, impacted by factors such as the slowdown of macro-economic growth, weak domestic and
foreign demand, and monetary policies, some small and medium enterprises depending on private economy, export
processing and domestic and foreign trade in the Yangtze River Delta and Pearl River Delta suffered from business
stagnation, tense capital chain and bank financing difficulties, resulting in loan quality deterioration in these areas.
The newly-increased NPLs of the Group were mainly found in these areas. However, thanks to effective measures of
risk mitigation, the Group managed to avoid drastic fluctuations in the NPL balance and NPL ratio.
As at the end of the reporting period, NPL balance in the Yangtze River Delta and Pearl River Delta increased by
RMB358 million and RMB304 million respectively, up by 0.12 percentage point and 0.03 percentage point over
the end of the previous year. Impacted by these areas, there was also an increase in NPLs in Central and Western
regions and Bohai Rim. Compared with the end of the previous year, the Group maintained a better performance in
overseas NPLs, with dual decline in NPL balance and ratio. On the whole, the NPL ratios in Central and Western
regions, Bohai Rim and overseas were all below the average level.
2012 Interim Report 57
Report of the Board of Directors
Breakdown of Corporate NPLs by Sector
The Group
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion NPL ratio Balance Proportion NPL ratio
(%) (%) (%) (%)
Manufacturing 3,132 37.77 0.96 2,294 29.92 0.76
Transportation, warehousing
and postal service 1,022 12.33 0.77 1,095 14.28 0.87
Production and supply of power,
gas and water 219 2.64 0.32 219 2.85 0.27
Wholesale and retail 2,060 24.84 1.06 1,393 18.17 0.79
Real estate 691 8.33 0.51 889 11.6 1.00
Leasing and commercial services 417 5.03 0.78 328 4.28 0.65
Water conservancy, environment
and public utilities management 15 0.18 0.02 485 6.33 0.69
Construction 159 1.92 0.25 130 1.70 0.22
Public and social organizations – – – – – –
Others 577 6.96 0.51 833 10.87 0.76
Total 8,292 100.00 0.71 7,666 100.00 0.69
The Bank
Unit: RMB million
30 June 2012 31 December 2011
Balance Proportion NPL ratio Balance Proportion NPL ratio
(%) (%) (%) (%)
Manufacturing 3,030 38.35 0.95 2,216 31.17 0.75
Transportation, warehousing
and postal service 1,018 12.88 0.78 1,092 15.36 0.89
Production and supply of power,
gas and water 219 2.77 0.32 219 3.08 0.28
Wholesale and retail 2,024 25.62 1.08 1,368 19.24 0.80
Real estate 658 8.33 0.53 843 11.86 1.08
Leasing and commercial services 417 5.28 0.78 328 4.61 0.65
Water conservancy, environment
and public utilities management 15 0.19 0.02 485 6.82 0.69
Construction 159 2.01 0.25 130 1.83 0.22
Public and social organizations – – – – – –
Others 361 4.57 0.44 429 6.03 0.56
Total 7,901 100.00 0.71 7,110 100.00 0.67
During the reporting period, despite factors such as the slowdown of macro-economic growth, weak domestic and
foreign demand, and monetary policies as well as the pressures of quality deterioration, the Group basically maintained
its loan business stable, with a slight increase in NPL balance and NPL ratio. As at the end of the reporting period,
the balance of NPLs in manufacturing and wholesale/retail sectors increased by RMB838 million and 667 million
respectively, up by 0.20 and 0.27 percentage point respectively, correlated positively with the highest percentage
of loan balance in these sectors. There were considerable improvements in loan quality in water conservancy,
environment and public utilities as well as real estate development, transportation, warehousing and postal services,
as NPL balance went down by RMB470 million, RMB198 million and RMB73 million, or 0.67, 0.49 and 0.11
percentage point respectively. Particularly, NPL ratio in real estate development sector was below the average level
of the Group for the first time.
58 China CITIC Bank Corporation Limited
Report of the Board of Directors
Analysis of Provision for Loan Impairment
Changes in Provision for Loan Impairment
The Group sets aside adequate provisions for loan impairment in a timely manner according to the principle of
prudentiality and truthfulness. Provisions for loan impairment consisted of two parts, namely, individually accessed
provisions and collectively accessed provisions.
The Group
Unit: RMB million
As of As of
30 June 2012 31 December 2011
Beginning balance 23,258 18,219
Accruals during the year 2,447 5,734
Reversal of impairment allowances (101 ) (141 )
Transfer out 5 (37 )
Write-offs (39 ) (683 )
Recoveries of loans and advances written off in previous years 90 166
Ending balance 25,660 23,258
Notes: (1) Equivalent to the net loan impairment recognized in the consolidated income statement of the Group.
(2) Equivalent to the increment of the present value of impaired loans after a period of time, which the Group recognized as interest income.
(3) Including the provision for loan impairment released from loans converted to debt assets.
The Bank
Unit: RMB million
As of As of
30 June 2012 31 December 2011
Beginning balance 22,818 17,660
Accruals during the year 2,437 5,747
Reversal of impairment allowances (98 ) (131 )
Transfer out 2 (14 )
Write-offs – (586 )
Recoveries of loans and advances written off in previous years 82 142
Ending balance 25,241 22,818
Notes: (1) Equivalent to the net loan impairment recognized in the consolidated income statement of the Bank.
(2) Equivalent to the increment of the present value of impaired loans after a period of time, which the Bank recognized it as interest income.
(3) Including the impairment allowance released from loans converted to debt assets.
As at the end of the reporting period, the Group’s balance of provision for loan impairment increased to RMB25.660
billion from RMB23.258 billion as at the end of the previous year, an increase of RMB2.402 billion. As at the end
of the reporting period, the Group’s provision coverage ratio and the ratio of provision to total loans were 273.18%
and 1.67% respectively, up by 0.87 percentage point and 0.05 percentage point respectively over the end of the
previous year, indicating that the Group is more resilient to loan risks.
2012 Interim Report 59
Report of the Board of Directors
Management of Market Risks
The main market risks confronting the Bank are interest rate risk and exchange rate risk. The Bank has established a
market risk management system that covers risk identification, measurement, monitoring and control, and manages
market risk by exercising product access approval and risk limits management, thereby controlling potential market
risk losses below the tolerable level and increasing risk-adjusted returns.
During the reporting period, in response to the volatile markets at home and abroad, the Bank further optimized
its market risk authorization and risk limits systems, and reasonably adjusted risk limits in line with policy changes.
Through appropriate risk control and proactive management of market risk, the Bank ensured the sound development
of its business on the basis of a controllable risk-bearing level.
Interest Rate Risk Management
Interest rate risk of the Bank mainly rises from the impacts on yields due to re-pricing of assets and liabilities interest
rates and maturity mismatch between assets and liabilities and the impacts of changes in market interest rates on
fair value of financial instruments.
The interest rate risk confronted by the Bank mainly includes balance sheet interest rate risk and the interest rate
risk of investment portfolio in treasury and capital market business. With regard to balance sheet interest rate risk,
the Bank carried out gap analysis to assess risks and accordingly adjusted the loan interest rate re-pricing cycle to
optimize corresponding maturities of corporate deposits. In respect of the interest rate risk of financial instruments
in treasury and capital market business, the Bank resorted to duration analysis, sensitivity analysis, stress test and
scenario simulation for risk measurement and control, and set risk limits including interest rate sensitivity, duration
and exposure, etc. The Bank also carried out effective monitoring, management and reporting on the implementation
of risk limits based on advanced market risk management systems and independent internal control at the middle
office platform.
Interest Rate Risk Analysis
During the reporting period, lending rates of the financial institutions were on the downward track as a whole due
to the impacts of the complex and volatile economic and financial situations both at home and abroad plus the
decreasing market interest rates in China. PBC accelerated the market-oriented interest rate reform and put forward
more stringent requirements for commercial banks in interest rate risk management. To get well prepared for the
up-coming market-oriented interest rate reform, the Bank centralized its interest rate risks through its funds transfer
pricing (FTP) mechanism for unified risk management and carried out timely adjustments to the FTP prices to
optimize its assets and liabilities structure and promote a sound business development. Meanwhile, thanks to its
accurate forecast of macro-economic movement, the Bank proactively adopted loan re-pricing cycle management,
thereby promoting continuous extension of the re-pricing cycle of both new loans and stock loans, and effectively
mitigated negative impacts of expanded floating range of lending and deposit rates on the Bank. With reference to
the credit scale factor and changes in market liquidity, and on the basis of effective control over the risk of maturity
mismatch between assets and liabilities, the Bank proactively intensified its interest rate pricing management,
effectively improved pricing of credit assets and reasonably controlled the cost of liabilities. All the above measures
helped the Bank maximize its economic returns.
60 China CITIC Bank Corporation Limited
Report of the Board of Directors
The Group
Unit: RMB million
Non-interest Less than 3 months 1 to 5 Over
Item bearing 3 months to 1 year years 5 years
Total assets 52,779 1,756,006 937,157 113,463 56,960
Total liabilities 59,854 1,835,471 606,331 172,976 49,253
Interest rate gap (7,075 ) (79,465 ) 330,826 (59,513 ) 7,707
The Bank
Unit: RMB million
Non-interest Less than 3 months 1 to 5 Over
Item bearing 3 months to 1 year years 5 years
Total assets 55,113 1,648,635 924,515 109,358 56,955
Total liabilities 51,599 1,754,928 583,818 171,659 45,621
Interest rate gap 3,514 (106,293 ) 340,697 (62,301 ) 11,334
Exchange Rate Risk Management
The Bank measures exchange rate risk mainly through the analysis of foreign exchange exposure which consists of
trading and non-trading exposures. Trading exposure mainly results from the position in foreign exchange trading,
while non-trading exposure mainly results from foreign currency capital and foreign currency profit. The Bank
manages exchange rate risk by conducting foreign exchange spot and forward trading and matching foreign currency
denominated assets with corresponding foreign currency denominated liabilities and makes appropriate use of
derivatives (mainly foreign exchange swap) to manage foreign currency assets and liabilities portfolios.
Exchange Rate Risk Analysis
The exchange rate risk of the Bank was mainly resulted from the fluctuations of Renminbi exchange rate against US
dollar. Since the beginning of 2012, Renminbi versus US dollar exchange rate featured both upward and downward
fluctuations against the backdrop of the slowdown of the Chinese economic growth and weakening international trade.
Thanks to its close eye on external market changes and internal fund situation, the Bank was able to coordinate the
development of foreign currency deposits and loans business while rationally controlling overall risk exposure and
reducing exchange rate risk to a tolerable level through flexible adjustment of its internal interest rates, proactive
control of exchange rate risk in foreign exchange trading, timely adaptation to risk limits of foreign exchange settlement
and sales, and more vigorous bank-wide management of positions prone to exchange exposures.
The Group
Unit: RMB million
Item USD HKD Other currencies Total
Net on-balance sheet position 21,415 3,015 (15,857 ) 8,573
Net off-balance sheet position (22,912 ) 9,886 15,234 2,208
Total (1,497 ) 12,901 (623 ) 10,781
The Bank
Unit: RMB million
Item USD HKD Other currencies Total
Net position on-balance sheet 6,619 (3,451 ) (6,367 ) (3,199 )
Net position off-balance sheet (8,858 ) 3,239 5,742 123
Total (2,239 ) (212 ) (625 ) (3,076 )
2012 Interim Report 61
Report of the Board of Directors
Management of Liquidity Risk
Liquidity risk refers to the risk that the Bank is unable to timely obtain or timely obtain adequate capital at reasonable
costs to meet customers’ need for withdrawing matured liabilities or the Bank’s own need for growing its asset
business. The Bank’s liquidity risk mainly derives from the maturity mismatch between assets and liabilities, early
or concentrated withdrawal of cash by customers and fund supply for business activities such as lending, trading,
and investment.
Liquidity Risk Management
The objective of liquidity management of the Bank is to identify, measure and monitor liquidity risk, control
liquidity risk within the tolerable level, and thereby ensuring a sound operation of all business areas of the Bank
through establishing an effective liquidity risk management mechanism based on the set targets for asset-liability
management and requirements of the liquidity risk management guidelines.
The Bank pursues a unified liquidity risk management model. The head office is responsible for formulating liquidity
risk management policies and strategies of the Group and legal entities, and managing liquidity risks at the legal
entity level in a centralized manner. Domestic branches, in accordance with the requirements of the head office,
are responsible for fund management within their respective jurisdictions and mandates. Overseas subsidiaries are
responsible for developing their own strategies and procedures for liquidity risk management within the Group’s master
policy framework of liquidity risk management in accordance with the requirements of regulatory authorities.
Liquidity Risk Analysis
During the reporting period, the Central Bank implemented the prudent monetary policy with timely pre-adjustment
and fine tuning, as a result of which, market liquidity were gradually eased in the overall sense. Due to the impact
of various factors, however, some periodical liquidity shortages appeared. As a response to such policy and market
changes, the Bank adopted forward-looking and pertinent policies for liquidity risk management. In parallel with
full use of money market tools such as inter-bank lending and borrowing, the Bank continued to diversify the
allocation of current assets such as deposits and placements with banks and non-bank financial institutions and
repurchase of inter-bank discount of drafts. As such, while managing liquidity risk at a controllable level, the Bank
leveraged on market opportunity for portfolio restructuring and thereby pursuing the maximization of returns on
fund operation.
The Bank actively practised the three-tier liquidity reserve management system, enhanced scenario analysis and stress
test of liquidity risk, and constantly improved the liquidity risk emergency response plans. By keeping a close eye
on impacts of external policy developments, its own asset-liability structural changes, and the impact of innovative
products and new businesses on its liquidity profile, the Bank dynamically adjusted its portfolio liquidity management
strategies, rationalized the arrangement of liquidity instruments and maturity structures, maintained smooth financing
channels including the money market, and continuously built up its capability in liquidity risk prevention, control
and management. In addition, the Bank accelerated the construction of the liquidity risk management information
system, which helped the Bank further improve its approaches and technologies for liquidity risk management.
62 China CITIC Bank Corporation Limited
Report of the Board of Directors
The Group
Unit: RMB million
Payable on Within 3 3 months 1 to 5 Over 5 No time
demand months to 1 year years years limit Total
(1,012,373 ) 130,332 221,162 221,508 276,522 355,329 192,480
The Bank
Unit: RMB million
Payable on Within 3 3 months 1 to 5 Over 5 No time
demand months to 1 year years years limit Total
(987,135 ) 137,403 213,173 198,714 264,560 360,236 186,951
Internal Control and Operational Risk Management
Internal Control
During the reporting period, the Bank fully implemented relevant regulatory requirements such as the Basic Standards
for Enterprise Internal Control and the supplementary guidance thereof jointly released by five state ministries including
the MOF, etc. Specifically, the Bank accelerated the construction of a professionalized, standardized and computerized
system for internal control, continuously optimized the internal control environment, improved methods and means
for risk identification and evaluation, strengthened measures for risk control and management, expanded information
exchanges and communication channels, enhanced the mechanism for internal control and supervision. As a result,
the Bank enjoyed significant improvement in its internal control and management.
— Continuous optimization of internal control environment. Thanks to the implementation of internal systems
and policies such as the Guidelines for Internal Control and Compliance Work of CITIC Bank, as well as
amendments to the Articles of Association and the Internal Audit Rules of CITIC Bank, the Bank kept improving
its institutional development for corporate governance and internal control. Programs such as the “Woodpecker
Compliance Initiative” and the “Branches with Excellent Compliance” continued to help the Bank develop an
internal control and compliance culture. The Bank took its 25th anniversary as an opportunity to enrich its
corporate culture, enhance awareness of compliance, inspire the sense of identity and cohesion among employees
bank-wide and thereby consolidating its environment for internal control and management.
— Continuous refinement of means and approaches for risk identification and evaluation. The Bank established
a dynamic internal control reviewing mechanism whereby business lines, management procedures, work steps
and responsibilities were clearly defined, the uniform internal control reviewing tools were applied, areas prone
to risk and risk control points were identified via benchmarking of internal and external rules and regulations,
and quantitative risk assessment plus qualitative control assessment were carried out in combination with the
five elements of internal control. All these conducts provided the basis for balancing business development
and risk control.
— Continuous enhancement of internal control. The Bank paced up its efforts to develop a comprehensive risk
management system or a matrix risk management system, initiated the RWA project, the ICAAP project and
the New Basel Capital Accord regulatory compliance project, kept updating and improving its internal control
and management tools and methodologies, set up a quantitative indicators system for the comprehensive risk
management and enhanced information system safety.
2012 Interim Report 63
Report of the Board of Directors
— Continuous expansion of channels for information exchange and communication. The Bank took the initiative
to construct various information exchange platforms and adopted all possible means to address problems
encountered in daily operation and internal control implementation. The development and improvement of
comprehensive risk management reporting channels, the integration and development of an internal control
and management platform system enabled the Bank to improve its information communication and sharing.
— Continuous enhancement of internal control and supervision. By reorganizing the internal audit committees
under the management level at the head office and branches into internal control committees, the Bank effectively
coordinated internal control, compliance and audit, and gradually built up its capability of self-check and
examination on businesses at the middle office. The compliance and audit department at the head office were
split into audit department and compliance department to improve the independence of audit supervision and
further enhance the three-dimensional supplementing supervision systems at the front office and the middle
office.
Internal Audit
During the reporting period, the Bank pushed the reform of the internal audit system on all fronts, reinforced audit
of business areas that were prone to irregularities and high in risk exposures, and made full use of information
technology to upgrade audit efficiency and effectiveness, providing an effective safeguard to realize the Bank’s
objective of strategic transformation.
— Reform of the internal audit system for higher audit independence. The Bank restructured its audit and
compliance framework by setting up regional audit centers that report directly to the head office, so that a
preliminary internal control supervision mechanism that integrates audit, compliance, internal control and
operational risk was established. As a result, the internal audit at the Bank enjoys higher independence, better
audit resources and clearer goal of professional development.
— More vigorous supervision and inspection to support sound business development. The Bank audited potential
risks in supply chain, local L/C agency payment, auto finance and information technology, conducted continuous
audit to prevent irregularities at the branch level, and prioritized audit in new business areas such as M & A
loans, transaction banking and factoring, which was conducive to compliant business operation.
— Optimum off-site audit techniques and approaches for higher audit efficiency bank-wide. During the reporting
period, the Bank researched and developed 42 off-site audit models. Application of these models and optimization
of relevant system functionalities effectively reduced the scope of doubtful data, improved the pertinence of
audit and provided a strong support to on-site audit while continuously expanding audit coverage.
Compliance Management
During the reporting period, the Bank earnestly implemented the CBRC’s requirements for rectification of “non-
compliant operations”, promoted reform of its compliance management system on all fronts, provided compliance
support to its business transformation and product innovation and kept enriching compliance management measures
and tools, thereby providing effective support to compliant operation and sound business development of the whole
Bank.
— Through restructuring its audit and compliance system, the Bank reconstructed a compliance management
system featuring “unified management and layered coordination” and carried out the stratified internal control
and compliance management mechanism, which drove forward the “Three-Steps-in-Three-Years” plan to develop
a professionalized, standardized and computerized internal control and compliance management system.
64 China CITIC Bank Corporation Limited
Report of the Board of Directors
— Through making great efforts, the Bank was able to provide more professional and timely compliance review
services to its business transformation and product innovation and thus supporting the reengineering of its
organizational structure and business flows.
— Through conducting various innovative work, the internal control and compliance at all levels was enhanced
throughout the Bank. The “Branches with Excellent Compliance” initiative effectively boosted internal control
and compliance at the grass-roots level. The “Woodpecker Compliance Initiative” helped with continuous
optimization of the Bank’s institutional development. The solicitation of articles and essays on compliance
improved the awareness of compliance in business operation. The establishment of database for internal
and external rules and regulations on compliance laid a foundation for the gradual formation of a dynamic
management mechanism.
— When implementing the NDRC and the CBRC’s requirements for rectification of “non-compliant operations”,
the Bank conducted self-examination and self-correction from three dimensions, including sources, procedures
and behavior, so as to better regulate its service fee management, thus building up a sound image by proactively
abiding by regulatory requirements and effectively performing social responsibilities.
Operational Risk
During the reporting period, the Bank promoted professionalized, standardized, and computerized process of
operational risk management, focusing on system development, online operation and compliance preparation for
operational risk management.
— Improvement of the institutional framework for operational risk management. The Bank completed regulations
such as Management Rules on Reporting of Internal Control, Compliance and Operational risk and Rules on
Management of Operational risk Incidents and Loss Data Collection, and improved rules and regulations for main
business areas, thereby providing institutional guarantee for mitigation of operational risk.
— Promotion of the application of operational risk management tools. As per the requirements of comprehensive
risk management reporting, the Bank set up risk reporting channels between business lines and between
the parent company and its subsidiaries, submitted operational risk management reports on a regular basis,
completed the head office level concentration and verification on data of losses resulted from operational risk,
and explored to set bank-wide operational risk monitoring indicators, thereby consolidating the foundation
for quantitative control and management of operational risk.
— Steady construction of operational risk management system. The operational risk management system of the
Bank entered phase I for core functionalities development. As at the end of the reporting period, the core
functionalities development was basically completed and the business testing started.
— Vigorous prevention and control of irregularities bank-wide. The Bank developed and implemented the
Implementation Outline for Prevention and Control of Irregularities in 2012 which explicitly provides prohibitive
requirements regarding reinforcing management of key aspects prone to operational risk, and actively made
specialized efforts to prevent and crack down upon illegal fund raising and private finacing.
— Intensive training on operational risk control. The Bank organized specialized trainings on operational risk
management system development and application of relevant management tools, communicated the concept
of operational risk management and further reinforced standardized management of operational risk.
2012 Interim Report 65
Report of the Board of Directors
Anti-Money Laundering
During the reporting period, in line with the Law of the People’s Republic of China on Anti-Money Laundering and
relevant regulatory requirements, the Bank diligently fulfilled its anti-money laundering obligations with proactive
actions and achieved satisfactory results.
— The Bank executed serious implementation of regulatory requirements and strictly conducted anti-money
laundering policies in customer identity identification, maintenance of customer identity information and
transaction records and management of classified customer risks. And the Bank kept improving internal control
systems for anti-money laundering, and effectively prevented money laundering risks.
— The Bank conducted a comprehensive, accurate and complete implementation of requirements on anti-money
laundering monitoring, judgment, recording, analysis and reporting. Various effective means were adopted to
report suspicious large-sum payments. Meanwhile, the Bank further improved its working mechanism, enhanced
its supervision over all business lines and paid close attention to the money flow and usage of suspicious
transaction funds from money laundering and terrorist financing.
— The Bank enhanced the intensive training of staff on anti-money laundering, organized various trainings in
diversified forms on internal control systems, customer identification systems and relevant regulatory requirements
for anti-money laundering so as to further enhance on-post skills of the staff against money laundering and
their capability to screen suspicious transactions.
Reputational Risk Management
In the face of severe external public opinions, the Bank carried out reputational risk management in an orderly
manner and made remarkable progress in institutional building, system improvement, personnel training and public
opinions handling.
During the reporting period, the Bank amended and released the Management Measures on Reputational Risk
Management of China CITIC Bank Corporation Limited (version 2.0) to include all departments in head office,
branches and subsidiaries in the management system of reputational risks and further improved its reputational risk
management process. The Bank made efforts to enhance drillings for responding to public opinions by conducting
drillings in some branches with the assistance of experts, which further strengthened its capability of responding to
public opinions. In addition, the Bank included reputational risk management in the implementation of New Basel
Capital Accord in an effort to make its reputational risk management mechanism approach to the internationally
advanced standard.
Investment of Funds Raised
The Bank made its initial public offering on 27 April 2007, issuing 2.302 billion A shares and 5.618 billion H shares
and raising approximately RMB44.836 billion proceeds (after deducting listing fees).
The Bank successfully completed its A shares and H shares rights issue on 7 July 2011 and 3 August 2011 respectively,
with the RMB25.786 billion proceeds raised, which was used to further replenish its capital.
As at the end of the reporting period, the Bank had used the full proceeds raised to replenish its capital in order
to upgrade its capital adequacy ratio and its risk resistance in accordance with the reply approval from both the
CBRC and the CSRC.
The Bank has no material investment made with non-raised funds.
66 China CITIC Bank Corporation Limited
Report of the Board of Directors
Outlook
In the second half of 2012, the world economy will continue to confront enormous uncertainties. The fathomless
European debt crisis and rising debt risk in the United States and Japan will parallel with the slowdown of economic
growth in emerging economies. Domestically, accompanying with simultaneous deceleration of the troika of investment,
consumption and foreign trade that used to drive economic growth and the prominent structural problems, banks are
facing extremely grim external economic situations. In respect of the industry regulation, the release of Measures for
Capital Management of Commercial Banks and the significant acceleration speed-up of market-oriented interest rate
reform bring banks great challenges in their business operation and management. As a response to pressures at home
and abroad, the Bank will persevere with its guiding philosophy of “accelerating transformation, better management
and promoting market competitiveness”, identify urgent issues in its current operation, study and develop various
measures to enhance and promote sales and marketing, strictly control the growth of high-cost liabilities, continue
to improve the loan pricing mechanism, manage credit risks in real estate, LGFV and small business loans with
sharp vigilance and stringent measures, tighten prevention and control of irregularities related to operational risk
and promote the healthy and rapid development of all business areas.
2012 Interim Report 67
Changes
in Capital Shares and Shareholding of Substantial Shareholders
Changes in Share Capital
Table on Changes in Share Capital
Unit: share
Beforethechange Changes(+,–) Afterthechange
Numberof Percentage Numberof Percentage
sharesheld (%) sharesheld (%)
Sharessubjecttorestrictionsonsale 2,138,179,203 4.57 2,138,179,203 4.57
1. Shares held by the state 0 0
2. Shares held by state-owned legal persons 213,835,341 0.46 213,835,341 0.46
3. Shares held by other domestic investors 0 0
Including: Shares held by domestic
non-state-owned legal persons 0 0
Shares held by domestic natural persons 0 0
4. Shares held by foregin investors 1,924,343,862 4.11 1,924,343,862 4.11
Including: Shares held
by overseas legal persons 1,924,343,862 4.11 1,924,343,862 4.11
Shares held by overseas natural persons 0 0
Sharesnotsubjecttorestrictionsonsale 44,649,147,831 95.43 44,649,147,831 95.43
1. Renminbi denominated ordinary shares 31,691,328,716 67.73 31,691,328,716 67.73
2. Domestically-listed foreign shares 0 0
3. Overseas-listed foreign shares 12,957,819,115 27.70 12,957,819,115 27.70
4. Others 0 0
Totalshares 46,787,327,034 100.00 46,787,327,034 100.00
Information on Shareholders
Number of Shareholders and Shareholdings of the Top 10 Shareholders
Total number of shareholders as at 30 June 2012: 399,678 accounts Including: 357,946 A-share accounts
and 41,732 H-share accounts
68 China CITIC Bank Corporation Limited
Changes in Capital Shares and Shareholding of Substantial Shareholders
ShareholdingsoftheTop10Shareholders
Unit: share
Numberof Increase/
sharesheld decreasein
Total Shareholding subjectto sharesduring Shares
Natureof Classof numberof percentage restrictions thereporting pledgedor
No. Nameofshareholder shareholder shares sharesheld (%) onsale period frozen
1 CITIC Group State-owned A-share 28,938,928,294 61.85 0 0 0
2 Hong Kong Securities Clearing
Company Nominee Limited Foreign H-share 7,367,658,656 15.75 0 3,273,038 Unknown
3 BBVA Foreign H-share 7,018,099,055 15.00 1,924,343,862 0 0
4 NSSF State-owned A-share, 338,513,209 0.72 213,835,341 0 Unknown
H-share (1)
5 China Construction Bank State-owned H-share 168,599,268 0.36 0 0 Unknown
6 Mizuho Corporate Bank Foreign H-share 81,910,800 0.18 0 0 Unknown
7 China State Shipbuilding
Corporation Limited State-owned A-share 35,172,000 0.08 0 0 Unknown
8 China Life Insurance. Co., Ltd –
Dividends – Dividends to
Individuals-005L-FH002
Shanghai Other A-share 34,529,412 0.08 0 –15,093,081 Unknown
9 China Life Insurance Co., Ltd. –
Traditional – Ordinary
Insurance Products-005L-
CT001Shanghai Other A-share 33,030,713 0.07 0 –888,005 Unknown
10 Industry and Commerce
Bank of China Limited State-owned A-share 31,034,400 0.07 0 0 Unknown
11 Dongfeng Automobile Group
Corporation Limited State-owned A-share 31,034,400 0.07 0 0 Unknown
12 Sinochem Group State-owned A-share 31,034,400 0.07 0 0 Unknown
13 Hebei Construction and
Investment (Group) Co., Ltd. State-owned A-share 31,034,400 0.07 0 0 Unknown
Note: (1) The NSSF holds both A shares and H shares in the Bank totaling 338,513,209 shares, including 213,835,341 A shares transferred from CITIC
Group in 2009, 68,259,000 H shares held in the capacity of H-share cornerstone investor at the time of the Bank’s initial public offering, and
42,767,068 A shares and 13,651,800 H shares subscribed during the A shares and H shares rights issue of the Bank in 2011.
The five H-share cornerstone investors, namely, Mizuho Corporate Bank, NSSF, PICC Property & Casualty Company
Limited, China Life Insurance (Group) Company and China Life Insurance Co., Ltd., undertook to give notice in
writing to the Bank before selling any of their H shares subscribed pursuant to the cornerstone placing agreements
after expiration of the lock-up period. (The number of H-share shareholders was calculated with reference to the
Bank’s shareholder register maintained at the H-share registrar.)
2012 Interim Report 69
Changes in Capital Shares and Shareholding of Substantial Shareholders
Shareholdings of the Top 10 Non-Restricted Shareholders
Unit: Share
Non-restricted
No. nameofshareholder sharesheld Classofshares
1 CITIC Group 28,938,928,294 A-share
2 Hong Kong Securities Clearing Company Nominee Limited 7,367,658,656 H-share
3 BBVA 5,093,755,193 H-share
4 China Construction Bank 168,599,268 H-share
5 NSSF 124,677,868 A-share
H-share
6 Mizuho Corporate Bank 81,910,800 H-share
7 China State Shipbuilding Corporation Limited 35,172,000 A-share
8 China Life Insurance Co., Ltd. – Dividends –
Dividends to Individuals-005L-FH002 34,529,412 A-share
9 China Life Insurance Co., Ltd. – Traditional –
Ordinary Insurance Products-005L-CT001, Shanghai 33,030,713 A-share
10 Industry and Commerce Bank of China Limited 31,034,400 A-share
10 Dongfeng Automobile Group Corporation Limited 31,034,400 A-share
10 Sinochem Group 31,034,400 A-share
10 Hebei Construction and Investment Group Co., Ltd. 31,034,400 A-share
Note on connected relations or concerted actions of the above shareholders: As at the end of the reporting period,
the Bank was not aware of any connected relations or concerted actions between the above shareholders.
Shareholdings of the Top 10 Restricted Shareholders
Unit: Share
Numberof Numberof Increasein Numberof
sharessubject sharesrelieved sharessubject sharessubject
torestrictions fromsale torestrictions torestrictions
onsaleatthe restrictions onsale onsaleat
Nameof beginningofthe duringthe duringthe theendofthe Reasonsof Eligible-for-trading
shareholder reportingperiod reportingperiod reportingperiod reportingperiod restriction date
BBVA 1,924,343,862 1,924,343,862 Note (1) 2 April 2013
NSSF 213,835,341 — — 213,835,341 Note (2) 28 April 2013
Total 2,138,179,203 — — 2,138,179,203 — —
Note: (1) According to the Share and Option Purchase Agreement (as amended) entered into between BBVA and CITIC Group on 22 November 2006,
BBVA can exercise all the share option in one go under this agreement. The lock-up period of the shares acquired from exercising the share
option will be three years following the completion date of the share transfer. BBVA exercised the share option to buy 1,924,343,862 shares of
the Bank’s H shares from CITIC Group on 3 December 2009 and the transfer was completed on 1 April 2010. Therefore, the lock-up period
for those shares acquired is from 1 April 2010 to 1 April 2013.
(2) According to the Implementation Rules on Transfer of Partial State-Owned Shares on the Domestic Stock Exchange to Enrich the National Council
for Social Security Fund (Cai Qi [2009] No.94) jointly issued by MOF, SASAC, CSRC and NSSF on 19 June 2009, CITIC Group transferred
213,835,341 qualified shares of the Bank to the NSSF, accounting for 0.55% of the share capital of the Bank. This share transfer was completed
in December 2009. According to the above measures, the lock-up period for those transferred shares shall be extended for another three years in
addition to the original mandatory lock-up period applicable to the former state-owned shareholders. As such, the lock-up period for the above
mentioned shares will expire on 28 April 2013.
70 China CITIC Bank Corporation Limited
Changes in Capital Shares and Shareholding of Substantial Shareholders
Dates when Restricted Shares Become Eligible for Trading
Balanceof
Increasein Balanceof sharesnot
tradableshares sharessubject subjectto
uponexpiryof torestrictions restrictions
Eligiblefortrading lock-upperiod onsale onsale Note
2 April 2013 1,924,343,862 213,835,341 38,819,508,713 Unlocking of H-share
held by BBVA
28 April 2013 213,835,341 0 39,033,344,054 Unlocking of A-share
held by NSSF
Interests and Short Positions Held by Substantial Shareholders and Other Persons
As at 30 June 2012, interests and short positions in the shares and underlying shares of the Bank held by substantial
shareholders and other persons as recorded in the register that the Bank has maintained pursuant to Section 336 of
the Securities and Futures Ordinance are as follows:
Shareholding
percentageof
theissuedshare
Numberof capitalofthe Classof
Name sharesheld sameclass(%) shares
BBVA 10,942,096,691 (L) 73.52 (L)
3,809,655,853 (S) 25.60 (S) H-share
BBVA 24,329,608,919 (L)
91.36 (L)
A-share
CITIC Group 7,032,455,195 (L) 47.25 (L) H-share
CITIC Group 28,938,928,294 (L) 90.70 (L) A-share
CITIC Limited 28,938,928,294 (L)
90.70 (L)
A-share
Lehman Brothers Asia Holdings Ltd 732,821,000 (L)
6.32 (L)
732,821,000 (S) 6.32 (S) H-share
Lehman Brothers Asia Ltd 732,821,000 (L)
6.32 (L)
732,821,000 (S) 6.32 (S) H-share
Lehman Brothers Pacific Holdings Pte Ltd. 732,821,000 (L)
6.32 (L)
732,821,000 (S) 6.32 (S) H-share
892,920,477 (L)
5.99 (L)
JP Morgan Chase & Co. 22,344,000 (S) 0.15 (S) H-share
183,015,382 (P) 1.23 (P)
Note: (L) — long position, (S) — short position, (P) — lending pool.
Except for the information disclosed above, as at 30 June 2012, no other interests or short positions of any other
person or company in the shares or underlying shares of the Bank that was required to be disclosed in accordance
with Sections II and III in Part XV of the Securities and Futures Ordinance was recorded in the register maintained
pursuant to Section 336 of the Securities and Futures Ordinance.
2012 Interim Report 71
Changes in Capital Shares and Shareholding of Substantial Shareholders
Controlling Shareholder and De Facto Controller of the Bank
CITIC Group is the controlling shareholder and De Facto controller of the Bank. There was no change in the
controlling shareholder or De Facto controller of the Bank within the reporting period. As at the end of the reporting
period, CITIC Group held 28,938,928,294 A shares of the Bank directly, accounting for 61.85% of the total issued
share capital of the Bank, as well as 710 H shares of the Bank indirectly through GIL, representing less than 0.01%
of the Bank’s total issued share capital. In total, CITIC Group held 61.85% of the Bank’s total issued shares.
CITIC Group is China’s leading state-owned multinational conglomerate, focusing its investment in financial
services, information technology, energy and heavy industries, with business operations in Hong Kong, the United
States, Canada and Australia. Initiated by Mr. Deng Xiaoping, Chief Architect of China’s reform and opening-up,
and approved by the State Council, CITIC Group was established in October 1979 by Mr. Rong Yiren, former
Vice President of China, as the first window corporation in China’s reform and opening up. Both CITIC Group’s
registered office and place of business are located in Beijing. After several rounds of capital changes, CITIC Group
had a registered capital of RMB183.7 billion with Mr. Chang Zhenming as its legal representative as at the end of
the reporting period.
On 27 December 2011, as part of its restructuring, CITIC Group contributed the majority of its existing operating
net assets and aligned with Beijing CITIC Enterprise Management Co., Ltd., a wholly-owned subsidiary of CITIC
Group, to establish CITIC Limited, with CITIC Group holding 99.9% of the equity interest and Beijing CITIC
Enterprise Management Co., Ltd. holding 0.1% of the equity interest respectively. At the same time, CITIC Group
was restructured into a wholly state-owned company as a whole and was renamed CITIC Group Corporation, which
inherited all the businesses and assets from the former CITIC Group. To complete the afore-mentioned capital
contribution, CITIC Group transferred all the shares it held in the Bank to CITIC Limited as capital contribution,
as a result of which CITIC Limited will hold 28,938,928,294 A shares in the Bank, accounting for 61.85% of
the Bank’s total share capital and hold 710 H shares in the Bank through GIL, its wholly-owned subsidiary, thus
holding a total of 28,938,929,004 shares in the Bank, accounting for 61.85% of the Bank’s total share capital. As
at 29 August 2012, the above share transfer has been approved by the State Council, the MOF, the CBRC and
Hong Kong Monetary Authority, but the waiver of the takeover bid for shares held in the Bank is still subject to
the approval of the CSRC. After the completion of the above share transfer, CITIC Group will maintain its status
as De Facto controller of the Bank.
The following chart illustrates the shareholding structure and controlling relationship between the Bank and its De
Facto controller as at the end of the reporting period:
MOF
CITIC Group
100%
61.85% GIL
<0.01%
China CITIC Bank
72 China CITIC Bank Corporation Limited
Directors,
Supervisors, Senior Management and Staff
Basic Information of Directors, Supervisors and Senior Management of the Bank
(as at 29 August 2012)
Board of Directors
Name Title Name Title
Tian Guoli Chairman, Non-executive director Chen Xiaoxian Executive director, President
Dou Jianzhong Non-executive director Ju Weimin Non-executive director
Guo Ketong Non-executive director Cao Tong Executive director, Vice-president
ngel Cano Non-executive director José Andrés Non-executive director
Fernández Barreiro Hernandez
Bai Chong-En Independent non-executive director Xie Rong Independent non-executive director
Wang Xiangfei Independent non-executive director Li Zheping Independent non-executive director
Xing Tiancai Independent non-executive director
Board of Supervisors
Name Title Name Title
Zheng Xuexue Supervisor, temporarily Zhuang Yumin External supervisor
performing the duties of chairman Li Gang Employee supervisor
of Board of Supervisors
Luo Xiaoyuan External supervisor
Deng Yuewen Employee supervisor
Senior Management
Name Title Name Title
Chen Xiaoxian Executive director, President Cao Tong Executive director, Vice-president
Sun Deshun Vice-president Ou Yang Qian Vice-president
Su Guoxin Vice-president Cao Guoqiang Vice-president
Zhang Qiang Vice-president Cao Bin Secretary to the Committee for
Wang Lianfu Chairman of the Bank’s trade Disciplinary Inspection
union (Vice-president level), Lin Zhengyue Secretary to the Board of
Chief Compliance Officer Directors
Changes in Shares Held by Directors, Supervisors and Senior Management
As at the end of the reporting period, except for Mrs. Chan Hui Dor Lam Doreen, director of the Bank who resigned
as director of the Bank in August 2012, held 3,569,625 H shares in the Bank, which remained unchanged during
the reporting period, none of the other directors, supervisors or senior management members of the Bank held any
shares in the Bank.
Appointment and Dismissal of Directors, Supervisors and Senior Management
Dr. Cao Tong was nominated executive director candidate at the 25th meeting of the Bank’s second Board of
Directors held in November 2011. In December 2011, at the third extraordinary general meeting of the Bank
in 2011, Dr. Cao Tong was elected executive director of the Bank. In February 2012, Dr. Cao Tong assumed
office upon CBRC’s approval of his qualifications for the office. Meanwhile, Dr. Cao Tong took his positions as
member of the Strategic Development Committee and member of the Risk Management Committee under the
Board of Directors according to the resolution adopted at the 28th meeting of the second Board of Directors
of the Bank.
2012 Interim Report 73
Directors, Supervisors, Senior Management and Staff
As deliberated and approved at the third extraordinary general meeting in 2011 of the Bank in December 2011,
Dr. Xing Tiancai was elected independent non-executive director of the Bank and assumed office in February
2012 after his qualifications for the office were approved by the CBRC. Meanwhile, Dr. Xing Tiancai took his
positions as member and chairman of the Audit and Related Party Transactions Control Committee under the
Board of Directors and member of Nomination and Remuneration Committee under the Board of Directors
according to the resolutions adopted at the 28th meeting of the second Board of Directors of the Bank and the
first meeting of the Bank’s third Board of Directors. Dr. Ai Hongde’s resignation from his position as director
of the Bank officially took effect upon the CBRC’s approval of Dr. Xing Tiancai’s qualifications for office.
Mr. Lin Zhengyue was appointed to be the company secretary of the Bank as deliberated and approved at the
28th meeting of the second Board of Directors of the Bank.
In May 2012, at the 2011 annual general meeting of the Bank, the third Board of Directors of the Bank was
elected with the elected directors: Mr. Tian Guoli, Dr. Chen Xiaoxian, Mr. Dou Jianzhong, Mr. Ju Weimin, Mr.
Guo Ketong, Dr. Zhao Xiaofan, Dr. Cao Tong, Mrs. Chan Hui Dor Lam Doreen, Mr. ngel Cano Fernández,
Mr. José Andrés Barreiro Hernandez, Mr. Li Zheping, Dr. Xing Tiancai, Ms. Liu Shulan, Ms. Wu Xiaoqing,
and Mr. Wang Lianzhang. The qualification for the office of Ms. Liu Shulan, Ms. Wu Xiaoqing and Mr. Wang
Lianzhang are still subject to the CBRC’s approval and they will assume the office upon such approval, prior
to which Dr. Bai Chong-En, Dr. Xie Rong and Mr. Wang Xiangfei will continue to perform their duties as
directors of the Bank.
The third Board of Supervisors of the Bank was elected in May 2012, consisting of non-employee supervisors
elected at the 2011 annual general meeting of the Bank and employee supervisors elected via democratic
procedures in May 2012, and including Mr. Zheng Xuexue, Dr. Zhuang Yumin, Ms. Luo Xiaoyuan, Mr. Li
Gang and Mr. Deng Yuewen.
In May 2012, at the first meeting of the third Board of Directors of the Bank, the resolutions on engaging
Dr. Chen Xiaoxian as president of the Bank, engaging Dr. Cao Tong, Mr. Sun Deshun, Dr. Ou Yang Qian, Mr.
Su Guoxin, Mr. Cao Guoqiang and Mr. Zhang Qiang respectively as vice-president of the Bank and engaging
Mr. Lin Zhengyue as secretary to the Board of Directors were deliberated and adopted.
In August 2012, due to adjustment of his responsibilities, Mr. José Andrés Barreiro Hernandez resigned from
the positions of director, member of the Audit and Related Party Transactions Control Committee and member
of the Strategic Development Committee of the Bank. Mr. José Andrés Barreiro Hernandez’s resignation will
take effect on the date when his successor’s qualification for the office is approved by the CBRC and officially
begins to perform the duty of director.
In August 2012, as approved at the second meeting of the third Board of Directors, Dr. Chen Xiaoxian was
elected executive vice chairman of the Bank’s Board of Directors, which will take effect on the date when his
qualification for the office is approved by the CBRC.
In August 2012, Dr. Chen Xiaoxian resigned from the position of the Bank’s president due to adjustment of
his position. As adopted at the second meeting of the third Board of Directors, the proposal on Dr. Chen
Xiaoxian’s resignation was approved. At the same meeting, the Board of Directors decided that Dr. Chen Xiao
continue to perform the duty of the Bank’s president before the new engaged president’s qualification to the
office is approved by the CBRC.
In August 2012, as approved at the second meeting of the third Board of Directors, Dr. Zhu Xiaohuang was
elected president of the Bank and will begin to perform the duty of president on the date when his qualification
to the office is approved by the CBRC. At the same meeting, the proposal on shareholder’s nomination of Dr.
Zhu Xiaohuang as candidate of the Bank’s director was adopted and will be submitted to the Bank’s second
extraordinary general meeting in 2012 for deliberation.
74 China CITIC Bank Corporation Limited
Directors, Supervisors, Senior Management and Staff
In August 2012, due to adjustment of his responsibilities, Dr. Zhao Xiaofan resigned from the positions of
non-executive director and member of the Risk Management Committee of the Bank, and Mrs. Chan Hui Dor
Lam Doreen resigned from the position of the Bank’s non-executive director. Both resignation took effect on
the date when their letters of resignation were submitted to the Board of Directors.
In August 2012, as adopted at the second meeting of the third Board of Directors, the proposal on shareholder’s
nomination of Mr. Zhang Xiaowei as candidate of the Bank’s director and the proposal on shareholder’s nomination
of Mr. Gonzalo Torao Vallina as candidate of the Bank’s director were adopted and will be submitted to the
second extraordinary general meeting in 2012 for deliberation.
Staff
During the reporting period, the Bank continued to strengthen and improve the human resources management
according to the principle of coordinating effective incentives and strict discipline. Great efforts were devoted to
adjusting and developing management teams in sub-branches and departments in head office, optimizing of appraisal,
appointment and removal systems, replenishing reserve human resources, and promoting management’s exchange and
rotation. The Bank prepared its human resources plan in a scientific way, set up the reasonable internal organization
structure, improved the work related to recruitment and staffing, and continued to optimize the staff structure.
The Bank further improved its remuneration, welfare and insurance systems by carrying out surveys, researches
and analysis, refining the remuneration system, optimizing the remuneration structure, standardizing the welfare
and insurance mechanisms, and enhancing the effectiveness of incentives. The intellectual training and professional
exchanges were strengthened, so as to increase the information management level, enhance the service awareness
and promote the business development.
As at the end of the reporting period, the Bank had 37,589 employees, including 28,490 entering into labor contracts
with the Bank and 9,099 dispatched to the Bank or hired with letters of engagement by the Bank. The Bank had a
total of 401 retirees. CIFH (including CBI) had 1,757 employees.
2012 Interim Report 75
Corporate Governance
During the reporting period, the Bank kept improving its corporate governance structure in line with its own
practical situation and in strict compliance with relevant laws and regulations including but not limited to the
Company Law, Securities Law of the People’s Republic of China and Commercial Banks Law. The Bank has established a
corporate governance structure consisting of Shareholders’ General Meeting, Board of Directors, Board of Supervisors
and Senior Management, namely the structure of “three meetings and one management level”, and defined the
responsibilities of directors, supervisors and senior management according to rules and regulations including the
Articles of Association, and the rules of procedures of the three meetings, so as to effectively integrate rights, duties
and interests, establish scientific and efficient mechanisms for decision making, execution, and supervision, and
ensure clear division of duties, mutual cooperation as well as effective check and balance between decision-making,
execution and supervisory bodies.
During the reporting period, Board of Directors and Board of Supervisors of the Bank assessed the performance
of directors in 2011 in accordance with the Evaluation Measures on Duty Performance of Directors of Commercial
Banks(Trial) issued by the CBRC, Measures of the Board of Directors of CITIC Bank for Performance Assessment of
Directors and Senior Management, and Measures of the Board of Supervisors of CITIC Bank for Performance Assessment
of Directors, Supervisors and Senior Management and produced performance assessment reports thereof. All directors
of the Bank were assessed to be competent in performing their duties in 2011.
Shareholders’ General Meeting, Board of Directors and Board of Supervisors
During the reporting period, the Bank convened one annual general meeting, one extraordinary general meeting, eight
meetings of Board of Directors and four meetings of Board of Supervisors in accordance with the Bank's Articles
of Association, all of which were held in compliance with relevant laws and regulations and procedures specified in
the Bank’s Articles of Association.
Shareholders’ General Meeting
During the reporting period, the Bank convened two shareholders’ general meetings including the 2011 annual general
meeting and the first extraordinary general meeting in 2012. The meetings were convened in strict compliance with
the listing rules of both SSE and SEHK. The Shareholders’ General Meeting of the Bank resolved major matters of
the Bank according to laws by considering and adopting the proposals in relation to issuance of subordinated bonds
and financial bonds specialized for small and miniature enterprises, work report of the Broad of Directors for 2011,
work report of the Board of Supervisors for 2011, 2011 annual financial report, financial budget plan for 2012, profit
distribution plan for 2011, plan for engagement of auditors and their remunerations for 2012, as well as proposals
on the election of the third Broad of Directors and their remunerations, election of non-employee supervisors of the
third Board of Supervisors and their remunerations. In addition, the Shareholders’ General Meeting amended the
Bank’s Articles of Association, the Rules of Procedures of the Shareholders’ General Meeting, the Rules of Procedures of
the Board of Directors and the Rules of Procedures of the Board of Supervisors, which safeguarded the legal rights and
interests of all shareholders and ensured the lawful exercise of rights by shareholders, thus promoting the long-term,
steady and sustainable development of the Bank.
Board of Directors
As at the end of the reporting period, the Board of Directors consists of 15 members, including two executive
directors; eight non-executive directors and five independent non-executive directors.
During the reporting period, the Board of Directors of the Bank convened eight meetings (including on-site voting
and voting by correspondence), at which the Board of Directors considered and adopted the proposals in relation
to work report of the Board of Directors for 2011, 2011 annual report of the Bank, remuneration plan for senior
management for 2011, remuneration plan for employees for 2011, 2012 financial budget plan, first quarterly report
in 2012, engagement of auditors and their remunerations, credit extension to related parties of CITIC Group,
social responsibility report for 2011, report on assessment of internal control for 2011, election of members of the
76 China CITIC Bank Corporation Limited
Corporate Governance
third Broad of Directors and their remunerations, institutional outlets development plan for 2012, etc. In addition,
the Board of Directors revised and finalized the Administrative Measures for Management of Reputational Risks,
Administrative Measures for Management of Liquidity Risks, Outlines for Implementation of liquidity Risks Management,
and Contingency Plan for Management of Liquidity Risks, considered and amended the Articles of Association, Rules of
Procedures of Shareholders’ General Meeting, and Rules of Procedures of the Board of Directors and submitted the related
proposals to the Shareholder’s General Meeting for approval. Therefore, the Board of Directors effectively performed
its duty. During the reporting period, members of the third Board of Directors and its specialized committees were
successfully elected. At the first meeting of the third Board of Directors, the chairman of the third Board of Directors
was elected. At the same time, chairmen and members of the Nomination and Remuneration Committee, Audit and
Related Party Transactions Control Committee, Strategic Development Committee and Risk Management Committee
under the third Board of Directors were also appointed.
Board of Supervisors
As at the end of the reporting period, the Board of Supervisors of the Bank consists of five members, including two
external supervisors, one shareholder representative supervisor and two employee supervisors.
During the reporting period, the Board of Supervisors of the Bank held four meetings, at which the supervisors
considered and adopted the proposals in relation to the work report of the Board of Supervisors for 2011, 2011
annual report of the Bank, the first quarterly report of 2012, and report of the Board of Supervisors on annual
performance assessment of directors for 2011, as well as the Rules of Procedures of the Nomination Committee under
the Board of Supervisors, Rules of Procedures of the Supervisory Committee under the Board of Supervisors, considered
and revised the Bank’s Articles of the Association and relevant articles in Rules of Procedures of the Board of Supervisors
and submitted the related proposals to the Shareholders’ General Meeting for approval. All these further consolidated
the institutional foundation of the Board of Supervisors. During the reporting period, members of the third Board
of Supervisors of the Bank were successfully elected, and its Nomination Committee and the Supervisory Committee
were established. Meanwhile, chairmen and members for each committee were appointed.
Senior Management
As at the end of the reporting period, the Bank’s senior management consists of ten members, including one president,
eight vice presidents (including those at the vice president level), and one secretary to the Board of Directors.
There is strict division of duties and separation of power between the Bank’s senior management and the Board of
Directors. Authorized by the Board of Directors, the senior management manages and makes decisions on business
operation within its mandate.
Information Disclosure
The Bank always attaches great importance to information disclosure and disclosed information in line with the
principles of “higher”, “stricter” and “more” as well as the regulatory requirements of the listing places, so as to
treat the domestic and foreign investors equally and ensure the legal rights and interests of all shareholders. During
the reporting period, the Bank continued to improve its information disclosure system. Through the revision of
the Rules on Periodic Report Compilation and Disclosure, the Bank further enhanced its internal process control of
periodic report compilation and disclosure and clarified related division of duties.
The Bank published more than 30 domestic and overseas announcements during the reporting period.
2012 Interim Report 77
Corporate Governance
Management of Related Party Transactions
The Bank pays great attention to the management of related party transactions. During the reporting period, the
Bank further developed and enhanced the system of related party transactions management, including management
of related parties and reporting and disclosure of related party transactions, thereby ensuring the synergy effect of the
integrated financial platform of CITIC Group and realizing the growth of shareholders’ value under the prerequisite
of lawfulness and compliance.
With regard to the related party transactions management system, the Bank adopted the administrative principle of
“centralized management and division of duties” to strengthen the management mechanisms for credit extension and
non-credit extension related party transactions. With each department performing its respective duties, the Bank
ensured that the related party transactions were managed in an organized, standardized and efficient way.
With regard to the management of related parties, the Bank continued to refine its management of related parties
following the principle of “classification management”. During the reporting period, the Bank further updated the
list of related parties covering both related natural persons and related legal persons based on the different definitions
of related parties by domestic and oversea regulatory bodies and in light of the restructuring of CITIC Group (the
controlling shareholder of the Bank), and other changes such as the election of new term of the Board of Directors,
which laid a solid foundation for the lawfulness and compliance of the Bank’s related party transactions business.
With regard to the disclosure of related party transactions, the Bank took a stricter hand in performing its reporting
and disclosure obligations. During the first half of the year, the Bank published three special announcements
regarding related party transactions, four board resolution announcements regarding the related party transactions,
and two announcements of the resolutions of Shareholders’ General meeting regarding related party transactions.
The Bank also disclosed detailed information of related party transactions via periodic reports. Besides, the Board
of Directors and the Audit and Related Party Transactions Control Committee reviewed the annual special report
on related party transactions presented by the senior management and submitted the report to the Shareholders’
General Meeting for consideration. As such, the Bank fully performed its obligations on reporting and disclosure
of related party transactions, safeguarded the rights and interests of the minority shareholders and set up a positive
image in the capital market.
Management of Investor Relations
Based on the principle of compliance, fairness and efficiency in investor relations management, the Bank keeps
optimizing its management system, standardizing procedures and raising working standards in daily operation to
make its management of investor relations more proactive and interactive and providing convenient and higher-
quality services to investors.
During the reporting period, the Bank participated in a total of 40 external large-scale investors’ forums and routine
meetings with investors, organized one annual results releases, and conducted road shows in Shanghai, Hong Kong,
Japan and the United States in connection with the release of the annual results. Senior management of the Bank
participated in important investor activities such as road shows in China and abroad and results releases to have an
in-depth exchange with institutional investors, and delivered positive information to the capital market in a continuous
manner. The Bank also kept in touch with investors from all over the world timely and conveniently via phone
calls, E-mails, investor relations websites, investor relations mail box and other electronic platforms. By mobilizing
its internal departments, the Bank provided timely feedback to the valuable suggestions raised by shareholders and
thereby winning high recognition from the shareholders.
78 China CITIC Bank Corporation Limited
Significant Events
Issuance of Subordinated Bonds
Pursuant to the Approval of the China Banking Regulatory Commission on the Issue of Subordinated Bonds by China
CITIC Bank (Yin Jian Fu 2012 No.200) and the Decision of the People’s Bank of China on Administrative Approval
(Yin Shi Chang Xu Zhun Yu Zi 2012 No.38), the issuance of subordinated bonds of China CITIC Bank Corporation
Limited for the year 2012 (hereinafter the “Subordinated Bonds”) were successfully completed on 21 June 2012. The
Subordinated Bonds, with a rating of AAA, a coupon rate of 5.15% and a maturity of 10+5 years (i.e., a maturity
of 15 years, with conditional redemption option for the issuer at the end of the 10th year) had an aggregate amount
of RMB20 billion. All funds raised through the issuance of the Subordinated Bonds will be used to replenish the
supplementary capital and increase the capital adequacy ratio of the Bank in accordance with applicable laws and
approvals from regulatory authorities.
Formulation of Cash Dividend Distribution Policy of the Bank and its
Implementation
According to the Notice on Matters in Relation to Further Implementation of Cash Dividend of Listed Companies by the
CSRC and the Notice on Matters in relation to Further Improvement of Cash Dividend of Listed Companies by CSRC
Beijing Bureau, the Bank drafted the amendments to the Articles of Association to further improve the Bank’s policies
in relation to profit distribution. Firstly, the Bank further clarified that the profit after tax of parent company in the
financial statements prepared in accordance with the PRC GAAP shall be the basis for profit distribution. Secondly, the
Bank improved the profit distribution principle and clarified that the interim profit distribution could be conducted
if the situation permits. Thirdly, in addition to the current two ways of dividend distribution, namely cash and
share, the Bank added the combination of cash and share as another way of profit distribution. Fourthly, the Bank
specified that cash dividend is the Bank’s main way of dividend distribution and, except for specific circumstances,
the profits distributed in cash shall not be less than 10% of the after-tax profits of parent company each year. Fifthly,
the Bank specified the circumstance under which the share dividend distribution can be used. Sixthly, the Bank
clarified that the proposal on adjustments to profit distribution policy shall be proposed by the Board of Directors
in writing and shall be submitted to the shareholders’ general meeting as special resolution after being reviewed by
the independent directors. Seventhly, the Bank specified that if required by the securities regulatory authorities at
the places where the Bank’s shares are listed the Bank provides on-line voting for the shareholders’ general meeting
at which the proposals on profit distribution plan and amendments to profit distribution policies are considered.
Above-mentioned amendments to the Articles of Association have already been approved at the second meeting of
the third Board of Directors and are subject to the approval of the shareholders’ general meeting.
As approved by the 2011 annual general meeting, the Bank paid an equivalent of RMB0.145 (pre-tax) per share
in cash as the 2011 final dividends to its A-share shareholders as shown on the Bank’s shareholder register as at 18
July 2012 and its H-share shareholders as shown on the Bank’s shareholder register as at 11 June 2012, totaling
approximately RMB6.784 billion. Except for the above-mentioned profit distribution, the Bank did not conduct
any other dividends distribution, conversion of capital reserve into share capital or issuance of new share during
the reporting period.
Interim Dividend
The Bank will not distribute any interim dividend for the six months ended 30 June 2012 (30 June 2011: RMB0.055
per share (before tax)).
2012 Interim Report 79
Significant Events
Purchase, Sale or Redemption of Shares of the Bank
Save and except as disclosed in this report, neither the Bank nor any of its subsidiaries purchased, sold or redeemed
any shares of the Bank during the reporting period.
Material Acquisitions, Disposals or Restructurings of Assets
Save and except as disclosed in this report, the Bank did not engage in any material acquisitions, disposals or
restructurings of assets during the reporting period.
Material Contracts and Their Performance
During the reporting period, save and except as disclosed in this report, the Bank did not custody, contract or lease
any material assets of other companies, nor did other companies custody, contract or lease any material assets of
the Bank.
The guarantee business is one of the off-balance-sheet items in the ordinary course of business of the Bank. During
the reporting period, the Bank did not make any material guarantees that need to be disclosed except for the financial
guarantee services that are within the approved business scope of the Bank.
The Bank did not entrust others to handle its cash management matters.
Appropriation of Funds by the Substantial Shareholder
There was no appropriation of the Bank’s funds by its substantial shareholder during the reporting period.
Material Related Party Transactions
The Bank entered into connected transactions with the related parties in its ordinary course of business upon normal
commercial principles with no more favorable terms available to the related parties than those available to non-related
parties for similar transactions. Please refer to Note 56 “Related Parties” to the Financial Statements in this report
for detailed data of related party transactions.
Related Party Transactions Involving Disposal and Acquisition of Assets
Save and except as disclosed in this report, the Bank was not engaged in any related party transactions involving
disposal and acquisition of assets during reporting period.
Related Party Transactions of Credit Extension
The Bank attached great importance to the daily monitoring and management of related party transactions involving
credit granting and ensured lawfulness and compliance of such business by enhancing relevant measures such as
process-oriented management, risk elimination and post-lending management. As at the end of the reporting period,
the balance of credit extended to related parties totaled RMB7.441 billion, of which the balance of credit to CITIC
Group and its subsidiaries totaled RMB6.031 billion and that to BBVA and its subsidiaries totaled RMB1.410 billion.
The above-mentioned credit extension business to related shareholders together with the risk exposure thereof were
of sound underlying quality and the loans were all normal, and therefore would not have material impact on the
normal operation of the Bank in terms of transaction volume, structure and quality.
80 China CITIC Bank Corporation Limited
Significant Events
When granting credit to related parties, the Bank only entered into such transactions on normal commercial terms
with pricings available to related parties being no more favorable than those available to independent third parties of
the same kind transactions. Meanwhile, the Bank fulfilled the requirements for approval and disclosure by the SSE
and the CBRC. As at the end of the reporting period, there was no fund exchange or occupation in violation of the
provisions of the Notice of CSRC on Issues Concerning the Standardization of Fund Exchange between Listed Companies
and Related Parties and External Guarantee Provided by Listed Companies (Zheng Jian Fa [2003] No. 56) and the Notice
of CSRC on Standardization of the External Guarantee Activities of Listed Companies (Zheng Jian Fa [2005] No. 120).
The related party loans granted by the Bank to its largest shareholder CITIC Group and its controlled companies
had no adverse impact on the operation and financial position of the Bank.
Non-Credit Extension Continuing Related Party Transactions
According to the framework agreements on continuing related party transactions, the Bank continued to conduct
transactions with CITIC Group and its associates, BBVA and its associates, and CIFH and its subsidiaries within
the corresponding annual caps of the year. According to the applicable provisions of Chapter 14A of the Listing
Rules and Chapter 10 of Rules of the Shanghai Stock Exchange for the Listing of Stocks, we hereby provide details on
the above-mentioned continuing related party transactions as follows:
Non-Credit Extension Continuing Related Party Transactions with CITIC Group and its
Associates:
Third-Party Depository Services
According to the Third-Party Depository Service Framework Agreement renewed between the Bank and CITIC Group
in August 2010, the third-party Depository services provided by the Bank to CITIC Group and its associates shall
be made on terms no more favorable than those available to independent third parties. The service fees payable to
the Bank by CITIC Group and its associates shall be determined based on the relevant market price and subject to
periodic reviews. In 2012 the annual cap for the transactions under the Third-Party Depository Service Framework
Agreement was set at RMB50 million, while the actual amount incurred as at the end of the reporting period did
not exceed the annual cap of the year.
Investment Product Agency Sales Service
According to the Investment Product Agency Sales Service Framework Agreement renewed between the Bank and
CITIC Group in August 2010, the agency sales services to be provided by the Bank to CITIC Group and its associates
shall be made on terms no more favorable than those available to independent third parties. The sales commissions
payable to the Bank by CITIC Group and its associates shall be determined based on the relevant market price
and subject to periodic reviews. In 2012, the annual cap for the transactions under the Investment Product Agency
Sales Service Framework Agreement was set at RMB1.3543 billion. As at the end of the reporting period, the actual
amount incurred did not exceed the annual cap of the year.
2012 Interim Report 81
Significant Events
Asset Custody Services
According to the Asset Custody Service Framework Agreement renewed between the Bank and CITIC Group in
August 2010, the asset custody services to be provided by the Bank to CITIC Group and its associates shall be made
on terms no more favorable than those available to independent third parties. The asset custody fees payable to
the Bank by CITIC Group and its associates shall be determined based on the relevant market price and subject to
periodic reviews. In October 2011, the Bank adjusted the annual cap for the transactions under the Asset Custody
Service Framework Agreement. The new annual cap for 2012 was set at RMB300 million, while the actual amount
incurred as at the end of the reporting period did not exceed the annual cap of the year.
Loan Asset Transfer
According to the Loan Asset Transfer Framework Agreement renewed between the Bank and CITIC Group in August
2010 and approved at the third extraordinary general meeting in 2010, the transactions to be conducted between
the Bank and CITIC Group and its associates shall be made on terms no more favorable than those available to
independent third parties. The price payable by the transferee shall be determined on the basis of the following
principles: (1) the statutory or guidance prices prescribed by the national government; (2) where there is no
government-prescribed price or guidance price, the market prices shall prevail; and (3) where there is neither such
government-prescribed price or guidance price or market price, the price shall be determined by the book value of
the loan assets minus appropriate discounting to reflect the appropriate risks of the loan assets. In 2012, the annual
cap for the transactions under the Loan Asset Transfer Framework Agreement was RMB48 billion, while the actual
amount incurred as at the end of the reporting period did not exceed the annual cap of the year.
Financial Consulting and Asset Management Services
According to the Financial Consulting and Asset Management Service Framework Agreement entered into between
the Bank and CITIC Group in August 2010, the financial consulting and asset management services to be provided
by the Bank to CITIC Group and its associates shall be made on terms no more favorable than those available to
independent third parties. There is no fixed price or rate for such services. The prices and rates applicable to a
particular type of services shall be determined upon negotiations between the parties on equal footing on terms no
more favorable than those available to independent third parties or be based on the market prices and rates applicable
to independent counterparties for similiar transactions. In 2012, the annual cap for the transactions under the
Financial Consulting and Asset Management Service Framework Agreement was RMB117 million, while the actual
amount incurred as at the end of the reporting period did not exceed the annual cap of the year.
Technology Services
According to the Technology Service Framework Agreement entered into between the Bank and CITIC Group in
August 2010, CITIC Group and its associates provided services to the Bank including management information
system, development, integration, maintenance and support of the trading information system as well as outsourcing
services. The service fees payable by the Bank to CITIC Group and its associates shall be made on terms no more
favorable than those available to independent third parties. There is no fixed price or rate for such services. The
prices and rates applicable to a particular type of services shall be determined upon negotiations between the parties
on equal footing or be based on the market prices and rates applicable to independent counterparties for identical
transactions. In 2012, the annual cap for the transactions under the Technology Service Framework Agreement was
set at RMB82.6 million, while the actual amount incurred as at the end of the reporting period did not exceed the
annual cap of the year.
82 China CITIC Bank Corporation Limited
Significant Events
Capital Market Transactions
According to the Capital Market Transactions Master Agreement entered into between the Bank and CITIC Group
in August 2010, the Bank, CITIC Group and its associates shall conduct capital market transactions according
to applicable general market practices and on normal commercial terms. There is no fixed price or rate for the
transactions. The prices and rates applicable to a particular type of transactions shall be the prevailing market prices
or the rates generally applicable to independent counterparties. In 2012, the annual cap for realized gains, realized
losses, unrealized gains and unrealized losses (if occurred) of the transactions under the Capital Market Transactions
Master Agreement was set at RMB1.3 billion each and that for the fair value of derivative financial instruments
(recorded as assets or liabilities) was set at RMB4.2 billion each. As at the end of the reporting period the actual
amounts incurred did not exceed the annual caps of the year.
Call Center Outsourcing Services
According to the Framework Agreement on Call Center Outsourcing entered into between the Bank and CITIC
Group in October 2011, CITIC Group and its associates shall provide call center outsourcing services to the Bank,
including staff, venue, equipment and system, or more specifically, customer support, telephone banking, telephone
marketing, payment collection call reminders, review and examination via calls, operation consulting, training, data
and information service, marketing consulting, interactive marketing, etc. The service fees payable by the Bank
to CITIC Group and its associates shall be made on terms no more favorable than those available to independent
third parties. There is no fixed price or rate for such services. The prices and rates applicable to a particular type
of services shall be determined upon negotiations between the parties on equal footing or be based on the market
prices and rates applicable to independent counterparties for identical transactions. In 2012, the annual cap for
transactions under the Framework Agreement on Call Center Outsourcing was set at RMB440 million. The actual
amount incurred as at the end of the reporting period did not exceed the annual cap of the year.
Non-Credit Extension Continuing Related Party Transactions with BBVA and its Associates
Loan Asset Transfer
According to the Loan Asset Transfer Framework Agreement entered into between the Bank and BBVA in October
2011, the transactions to be conducted between the Bank and BBVA and its associates shall be made on terms no more
favorable than those available to independent third parties. The price payable by the transferee shall be determined
on the basis of the following principles: (1) statutory or guidance prices prescribed by the national government;
(2) where there is no government-prescribed price or guidance price, the market prices shall prevail; and (3) where
there is neither such government-prescribed price or guidance price nor market price, the price shall be determined
by the book value of the financial assets minus appropriate discounting to reflect the appropriate risks of the loan
assets. In 2012, the annual cap for the transactions under the Loan Asset Transfer Framework Agreement was set at
USD150 million, while the actual amount incurred as at the end of the reporting period did not exceed the annual
cap of the year.
2012 Interim Report 83
Significant Events
Non-Credit Extension Continuing Related Party Transactions with CIFH and its Subsidiaries
Capital Market Transactions
According to the Capital Market Transactions Master Agreement entered into between the Bank and CIFH in August
2010, the Bank, CIFH and its affiliated companies shall conduct capital market transactions according to applicable
general market practices and on normal commercial terms. There is no fixed price or rate for the transactions. The
prices and rates applicable to a particular type of transactions shall be the prevailing market prices or the rates generally
applicable to independent counterparties for the same transactions. In 2012, the annual cap under the framework
agreement for realized gains, realized losses, unrealized gains and unrealized losses (if occurred) of the transactions
under the Capital Market Transactions Master Agreement was set at RMB1 billion each and that for the fair value
of the derivative financial instruments (whether recorded as assets or liabilities) was set at RMB3.5 billion each. The
actual amount incurred as at the end of the reporting period did not exceed the annual cap of the year.
Loan Asset Transfer
According to the Loan Asset Transfer Framework Agreement entered into between the Bank and CIFH in October
2011, the transactions to be conducted between the Bank and CIFH and its associates shall be made on terms
no more favorable than those available to independent third parties. The price payable by the transferee shall be
determined on the basis of the following principles: (1) statutory or guidance prices prescribed by the national
government where such prices are available; (2) where there is no government-prescribed price or guidance price,
the market prices shall prevail; and (3) where there is neither such government-prescribed price or guidance price or
market price, the price shall be determined by the book value of the financial assets minus appropriate discounting
to reflect the appropriate risks of the loan assets. In 2012, the annual cap for the transactions under the Loan Asset
Transfer Framework Agreement was set at USD300 million, while the actual amount incurred as at the end of the
reporting period did not exceed the annual cap of the year.
Material Litigation and Arbitration
The Group was involved in several litigations and arbitrations during its daily operation, most of which were
initiated by the Group to enforce loan repayment. In addition, there were also litigations and arbitrations resulting
from disputes with customers. As at the end of the reporting period, the Group was involved in 102 litigations and
arbitrations each exceeding RMB30 million in disputed amount (the Group either as plaintiff/claimant or defendant/
respondent) with an aggregate disputed amount of RMB6.421 billion. The Group was involved in 49 outstanding
cases (regardless of the disputed amounts) in which the Group acted as defendant/respondent with an aggregate
disputed amount of RMB276 million.
The management of the Bank is of the view that these legal actions do have any material impact on either operating
results or financial position of the Bank.
84 China CITIC Bank Corporation Limited
Significant Events
Securities Investment
As at the end of the reporting period, the Group’s shareholdings held in other listed companies are as follows:
Unit: RMB
Book value
Book value at the Changes in
at the end Gain or beginning shareholder’s
Initial of the loss during of the equity during
Stock Stock investment Shareholding Reporting the Reporting Reporting the Reporting Accounting Source of
code name amount percentage Period Period Period Period item investment
00762 China Unicom 7,020,000.00 — 3,182,954.95 — 5,302,536.82 (2,119,581.87 ) Available-for-sale Cash purchase
(HK) financial assets
V Visa Inc. 7,509,605.39 — 39,396,962.30 26,838.70 32,494,532.10 6,902,430.20 Available-for-sale Gift/bonus share
financial assets
MA Mastercard 201,629.69 — 2,061,909.08 813.29 1,780,763.20 281,145.88 Available-for-sale Bonus share
International financial assets
Total 14,731,235.08 44,641,826.33 27,651.99 39,577,832.12 5,063,994.21
As at the end of the reporting period, shareholdings of the Group in non-listed financial enterprises are as
follows:
Unit: RMB
Book value Changes in
at the end Gain or shareholder’s
Initial Number of of the loss during equity during
Name of investment shares held Shareholding Reporting the Reporting the Reporting Accounting Source of
company held amount (share) percentage Period Period Period item investment
China Union Pay 70,000,000.00 87,500,000 4.24% 113,750,000.00 3,062,500.00 — Available-for-sale Cash purchase
Co. Ltd. financial assets
SWIFT 161,127.66 22 — 471,246.92 — — Available-for-sale Bonus share
financial assets
Joint Electronic 4,535,347.33 16 (Class B) — 4,199,641.63 — — Available-for-sale Bonus share
Teller Services financial assets
Electronic Payment 14,263,759.80 2 — 13,207,958.54 — — Available-for-sale Bonus share
Services Company financial assets
(HK) Ltd.
Total 88,960,234.79 131,628,847.09 3,062,500.00
Note: Apart from the equity investment set out in the table above, CIFL, a subsidiary of the Bank, also held private equity fund with a net value of RMB370
million as at the end of the reporting period.
2012 Interim Report 85
Significant Events
Investigation, Punishment and Remedial Action of the Bank, Board of Directors,
Directors, Senior Management, Shareholders of the Company and De Facto
Controller
During the reporting period, none of the Bank, or its Board of Directors, Directors, senior management members,
or shareholders or de facto controller was subject to any investigation by competent authorities, coercive measures of
judicial and disciplinary inspection departments, transfer to judiciary authorities or recourse of criminal liabilities,
investigation, administrative penalty, banning the entry to securities markets, criticism by notice circulation by the
CSRC, identification as inappropriate candidate, material punishment by other administrative departments or public
reprimand from any stock exchanges, or any punishment by other regulatory authorities which has material impact
on the Bank’s operation.
Undertakings by the Company or its Shareholders Holding 5% or More Shares
in the Bank
No new undertaking was made during the reporting period. The undertakings within the reporting period remain
the same as those disclosed in the 2011 annual report. The Bank is not aware of any shareholders with shareholding
of 5% or above in the Bank breached any undertaking they made.
Interests and Short Positions of Directors, Supervisors and Senior Management
in the Shares, Underlying Shares and Debentures of the Bank
As at the end of the reporting period, the interests and short positions of the directors, supervisors and senior
management of the Bank in the shares, underlying shares and debentures of the Bank and any associated corporations
(save as the “associated corporations” defined in Part XV of the Hong Kong Securities and Futures Ordinance)
as recorded in the register required to be kept pursuant to section 352 of the Hong Kong Securities and Futures
Ordinance or required to be notified to the Bank and the SEHK pursuant to Model Code for Securities Transactions
by Directors of Listed Issuers in Appendix 10 to the Listing Rules are as follows:
Name of Class/number Percentage
Name of associated Nature of of share in the issued
Directors corporation interests interests held share capital Execution period
1,250,000 shares (L)
options 9 September 2010 –
Dou Jianzhong CIAM Group Personal 0.56% 8 September 2012
Limited interests 1,250,000 shares (L)
options 9 September 2011 –
8 September 2014
Chan Hui Dor China CITIC Bank Personal 3,569,625 shares (L)
H shares 0.02% —
Lam Doreen Corporation Limited interests
(L) refers to long position.
Save as disclosed above, no other directors, supervisors or senior management of the Bank hold any interests or
short positions in the shares, underlying shares and debentures of the Bank or of any of its associated corporations
during the reporting period.
86 China CITIC Bank Corporation Limited
Significant Events
Compliance with the Corporate Governance Code of the Listing Rules
The Bank complied with all code provisions as set out in the Code on Corporate Governance Practices (formerly set
out in Appendix 14 to the Listing Rules) for the three months ended 31 March 2012 and all code provisions as
well as most of the recommended best practices of the Corporate Governance Code (the new edition of the Code on
Corporate Governance Practices, which is applicable to financial reports covering a period after 1 April 2012) as set
out in Appendix 14 to the Listing Rules for the three months ended 30 June 2012, except for the following:
According to Code A.1.3 of the Corporate Governance Code, the board meeting notice shall be given at least 14 days
before each regular board meeting, while a 10-day notice to directors and supervisors shall be given for regular Board
meetings according to Article 167 of the Articles of Association of the Bank. The reason of Our afore-mentioned
practice regarding the board meeting notice is that 10-day prior notice is deemed as sufficient according to laws in
the People’s Republic of China.
Given the changes in the external operation environment, regulatory requirements, and the business scope and scale
of the Bank, there is no limit to the efforts for improvement of the Bank’s internal control. As such, the Bank will
follow the requirements of external regulators, the requirements for listed companies and the criteria of international
leading banks to continuously optimize its internal control management.
Securities Transactions by Directors and Supervisors and Senior Management
The Bank has adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix 10 to the
Listing Rules to regulate the securities transactions conducted by directors and supervisors.
After special inquiries had been made with all directors and supervisors, the Bank confirmed all directors and
supervisors have complied with the standards in relation to securities transactions by directors and supervisors set
out in the aforesaid code throughout the first half of 2012.
Notes on Amendments to Business Plan
Save as disclosed herein, the Bank did not amend its business plan during the reporting period.
Warnings on the Forecast of Possible Losses or Substantial Year on Year Changes
to Be Recorded in Cumulative Net Profit of the Bank from Beginning of the Year
to the End of the Next Reporting Period and the Underlying Reasons
The Bank is not aware of any situation that would lead to the forecast of possible losses or substantial changes to
be recorded in its cumulative net profit from beginning of the year to the end of the next reporting period or in
comparison with same period in the first half of 2012.
2012 Interim Report 87
Significant Events
Review of Interim Results
The Audit and Related Party Transactions Control Committee and the senior management of the Bank have jointly
reviewed the accounting policies and practices adopted by the Bank, discussed matters related to internal control
and financial report, and reviewed the Bank’s 2012 interim results announcement and 2012 interim report, and were
of the opinion that, save as disclosed herein, the preparation basis of this financial report was consistent with the
accounting policies adopted for the preparation of the annual financial report of the Group for the year 2011.
Obtaining a Copy of the Interim Report
The Bank prepared its A-share interim report and H-share interim report in accordance with regulatory requirements
of A-share and H-share, with the H-share interim report available in both Chinese and English. To obtain copies
of the A-share interim report prepared in accordance with the PRC accounting standards, please write to the Bank’s
Board Office. To obtain copies of the H-share interim report prepared in accordance with IFRS, please write to the
Bank’s H-share registrar, Computershare Hong Kong Investor Services Limited. The A-share and H-share interim
reports are also available on the following websites: bank.ecitic.com, www.sse.com.cn, and www.hkexnews.hk. If you
have any queries about how to obtain copies of the interim reports and relevant documents, please call the Bank’s
hotline at 86-10-65558000 or 852-28628555.
88 China CITIC Bank Corporation Limited
Net Profit
The Group realized a continuous growth in its economic
returns. During the reporting period, the net profit
attributable to shareholders was RMB 19.373 billion, up
by 28.95% year on year, ranking among the top domestic
medium-sized joint-stock banks.
Independent Auditors’ Review Report
Independent review report to the Board of Directors of China CITIC Bank Corporation Limited
(a joint stock limited company incorporated in the People’s Republic of China with limited liability)
Introduction
We have reviewed the interim financial report of China CITIC Bank Corporation Limited (the ““Bank””) and
its subsidiaries (collectively the “Group”) set out on pages 91 to 180 which comprises the consolidated and Bank
statements of financial position as at 30 June 2012 and the consolidated statement of comprehensive income, the
consolidated statement of changes in equity and the consolidated statement of cash flows for the six month period
then ended and explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong
Kong Limited require the preparation of an interim financial report to be in compliance with the relevant provisions
thereof and International Accounting Standard 34, Interim Financial Reporting , promulgated by the International
Accounting Standards Board. The directors are responsible for the preparation and presentation of the interim
financial report in accordance with International Accounting Standard 34.
Our responsibility is to form a conclusion, based on our review, on the interim financial report and to report our
conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose.
We do not assume responsibility towards or accept liability to any other person for the contents of this report.
Scope of review
We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410, Review of Interim
Financial Information Performed by the Independent Auditor of the Entity issued by the Hong Kong Institute of
Certified Public Accountants. A review of the interim financial report consists of making inquires, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing
and consequently does not enable us to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim financial report
as at 30 June 2012 is not prepared, in all material respects, in accordance with International Accounting Standard
34, Interim Financial Reporting.
KPMG
Certified Public Accountants
8th Floor, Prince’s Building
10 Chater Road
Central, Hong Kong
29 August 2012
90 China CITIC Bank Corporation Limited
Consolidated Statement of Comprehensive Income
Forthesixmonthsended30June2012
(ExpressedinmillionsofRenminbiunlessotherwisestated)
Sixmonthsended30June
2012 2011
Note Unaudited Unaudited
Interest income 68,337 47,616
Interest expense (31,408 (17,810
Netinterestincome 3 36,929 29,806
Fee and commission income 5,817 4,212
Fee and commissionexpense (412 (314
Netfeeandcommissionincome 4 5,405 3,898
Nettrading gain 5 1,540 1,029
Netgain from investment securities 6 115 110
Net hedging loss 7 – (1
Other operating income 254 493
Operatingincome 44,243 35,335
Operating expenses 8 (15,858 (13,159
Operatingprofitbeforeimpairment 28,385 22,176
Impairmentlosseson
– Loans andadvancestocustomers (2,447 (1,916
–Others (77 (13
Totalimpairmentlosses 9 (2,524 (1,929
Revaluation gain oninvestment properties 35 29
Share of (losses)/profits of associates (20 50
Profitbeforetax 25,876 20,326
Incometax 10 (6,291 (5,053
Netprofit 19,585 15,273
Othercomprehensiveincomefortheperiod
Available-for-sale financial assets
–Net changes infair value 1,090 149
– Net amount transferred to profitor loss (23 31
Exchange difference on translatingforeignoperations 67 (327
Othercomprehensive income of associates 6 24
Others – 6
Totalothercomprehensiveincome/(loss) 1,140 (117
Incometax effectsrelating to eachcomponent of
other comprehensive income/(loss) (242 (37
Othercomprehensiveincome/(loss),netoftax 11 898 (154
Totalcomprehensiveincome 20,483 15,119
Netprofitattributableto:
Shareholders of theBank 19,373 15,024
Non-controllinginterests 212 249
19,585 15,273
Totalcomprehensiveincomeattributableto:
Shareholdersof the Bank 20,180 14,941
Non-controllinginterests 303 178
20,483 15,119
Basicanddilutedearningspershare(RMB) 12 0.41 0.37
Thenoteson pages 99 to180formpart of the unaudited interim financial report.
2012 Interim Report 91
Consolidated Statement of Financial Position
Asat30June2012
(ExpressedinmillionsofRenminbiunlessotherwisestated)
30 June 31 December
2012 2011
Note Unaudited Audited
Assets
Cash and balances with central bank 13 379,044 366,391
Depositswith banks and
non-bankfinancialinstitutions 14 294,529 386,535
Placementswithbanksand
non-bank financialinstitutions 15 149,836 151,004
Trading financial assets 16 15,530 8,190
Positive fair valueofderivatives 17 4,931 4,683
Financial assets held under resale agreements 18 225,462 162,211
Interestreceivable 19 11,379 10,051
Loans andadvances tocustomers 20 1,509,692 1,410,779
Available-for-sale financialassets 21 174,008 134,518
Held-to-maturity investments 22 127,401 108,468
Investmentsin associates 23 2,210 2,212
Fixed assets 25 10,196 10,116
Investment properties 26 308 272
Goodwill 27 822 818
Intangible assets 28 260 254
Deferredtax assets 29 2,804 2,971
Other assets 30 7,953 6,408
Total assets 2,916,365 2,765,881
Liabilities
Deposits frombanks and
non-bankfinancial institutions 32 427,259 535,546
Placementsfrom banks and
non-bank financial institutions 33 4,050 4,676
Trading financialliabilities – –
Negativefair valueofderivatives 17 3,512 3,764
Financial assets sold under
repurchase agreements 34 5,084 9,806
Deposits fromcustomers 35 2,188,820 1,968,051
Accrued staff costs 36 7,955 8,861
Taxes payable 37 3,756 4,015
Interest payable 38 17,269 13,599
Provisions 39 36 36
Debts securitiesissued 40 54,022 33,730
Other liabilities 41 12,122 5,016
Total liabilities 2,723,885 2,587,100
The notesonpages 99 to 180 formpart of the unaudited interim financial report.
92 China CITIC Bank Corporation Limited
Consolidated Statement of Financial Position (continued)
Asat30June2012
(ExpressedinmillionsofRenminbiunlessotherwisestated)
30 June 31 December
2012 2011
Note Unaudited Audited
Equity
Share capital 42 46,787 46,787
Sharepremium and other reserve 43 49,491 49,491
Investment revaluation reserve 44 970 214
Surplus reserve 45 8,691 8,691
General reserve 46 20,825 20,825
Retained earnings 63,211 50,622
Exchange difference (2,083 ) (2,134
Total equity attributable
to shareholders of the Bank 187,892 174,496
Non-controllinginterests 4,588 4,285
Total equity 192,480 178,781
Total liabilities and equity 2,916,365 2,765,881
Approvedand authorised forissue bytheBoard of Directorson 29 August2012.
Tian Guoli Chen Xiaoxian Cao Guoqiang Wang Kang Company stamp
Chairman President VicePresident GeneralManager
inchargeof ofBudgetand
financefunction FinanceDepartment
Thenoteson pages 99 to180formpart of the unaudited interim financial report.
2012 Interim Report 93
Statement of Financial Position
Asat30June2012
(ExpressedinmillionsofRenminbiunlessotherwisestated)
Note 30 June 31 December
2012 2011
Unaudited Audited
Assets
Cash and balanceswith centralbank 13 377,556 365,318
Depositswith banks and
non-bankfinancialinstitutions 14 292,112 379,964
Placementswithbanksand
non-bank financialinstitutions 15 125,591 125,535
Trading financial assets 16 15,440 7,899
Positive fair valueofderivatives 17 2,977 3,002
Financial assets held under resale agreements 18 225,513 162,261
Interestreceivable 19 10,672 9,449
Loans andadvancestocustomers 20 1,432,585 1,334,509
Available-for-sale financialassets 21 154,118 116,839
Held-to-maturity investments 22 127,653 108,720
Investment in subsidiaries 24 9,986 9,986
Fixed assets 25 9,680 9,619
Intangibleassets 28 260 254
Deferredtax assets 29 2,769 2,890
Other assets 30 7,664 5,743
Total assets 2,794,576 2,641,988
Liabilities
Deposits frombanks and
non-bankfinancial institutions 32 436,360 540,810
Placementsfrom banks and
non-bank financialinstitutions 33 797 819
Tradingfinancial liabilities – –
Negativefair valueofderivatives 17 2,498 2,684
Financial assets sold underrepurchase agreements 34 4,779 9,806
Deposits fromcustomers 35 2,085,349 1,865,221
Accrued staff costs 36 7,734 8,595
Taxes payable 37 3,447 3,900
Interest payable 38 16,790 13,111
Provisions 39 36 36
Debtsecuritiesissued 40 38,469 18,500
Other liabilities 41 11,366 4,213
Total liabilities 2,607,625 2,467,695
The notesonpages 99 to 180 formpart of the unaudited interim financial report.
94 China CITIC Bank Corporation Limited
Statement of Financial Position (continued)
Asat30June2012
(ExpressedinmillionsofRenminbiunlessotherwisestated)
Note 30 June 31 December
2012 2011
Unaudited Audited
Equity
Share capital 42 46,787 46,787
Sharepremium and other reserve 43 51,619 51,619
Investment revaluation reserve 44 1,012 428
Surplus reserve 45 8,691 8,691
General reserve 46 20,750 20,750
Retained earnings 58,092 46,018
Total equity 186,951 174,293
Total liabilities and equity 2,794,576 2,641,988
Approvedand authorised forissue bytheBoard of Directorson 29 August2012.
Tian Guoli Chen Xiaoxian Cao Guoqiang Wang Kang Company stamp
Chairman President VicePresident GeneralManager
inchargeof ofBudgetand
financefunction FinanceDepartment
Thenoteson pages 99 to180formpart of the unaudited interim financial report.
2012 Interim Report 95
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2012 - unaudited
(Expressed in millions of Renminbi unless otherwise stated)
Investment Non–
Share Share Other Revaluation Surplus General Retained Exchange controlling Total
Note capital premium reserve Reserve reserve reserve earnings difference interests equity
As at 1 January 2012 46,787 49,214 277 214 8,691 20,825 50,622 (2,134 4,285 178,781
Movements during the period
(I) Net profit – – – – – – 19,373 – 212 19,585
(II) Other comprehensive income 11 – – – 756 – – – 51 91 898
Total comprehensive income – – – 756 – – 19,373 51 303 20,483
(III) Profit appropriations
1. Appropriations
to shareholders 47 – – – – – – (6,784 – – (6,784
As at 30 June 2012 46,787 49,214 277 970 8,691 20,825 63,211 (2,083 4,588 192,480
Investment Non–
Share Share Other Revaluation Surplus General Retained Exchange controlling Total
Note capital premium reserve Reserve reserve reserve earnings difference interests Equity
As at 1 January 2011 39,033 31,301 273 (632) 5,618 15,698 30,576 (1,692) 4,363 124,538
Movements during the period
(I) Net profit – – – – – – 15,024 – 249 15,273
(II) Other comprehensive income 11 – – 4 130 – – – (217) (71) (154)
Total comprehensive income – – 4 130 – – 15,024 (217) 178 15,119
(III) Profit appropriations
1. Appropriations to
surplus reserve – – – – 1,441 – (1,441) – – –
2. Appropriations to
general reserve – – – – – 800 (800) – – –
As at 30 June 2011 39,033 31,301 277 (502) 7,059 16,498 43,359 (1,909) 4,541 139,657
Investment Non–
Share Share Other Revaluation Surplus General Retained Exchange controlling Total
Note capital premium reserve reserve reserve reserve earnings difference interests equity
As at 1 January 2011 39,033 31,301 273 (632) 5,618 15,698 30,576 (1,692) 4,363 124,538
Movements during the year
(I) Net profit – – – – – – 30,819 – 25 30,844
(II) Other comprehensive income – – 4 846 – – – (442) (201) 207
Total comprehensive income – – 4 846 – – 30,819 (442) (176) 31,051
(III) Contributions by
equity shareholders
1. Rights issue 7,754 17,913 – – – – – – – 25,667
2. Non-controlling interests
of a new subsidiary – – – – – – – – 98 98
(IV) Profit appropriations
1. Appropriations to
surplus reserve 45 – – – – 3,073 – (3,073) – – –
2. Appropriations to
general reserve 46 – – – – – 5,127 (5,127) – – –
3. Appropriations to
shareholders – – – – – – (2,573) – – (2,573)
As at 31 December 2011 46,787 49,214 277 214 8,691 20,825 50,622 (2,134) 4,285 178,781
The notes on pages 99 to 180 form part of the unaudited interim financial report.
96 China CITIC Bank Corporation Limited
Consolidated Cash Flow Statement
For the six months ended 30 June 2012
(Expressed in millions of Renminbi unless otherwise stated)
Sixmonthsended30June
2012 2011
Unaudited Unaudited
Operatingactivities
Profit before tax 25,876 20,326
Adjustments for:
— Revaluation gain on investments, derivatives and investment properties (370 (113 )
— Investment gains (84 (160 )
— Net loss/(gain) on disposal of fixed assets 3 (9 )
— Unrealised foreign exchange (gain)/loss (149 190
— Impairment losses 2,524 1,929
— Depreciation and amortisation 770 649
— Interest expense on debt securities issued 639 650
— Dividend income from equity investment (11 (2 )
— Income tax paid (6,364 (5,062 )
22,834 18,398
Changesinoperatingassetsandliabilities:
Increase in balances with central bank (31,378 (55,586 )
Decrease/(increase) in deposits with banks
and non-bank financial institutions 23,244 (6,976 )
Increase in placements with banks and
non-bank financial institutions (28,219 (34,659 )
Increase in trading financial assets (7,743 (211 )
(Increase)/decrease in financial assets held under resale agreements (63,252 13,580
Increase in loans and advances to customers (100,905 (93,145 )
(Decrease)/increase in deposits from banks
and non-bank financial institutions (108,263 8,279
Decrease in placements from banks
and non-bank financial institutions (625 (1,327 )
Decrease in trading financial liabilities – (2,250 )
(Decrease)/increase in financial assets sold
under repurchase agreements (4,725 10,600
Increase in deposits from customers 220,173 144,731
(Increase)/decrease in other operating assets (613 1,979
Increase in other operating liabilities 3,921 4,078
Netcashflows(usedin)/fromoperatingactivities (75,551 7,491
The notes on pages 99 to 180 form part of the unaudited interim financial report.
2012 Interim Report 97
Consolidated Cash Flow Statement (continued)
For the six months ended 30 June 2012
(Expressed in millions of Renminbi unless otherwise stated)
Sixmonthsended30June
2012 2011
Note Unaudited Unaudited
Investingactivities
Proceeds from disposal and redemption of investments 253,677 246,083
Proceeds from disposal of fixed assets, land use
rights, and other assets 14 26
Cash received from equity investment income 11 41
Payments on acquisition of investments (306,044 (256,857 )
Payments on acquisition of fixed assets, land use
rights and other assets (1,101 (518 )
Netcashflowsusedininvestingactivities (53,443 (11,225 )
Financingactivities
Cash received from debt securities issuance 19,969 –
Interest paid on debt securities issued (1,018 (1,190 )
Cash paid for redemption of debt securities (1,579 (4,000 )
Dividend paid to shareholder (222 –
Netcashflowsfrom/(usedin)financingactivities 17,150 (5,190 )
Netdecreaseincashandcashequivalents (111,844 (8,924 )
Cash and cash equivalents as at 1 January 479,083 173,910
Effect of exchange rate changes on cash
and cash equivalents 195 (926 )
Cash and cash equivalents as at 30 June 48 367,434 164,060
Cashflowsfromoperatingactivitiesinclude:
Interest received 67,184 46,886
Interest paid, excluding interest expense on
subordinated bonds issued (26,723 (15,276 )
The notes on pages 99 to 180 form part of the unaudited interim financial report.
98 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
1 Corporate information
China CITIC Bank Corporation Limited (the “Bank” or “CNCB”) is a joint stock company incorporated
in the People’s Republic of China (the “PRC”) on 31 December 2006. Headquartered in Beijing, the Bank’s
registered office is located at Block C, Fuhua Mansion, No.8 Chaoyangmen Beidajie, Dongcheng District,
Beijing, China.
For the purpose of the interim financial report, Mainland China refers to the PRC excluding Hong Kong
Special Administrative Region of PRC (“Hong Kong”), the Macau Special Administrative Region of the PRC
(“Macau”) and Taiwan. Overseas refers to countries and regions other than Mainland China.
The principal activities of the Bank and its subsidiaries (collectively the “Group”) are the provision of corporate
and personal banking services, conducting treasury business, the provision of asset management, finance leasing
and other non-banking financial services.
As at 30 June 2012, the Group mainly operates in Mainland China with branches covering 28 provinces,
autonomous regions and municipalities. In addition, the Bank’s subsidiaries have operations in Mainland
China, Hong Kong and other overseas countries and regions.
CNCB (previously known as “CITIC Industrial Bank”) was a state-owned financial institution established on
20 April 1987 with the approval of the State Council of the PRC (“State Council”). CITIC Industrial Bank
was wholly owned by China CITIC Group Company (“CITIC Group”), which was previously known as China
International Trust and Investment Corporation and renamed as CITIC Group Corporation on 27 December
2011. CITIC Industrial Bank was renamed to China CITIC Bank on 2 August 2005.
China CITIC Bank was restructured into the Bank by the end of 2006. With the approval from the China
Banking Regulatory Commission (“CBRC”), CITIC Group and CITIC International Finance Holdings
Limited (“CIFH”), a fellow subsidiary of CITIC Group, as joint promoters established the Bank as a joint
stock company in December 2006 and renamed as China CITIC Bank Corporation Limited.
The Bank obtained the business license No.1000001000600 on 31 December 2006, as approved by the State
Administration for Industry and Commerce (“SAIC”) of the PRC, and renewed and obtained the financial
service certificate Number. B0006H111000001 on 15 May 2007, as approved by the CBRC. On 26 April
2011, the business license Number was renewed to 100000000006002, as approved by the SAIC. The Bank is
under the supervision of the banking regulatory bodies empowered by the State Council. The overseas financial
operations of the Group are under the supervision of their respective local jurisdictions.
The Bank issued A shares and H shares through initial public offerings (the “Offerings”) in April 2007. Upon
completion of the Offerings, the Bank listed its A shares and H shares on Shanghai Stock Exchange and the
Main Board of The Stock Exchange of Hong Kong Limited on 27 April 2007.
In 2011, the Bank issued 7,754 million rights shares to both A shareholders and H shareholders with a par value
of RMB 1 each (“Rights Issue”), and finished the registration changes of registered capital on 5 July 2012.
The interim financial report was approved by the Board of Directors of the Bank on 29 August 2012.
2 Basis of preparation
(1) Compliance with International Financial Reporting Standards (“IFRSs”)
The interim financial report has been prepared in accordance with International Accounting Standard
(“IAS”) 34, Interim financial reporting and with all applicable disclosure provisions of the Rules
Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited.
The interim financial report contains selected explanatory notes, which provide explanations of events
and transactions that are significant to an understanding of the changes in financial position and
performance of the Group since the financial statements for the year ended 31 December 2011. The
selected notes do not include all of the information and disclosures required for a full set of financial
statements prepared in accordance with IFRSs, and should be read in conjunction with the Group’s
annual financial statements for the year ended 31 December 2011.
2012 Interim Report 99
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
2 Basis of preparation (continued)
(2) Use of estimates and assumptions
The preparation of the interim financial report requires management to make judgements, estimates
and assumptions that affect the application of policies and reported amounts of assets and liabilities,
income and expenses. The estimates and associated assumptions are based on historical experience and
other factors that are believed to be reasonable under the circumstances. Actual results may differ from
these estimates.
(3) Consolidation
The interim financial report comprises the Bank and its subsidiaries and the Group’s interests in
associates.
The results and affairs of subsidiaries are included in the consolidated financial report from the date
that control commences until the date that control ceases. Necessary adjustments on the accounting
period and accounting policies of subsidiaries are made to comply with those of the Bank. Intra-group
balances and transactions, and any profits or losses arising from intra-group transactions are eliminated
in full in preparing the consolidated financial report.
The Group’s interest in associates is included from the date that significant influence commences until
the date that significant influence ceases. Profits and losses resulting from transactions between the
Group and its associates are eliminated to the extent of the Group’s interest in the associates.
The Group has established a number of Special Purpose Entities (“SPEs”) for investment and wealth
management product issuance purposes. The Group evaluates the substance of its relationship with
the SPEs as well as the SPEs’ risks and rewards to determine whether the Group controls the SPEs.
The following circumstances, which may indicate a relationship in which the Group controls a SPE
are taken into account: (i) in substance, the activities of the SPE are being conducted on behalf of
the Group according to its specific business needs so that the Group obtains benefits from the SPE’s
operations; (ii) in substance, the Group has the decision-making powers to obtain the majority of the
benefits of the activities of the SPE; (iii) in substance, the Group has rights to obtain the majority of
the benefits of the SPE and therefore may be exposed to risks incident to the activities of the SPE; or
(iv) in substance, the Group retains the majority of the residual or ownership risks related to the SPE
or its assets in order to obtain benefits from its activities. Where the evaluation result indicates that
control exists, the Group will consolidate the SPE.
(4) Significant accounting policies
The International Accounting Standards Board (“IASB”) has issued certain revised IFRSs, a number of
amendments to and interpretations of IFRSs. Of these, the following developments are first effective
for the current accounting period and relevant to the interim financial report of the Group:
Amendments to IFRS 7, Financial instruments: Disclosures – Transfers of financial assets
Amendments to IAS 12, Income taxes – Deferred tax: Recovery of underlying assets
The Group has not applied any new standard or interpretation that is not yet effective for the current
accounting period.
Amendments to IFRS 7 Financial instruments: disclosures
The amendments to IFRS 7 require certain disclosures to be included in the annual financial statements
in respect of all transferred financial assets that are not derecognised and for any continuing involvement
in a transferred asset existing at the reporting date, irrespective of when the related transfer transaction
occurred. However, an entity need not provide the disclosures for the comparative period in the first year
of adoption. The group did not have any significant transfers of financial assets in previous periods or
the current period which require disclosure in the current accounting period under the amendments.
100 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
2 Basis of preparation (continued)
(4) Significant accounting policies (continued)
Amendments to IAS 12 Income taxes
Under IAS 12 deferred tax is required to be measured with reference to the tax consequences that would
follow from the manner in which the entity expects to recover the carrying amount of the asset(s) in
question. In this regard, the amendments to IAS 12 introduced a rebuttable presumption that the
carrying amount of investment property carried at fair value under IAS 40, Investment property, will be
recovered through sale. This presumption is rebutted on a property-by-property basis if the investment
property in question is depreciable and is held within a business model whose objective is to consume
substantially all of the economic benefits embodied in the investment property over time, rather than
through sale.
Previously, where investment properties were held under leasehold interests, the group assumed that the
property’s value would be recovered through use and measured deferred tax accordingly. As a result of
adopting the amendments to IAS 12, the group reviewed its investment property portfolio and concluded
that the presumption in the amended IAS 12 is not rebutted in respect of its investment properties
located in Hong Kong. Therefore, the deferred tax relating to these properties has been re-measured on
the basis of recovering their carrying amounts entirely through sale. In respect of the group’s investment
properties located in Mainland China, the group determined that these properties are held within a
business model whose objective is to consume substantially all of the economic benefits embodied in
the investment property over time and consequently the presumption in the amended IAS 12 is rebutted
for these properties. As a result, the group continues to measure the deferred tax relating to these other
properties using the tax rate that would apply as a result of recovering their value through use.
This change in policy has been applied prospectively by not restating the balances at 1 January 2011
and 31 December 2011, as the impact on the comparatives is not material.
(5) Interim financial report and audited financial statements
The interim financial report has been reviewed by the Audit and Related Party Transactions Control
Committee of the Bank, and was approved by the Board of Directors of the Bank on 29 August 2012.
The interim financial report has also been reviewed by the Bank’s auditors, KPMG, in accordance
with Hong Kong Standard on Review Engagements 2410, Review of Interim Financial Information
Performed by the Independent Auditor of the Entity issued by the Hong Kong Institute of Certified
Public Accountants.
The financial information for the year ended 31 December 2011 that is included in the interim financial
report as previously reported information does not constitute the Group’s audited financial statements
for that year but is derived from those financial statements. The auditor has expressed unqualified audit
opinion on those financial statements in the report dated 30 March 2012.
2012 Interim Report 101
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
3 Net interest income
Sixmonthsended30June
2012 2011
Interestincomearisingfrom:
Deposits with central banks 2,941 2,022
Deposits with banks and non-bank financial institutions 4,115 1,024
Placements with banks and non-bank financial institutions 3,742 1,040
Financial assets held under resale agreements 2,561 2,700
Loans and advances to customers (note (i))
— corporate loans 39,280 29,879
— personal loans 8,659 6,058
— discounted bills 2,260 1,373
Investments in debt securities (note (ii)) 4,778 3,510
Others 1 10
68,337 47,616
Interestexpensearisingfrom:
Deposits from banks and non-bank financial institutions (7,857 (2,715 )
Placements from banks and non-bank financial institutions (160 (120 )
Debts securities issued (639 (650 )
Financial assets sold under repurchase agreements (405 (127 )
Deposits from customers (22,332 (13,992 )
Trading financial liabilities (15 (206 )
(31,408 (17,810 )
Net interest income 36,929 29,806
Notes: (i) Interest income includes interest income accrued on individually assessed impaired financial assets of RMB 111 million for the
six months ended 30 June 2012 (six months ended 30 June 2011: RMB 83 million).
(ii) Interest income from investments in debt securities is mainly derived from unlisted investments.
(iii) Interest income includes interest income arising from financial assets designated at fair value through profit and loss of RMB
173 million (six months ended 30 June 2011: RMB 102 million); interest expense includes interest expense arising from
financial liabilities designated at fair value through profit and loss of RMB 15 million (six months ended 30 June 2011: RMB
206 million).
4 Net fee and commission income
Sixmonthsended30June
2012 2011
Feeandcommissionincome
Consultancy and advisory fees 1,506 1,324
Bank card fees 1,624 942
Settlement fees 1,446 819
Guarantee fees 263 392
Agency fees and commission (note(i)) 465 319
Commission for wealth management services 280 262
Commission for custodian business 229 150
Others 4 4
Total 5,817 4,212
Fee and commission expense (412 (314 )
Net fee and commission income 5,405 3,898
Note: (i) Agency fees and commission include fees and commission for underwriting bonds and investment funds, agency fees for
insurance service and others, and fees from entrusted lending business.
102 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
5 Net trading gain
Sixmonthsended30June
2012 2011
Trading profit:
— debt securities 208 2
— foreign currencies 757 909
— derivatives 574 115
— investment funds — 1
— financial instrument designated at fair
value through profit and loss 1 2
Total 1,540 1,029
6 Net gain from investment securities
Sixmonthsended30June
2012 2011
Net gain from sale of available-for-sale financial assets 79 129
Net revaluation gain/(loss) reclassified from other
comprehensive income on disposal 23 (31 )
Others 13 12
Total 115 110
7 Net hedging loss
Sixmonthsended30June
2012 2011
Net loss of fair value hedge — 1
8 Operating expenses
Sixmonthsended30June
2012 2011
Staff costs
— salaries and bonuses 5,286 4,487
— welfare expenses 367 289
— social insurance 670 514
— housing fund 258 247
— housing allowance 120 115
— defined contribution retirement schemes 116 92
— supplementary retirement benefits (1 —
— labor union expenses and employee education expenses 221 185
— others 68 107
Subtotal 7,105 6,036
Property and equipment expenses
— rent and property management expenses 957 794
— depreciation 494 449
— amortisation expenses 276 200
— electronic equipment operating expenses 156 121
— maintenance 154 109
— others 191 213
Subtotal 2,228 1,886
Business tax and surcharges 3,257 2,432
Other general and administrative expenses 3,268 2,805
Total 15,858 13,159
2012 Interim Report 103
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
9 Impairment losses on assets
Sixmonthsended30June
2012 2011
Impairment losses charged on/(reversed from)
— Loans and advances to customers 2,447 1,916
— Available-for-sale financial assets (9 —
— Held-to-maturity investments (4 —
— Off-balance sheet credit commitments 85 51
— Repossessed assets (5 (45 )
— Others 10 7
Total 2,524 1,929
10 Income tax
(a) Recognised in the statement of comprehensive income
Sixmonthsended30June
2012 2011
Current tax
— Mainland China 6,241 4,840
— Hong Kong 110 147
— Overseas 14 —
Deferred tax (74 66
Income tax 6,291 5,053
(b) Reconciliation between income tax expense and accounting profit
Sixmonthsended30June
2012 2011
Profit before tax 25,876 20,326
Income tax calculated at statutory tax rate 6,469 5,082
Effect of different tax rates in other regions (70 (82 )
Tax effect of non-deductible expenses (Note (i)) 186 270
Tax effect of non-taxable income
— Interest income arising from PRC government bonds (266 (179 )
— Others (28 (38 )
Income tax 6,291 5,053
Note: (i) The amounts primarily represent tax effect of entertainment expenses, advertisement expenses and marketing expenses
in excess of the deductible amounts.
11 Other comprehensive income
Sixmonthsended30June
2012 2011
Other comprehensive income of available-for-sale financial assets
— Net changes in fair value recognised during the period 1,090 149
— Net amount transferred to profit or loss (23 31
Income tax relating to other comprehensive income of
available-for-sale financial assets (242 (37 )
Other comprehensive income for available-for-sale
financial assets, net of tax 825 143
Exchange differences on translation 67 (327 )
Shares of other comprehensive income of associates 6 24
Others — 6
Net other comprehensive income/(loss) after tax during the period 898 (154 )
104 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
12 Earnings per share
Earnings per share information for the six months ended 30 June 2012 and 2011 is computed by dividing
the consolidated net profit attributable to shareholders of the Bank by the weighted average number of shares
in issue during the period. As described in Note 1, the Bank completed the Rights Issue in 2011. In the
calculation of earnings per share, the weighted average number of shares outstanding during six months ended
30 June 2011 was calculated as if the bonus elements without consideration included in the Rights Issue had
existed from the beginning of the comparative period. There was no difference between basic and diluted
earnings per share as there were no potentially dilutive shares outstanding during the six months ended 30
June 2012 and 2011.
Sixmonthsended30June
2012 2011
Net profit attributable to shareholders of the Bank 19,373 15,024
Weighted average number of shares in issue or deemed
to be in issue as originally reported (in million shares) 39,033
Basic and diluted earnings per share as
originally reported (in RMB) 0.38
Weighted average number of shares after
Rights Issue (in million shares) (a) 46,787 40,908
Basic and diluted earnings per share after
Rights Issue (in RMB) 0.41 0.37
(a) Weighted average number of shares after Rights Issue
Sixmonthsended30June
2012 2011
Issued ordinary shares before Rights Issue 46,787 39,033
Weighted average number of shares issued in Right Issue — 1,875
Weighted average number of shares after Rights Issue 46,787 40,908
13 Cash and balances with central banks
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
Cash 5,785 4,972 5,618 4,808
Balances with central banks
— Statutory deposit reserve funds (note (i)) 328,252 297,991 327,178 297,247
— Surplus deposit reserve funds (note (ii)) 40,968 60,638 40,721 60,473
— Fiscal deposits 4,039 2,790 4,039 2,790
Total 379,044 366,391 377,556 365,318
Notes: (i) The Group places statutory deposit reserves with the People’s Bank of China (“PBOC”) and overseas central banks where it
has operations. The statutory deposit reserves are not available for use in the Group’s daily business.
As at 30 June 2012, the statutory deposit reserve placed with the PBOC was calculated at 18% (31 December 2011: 19%) of
eligible Renminbi deposits for domestic branches of the Bank. The Bank was also required to deposit an amount equivalent to
5% (31 December 2011: 5%) of its foreign currency deposits from domestic branch customers as statutory deposit reserve.
The statutory RMB deposit reserve rates applicable to domestic subsidiaries of the Group are determined by PBOC.
The amounts of statutory deposit reserves placed with the central banks of overseas countries are determined by local
jurisdictions.
(ii) The surplus deposit reserve is maintained with the PBOC for the purposes of clearing.
2012 Interim Report 105
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
14 Deposits with banks and non-bank financial institutions
(a) Analysed by types and locations of counterparties
TheGroup TheBank
30June 31 December 30June 31 December
Note 2012 2011 2012 2011
In Mainland China
— Banks 274,557 370,377 260,556 338,266
— Non-bank financial institutions 2,251 126 16,315 32,617
Subtotal 276,808 370,503 276,871 370,883
Outside Mainland China
— Banks 15,766 14,925 15,241 9,081
— Non-bank financial institutions 1,955 1,107 — —
Subtotal 17,721 16,032 15,241 9,081
Gross balance 294,529 386,535 292,112 379,964
Less: Allowances for impairment
losses 31 — — — —
Net balance 294,529 386,535 292,112 379,964
(b) Analysed by remaining maturity
TheGroup TheBank
30June 31 December 30June 31 December
Note 2012 2011 2012 2011
Demand deposits 37,291 27,421 34,874 19,850
Time deposits with remaining
maturity
— within one month 189,799 284,783 189,799 284,783
— between one month and
one year 66,899 74,331 66,899 75,331
— over one year 540 — 540 —
Gross balance 294,529 386,535 292,112 379,964
Less: Allowances for impairment
losses 31 — — — —
Net balance 294,529 386,535 292,112 379,964
15 Placements with banks and non-bank financial institutions
(a) Analysed by types and locations of counterparties
TheGroup TheBank
30June 31 December 30June 31 December
Note 2012 2011 2012 2011
In Mainland China
— Banks 134,273 131,599 114,505 112,518
— Non-bank financial institutions 10,273 10,456 10,273 10,456
Subtotal 144,546 142,055 124,778 122,974
Outside Mainland China
— Banks 5,298 8,957 — 1,663
— Non-bank financial institutions — — 821 906
Subtotal 5,298 8,957 821 2,569
Gross balance 149,844 151,012 125,599 125,543
Less: Allowances for impairment
losses 31 (8 (8 ) (8 (8 )
Net balance 149,836 151,004 125,591 125,535
106 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
15 Placements with banks and non-bank financial institutions (continued)
(b) Analysed by remaining maturity
TheGroup TheBank
30June 31 December 30June 31 December
Note 2012 2011 2012 2011
Within one month 39,656 68,900 27,319 58,332
Between one month and one year 110,148 82,082 98,250 67,181
Over one year 40 30 30 30
Gross balance 149,844 151,012 125,599 125,543
Less: Allowances for impairment
losses 31 (8 (8 ) (8 (8 )
Net balance 149,836 151,004 125,591 125,535
16 Trading financial assets
TheGroup TheBank
30June 31 December 30June 31 December
Note 2012 2011 2012 2011
Held for trading purpose:
— Debt trading financial assets (i) 15,440 7,899 15,440 7,899
— Investment funds (ii) 2 2 — —
Financial assets designated at fair
value through profit and loss (iii) 88 289 — —
Total 15,530 8,190 15,440 7,899
There was no significant limitation on the ability of the Group and the Bank to dispose of trading financial
assets.
(i) Debt trading financial assets were measured at fair value and were issued by:
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
In Mainland China
— Government 71 325 71 325
— PBOC 7,856 1,726 7,856 1,726
— Policy banks 452 663 452 663
— Banks and non-bank financial
institutions 969 389 969 389
— Corporate entities 5,776 4,796 5,776 4,796
Subtotal 15,124 7,899 15,124 7,899
Outside Mainland China
— Government 316 — 316 —
Subtotal 316 — 316 —
Total 15,440 7,899 15,440 7,899
Listed in Hong Kong — — — —
Listed outside Hong Kong — — — —
Unlisted 15,440 7,899 15,440 7,899
Total 15,440 7,899 15,440 7,899
2012 Interim Report 107
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
16 Trading financial assets (continued)
(ii) Trading investment funds were measured at fair value and were issued by:
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
Outside Mainland China
— Corporate entities 2 2 — —
Total 2 2 — —
Listed in Hong Kong — — — —
Listed outside Hong Kong — — — —
Unlisted 2 2 — —
Total 2 2 — —
(iii) Financial assets designated at fair value through profit and loss were issued by:
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
In Mainland China
— Government 15 15 — —
— Banks and non-bank financial
institutions 35 158 — —
— Corporate entities 38 101 — —
Subtotal 88 274 — —
Outside Mainland China
— Banks and non-bank financial
institutions — 15 — —
Subtotal — 15 — —
Total 88 289 — —
Listed in Hong Kong — — — —
Listed outside Hong Kong — 64 — —
Unlisted 88 225 — —
Total 88 289 — —
17 Derivatives
Derivatives include forward and swap transactions undertaken by the Group in the foreign exchange and
interest rate markets. The Group, through the operations of its branch network, acts as an intermediary for a
wide range of customers for structuring deals to produce risk management solutions to suit individual customer
needs. These positions are actively managed through entering back to back deals with external parties to ensure
the Group’s net exposures remained are within acceptable risk levels. The Group also uses these derivatives
for proprietary trading purposes and to manage and hedge its own asset and liability portfolios and structural
positions. Derivatives (except for derivatives which are designated as effective hedging instruments (Note
17(i))) are classified as held-for-trading for financial reporting purpose. The held-for-trading classification
includes those derivatives used for sales and trading activities and those used for risk management purposes
but which do not meet the qualifying criteria for hedge accounting.
The following tables provide an analysis of the notional amounts of derivatives and the corresponding fair
values at the reporting date. The notional amounts of the derivatives indicate the volume of transactions
outstanding at the reporting date; they do not represent amounts at risk.
108 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
17 Derivatives (continued)
TheGroup
30June2012 31 December 2011
Nominal Nominal
amount AssetsL iabilities amount Assets Liabilities
Hedging Instruments
— Interest rate derivatives 4,673 473 — 4,970 396 —
Non-Hedging Instruments
— Interest rate derivatives 227,924 1,024 1,098 195,134 1,231 1,314
— Currency derivatives 506,256 3,430 2,403 404,074 3,036 2,438
— Credit derivatives 1,047 4 11 1,050 19 11
— Equity derivatives — — — 15 1 1
Total 739,900 4,931 3,512 605,243 4,683 3,764
TheBank
30June2012 31 December 2011
Nominal Nominal
amount AssetsL iabilities amount Assets Liabilities
Non-Hedging Instruments
— Interest rate derivatives 186,377 862 875 157,630 960 999
— Currency derivatives 311,784 2,111 1,612 246,430 2,023 1,674
— Credit derivatives 1,047 4 11 1,050 19 11
Total 499,208 2,977 2,498 405,110 3,002 2,684
Credit risk weighted amounts
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
Interest rate derivatives 764 803 330 440
Currency derivatives 6,391 4,886 2,333 1,744
Credit derivatives 26 29 26 29
Total 7,181 5,718 2,689 2,213
The credit risk weighted amount of Mainland China business has been computed in accordance with the
rules set by the CBRC, and depends on the status of the counterparties and the maturity characteristics of
the instruments.
The credit risk weighted amount of Hong Kong business has been computed in accordance with Banking (Capital)
Rules set by Hong Kong Monetary Authority (“HKMA”), and depends on the status of the counterparties and
the maturity characteristics of the instruments.
(i) Fair value hedge
The subsidiaries of the Group utilize fair value hedge to avoid fair value changes of financial assets
and financial liabilities caused by market interest rate fluctuation. Interest rate swap contracts are
used for hedging interest risks arising from available-for-sale debt securities, certificates of deposit and
subordinated bonds issued.
The fair value changes of hedging instruments mentioned above and net gain/(loss) from hedged items
are recorded in profit and loss.
2012 Interim Report 109
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
18 Financial assets held under resale agreements
(a) Analysed by types and locations of counterparties
TheGroup TheBank
30June 31 December 30June 31 December
Note 2012 2011 2012 2011
In Mainland China
— PBOC 4,050 24,410 4,050 24,410
— Banks 200,204 123,321 200,204 123,321
— Non-bank financial institutions 21,208 14,300 21,208 14,300
Subtotal 225,462 162,031 225,462 162,031
Outside Mainland China
— Banks — 180 — 180
— Non-bank financial institutions — — 51 50
Subtotal — 180 51 230
Gross balance 225,462 162,211 225,513 162,261
Less: Allowances for impairment
losses 31 — — — —
Net balance 225,462 162,211 225,513 162,261
(b) Analysed by remaining maturity
TheGroup TheBank
30June 31 December 30June 31 December
Note 2012 2011 2012 2011
Within one month 122,237 143,590 122,237 143,590
Between one month and one year 99,488 16,168 99,539 16,218
More than one year 3,737 2,453 3,737 2,453
Gross balance 225,462 162,211 225,513 162,261
Less: Allowances for impairment
losses 31 — — — —
Net balance 225,462 162,211 225,513 162,261
19 Interest receivable
TheGroup TheBank
30June 31 December 30June 31 December
Note 2012 2011 2012 2011
Debt securities 4,396 3,515 4,298 3,411
Loans and advances to customers 3,785 3,566 3,531 3,287
Others 3,282 3,026 2,927 2,807
Gross balance 11,463 10,107 10,756 9,505
Less: Allowance for impairment
losses 31 (84 (56 ) (84 (56 )
Net balance 11,379 10,051 10,672 9,449
110 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
20 Loans and advances to customers
(a) Analysed by nature
TheGroup TheBank
30June 31 December 30June 31 December
Note 2012 2011 2012 2011
Corporate loans
— Loans 1,164,115 1,114,685 1,106,644 1,058,128
— Discounted bills 76,823 49,451 72,630 45,332
— Lease payments receivable 1,364 1,704 — —
Subtotal 1,242,302 1,165,840 1,179,274 1,103,460
Personal loans
— Residential mortgages 180,584 178,888 171,659 169,763
— Credit cards 41,658 32,133 41,425 31,903
— Others 70,808 57,176 65,468 52,201
Subtotal 293,050 268,197 278,552 253,867
Gross balance 1,535,352 1,434,037 1,457,826 1,357,327
Less: 31
— Individual impairment
allowances (4,708 (3,959 ) (4,549 (3,800 )
— Collective impairment
allowances (20,952 (19,299 ) (20,692 (19,018 )
Net balance 1,509,692 1,410,779 1,432,585 1,334,509
(b) Analysed by assessment method of allowance for impairment losses
TheGroup
30June2012
Gross
Loansand Impairedloans impaired
advances andadvances(note(i)) loansand
forwhich forwhich forwhich advances
allowances allowances allowances asa%of
are are are grosstotal
collectively collectively individually loansand
assessed assessed assessed Total advances
Gross loans and advances 1,525,959 1,122 8,271 1,535,352 0.61%
Less: Impairment allowances
against loans and
advances (20,025 (927 (4,708 (25,660
Net loans and advances 1,505,934 195 3,563 1,509,692
31 December 2011
Gross
Loans and Impaired loans impaired
advances and advances (note (i)) loans and
for which for which for which advances
allowances allowances allowances as a % of
are are are gross total
collectively collectively individually loans and
assessed assessed assessed Total advances
Gross loans and advances 1,425,496 877 7,664 1,434,037 0.60%
Less: Impairment allowances
against loans and advances (18,547 ) (752 ) (3,959 ) (23,258 )
Net loans and advances 1,406,949 125 3,705 1,410,779
2012 Interim Report 111
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
20 Loans and advances to customers (continued)
(b) Analysed by assessment method of allowance for impairment losses (continued)
TheBank
30June2012
Gross
Loansand Impairedloans impaired
advances andadvances(note(i)) loansand
forwhich forwhich forwhich advances
allowances allowances allowances asa%of
are are are grosstotal
collectively collectively individually loansand
assessed assessed assessed Total advances
Gross loans and advances 1,448,833 1,092 7,901 1,457,826 0.62%
Less: Impairment allowances
against loans and
advances (19,766 (926 (4,549 (25,241
Net loans and advances 1,429,067 166 3,352 1,432,585
31 December 2011
Gross
Loans and Impaired loans impaired
advances and advances (note (i)) loans and
for which for which for which advances
allowances allowances allowances as a % of
are are are gross total
collectively collectively individually loans and
assessed assessed assessed Total advances
Gross loans and advances 1,349,354 863 7,110 1,357,327 0.59%
Less: Impairment allowances
against loans and
advances (18,266 ) (752 ) (3,800 ) (22,818 )
Net loans and advances 1,331,088 111 3,310 1,334,509
(i) Impaired loans and advances to customers include loans and advances for which objective evidence
of impairment exists and has been identified:
— individually, or
— collectively; that is the portfolios of homogeneous loans and advances.
(ii) As at 30 June 2012, the loans and advances of the Group for which the impairment allowances
were individually assessed amounted to RMB 8,271 million (31 December 2011: RMB 7,664
million). The covered portion and uncovered portion of these loans and advances were RMB
2,603 million (31 December 2011: RMB 2,972 million) and RMB 5,668 million (31 December
2011: RMB 4,692 million) respectively. The fair value of collaterals held against these loans
and advances amounted to RMB 2,783 million (31 December 2011: RMB 3,353 million). The
individual impairment allowances made against these loans and advances were RMB 4,708 million
(31 December 2011: RMB 3,959 million).
As at 30 June 2012, the loans and advances of the Bank for which the impairment allowances
were individually assessed amounted to RMB 7,901 million (31 December 2011: RMB 7,110
million). The covered portion and uncovered portion of these loans and advances were RMB
2,337 million (31 December 2011: RMB 2,538 million) and RMB 5,564 million (31 December
2011: RMB 4,572 million) respectively. The fair value of collaterals held against these loans
and advances amounted to RMB 2,389 million (31 December 2011: RMB 2,675 million). The
individual impairment allowances made against these loans and advances were RMB 4,549 million
(31 December 2011: RMB 3,800 million).
The fair value of collaterals was estimated by management based on the latest available external
valuations adjusted by taking into account the current realization experience as well as market
situation.
112 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
20 Loans and advances to customers (continued)
(c) Movements of allowances for impairment losses
TheGroup
Sixmonthsended30June2012
Impaired
Loansandadvances loansandadvances
forwhich forwhich forwhich
allowancesarea llowancesare allowancesare
collectively collectively individually
assessed assessed assessed Total
As at 1 January 18,547 752 3,959 23,258
Charge for the period
— new impairment allowances
charged to profit or loss 1,477 178 1,364 3,019
— impairment allowances
released to profit or loss — (22 (550 (572
Unwinding of discount — — (101 (101
Transfers in/(transfers out) 1 — 4 5
Write-offs — (3 (36 (39
Recoveries of loans and advances
previously written off — 22 68 90
As at 30 June 20,025 927 4,708 25,660
Year ended 31 December 2011
Impaired
Loans and advances loans and advances
for which for which for which
allowances are allowances are allowances are
collectively collectively individually
assessed assessed assessed Total
As at 1 January 12,822 670 4,727 18,219
Charge for the year
— new impairment allowances
charged to profit or loss 5,739 211 1,048 6,998
— impairment allowances
released to profit or loss — (46 ) (1,218 ) (1,264 )
Unwinding of discount — — (141 ) (141 )
Transfers in/(transfers out) (14 ) — (23 ) (37 )
Write-offs — (129 ) (554 ) (683 )
Recoveries of loans and advances
previously written off — 46 120 166
As at 31 December 18,547 752 3,959 23,258
2012 Interim Report 113
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
20 Loans and advances to customers (continued)
(c) Movements of allowances for impairment losses (continued)
TheBank
Sixmonthsended30June2012
Impaired
Loansandadvances loansandadvances
forwhich forwhich forwhich
allowancesarea llowancesare allowancesare
collectively collectively individually
assessed assessed assessed Total
As at 1 January 18,266 752 3,800 22,818
Charge for the period
— new impairment allowances
charged to profit or loss 1,500 174 1,310 2,984
— impairment allowances
released to profit or loss — (19 (528 (547
Unwinding of discount — — (98 (98
Transfers in/(transfers out) — — 2 2
Recoveries of loans and advances
previously written off — 19 63 82
As at 30 June 19,766 926 4,549 25,241
Year ended 31 December 2011
Impaired
Loans and advances loans and advances
for which for which for which
allowances are allowances are allowances are
collectively collectively individually
assessed assessed assessed Total
As at 1 January 12,518 668 4,474 17,660
Charge for the year
— new impairment allowances
charged to profit or loss 5,748 206 943 6,897
— impairment allowances
released to profit or loss — (40 ) (1,110 ) (1,150 )
Unwinding of discount — — (131 ) (131 )
Transfers in/(transfers out) — — (14 ) (14 )
Write-offs — (122 ) (464 ) (586 )
Recoveries of loans and advances
previously written off — 40 102 142
As at 31 December 18,266 752 3,800 22,818
114 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
20 Loans and advances to customers (continued)
(d) Overdue loans analysed by overdue period
TheGroup
30June2012
Overdue Overdue
between between
Overduethreemonths oneyear Overdue
withinthree andone andthree overthree
months year years years Total
Unsecured loans 2,221 443 674 585 3,923
Guaranteed loans 909 668 183 1,191 2,951
Secured loans
— Loans secured by
tangible assets 5,614 1,786 587 938 8,925
— Loans secured by
monetary assets 287 180 128 29 624
Total 9,031 3,077 1,572 2,743 16,423
31 December 2011
Overdue Overdue
between between
Overdue three months one year Overdue
within three and one and three over three
months year years years Total
Unsecured loans 1,118 343 510 490 2,461
Guaranteed loans 447 76 548 1,097 2,168
Secured loans
— Loans secured by
tangible assets 3,370 602 807 957 5,736
— Loans secured by
monetary assets 196 59 82 30 367
Total 5,131 1,080 1,947 2,574 10,732
TheBank
30June2012
Overdue Overdue
between between
Overduethreemonths oneyear Overdue
withinthree andone andthree overthree
months year years years Total
Unsecured loans 2,213 441 674 553 3,881
Guaranteed loans 890 662 167 1,166 2,885
Secured loans
— Loans secured by
tangible assets 5,253 1,763 496 937 8,449
— Loans secured by
monetary assets 273 33 128 29 463
Total 8,629 2,899 1,465 2,685 15,678
2012 Interim Report 115
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
20 Loans and advances to customers (continued)
(d) Overdue loans analysed by overdue period (continued)
TheBank(continued)
31 December 2011
Overdue Overdue
between between
Overdue three months one year Overdue
within three and one and three over three
months year years years Total
Unsecured loans 1,105 341 503 444 2,393
Guaranteed loans 379 52 514 1,068 2,013
Secured loans
— Loans secured by
tangible assets 2,686 468 766 915 4,835
— Loans secured by
monetary assets 25 59 82 30 196
Total 4,195 920 1,865 2,457 9,437
Overdue loans represent loans and advances of which the principal or interest are overdue one day or
more.
(e) Lease payments receivables
Lease payments receivables transactions are made by the Group’s subsidiary, CIFH, which include net
investment in machines and equipment leased to customers under finance leases and hire purchase
contracts having the characteristics of finance leases. These contracts usually run for an initial period
of 5 to 20 years, with an option for acquiring the leased asset at nominal value. The total minimum
lease payments receivable under finance leases and hire purchase contracts and their present values are
as follows:
TheGroup
30June2012 31 December 2011
Present Present
valueof value of
minimum Minimum minimum Minimum
leases leases leases leases
receivables receivables receivables receivables
Within 1 year (including 1 year) 211 248 209 252
1 year to 2 years (including 2 years) 152 178 166 197
2 years to 3 years (including 3 years) 79 98 96 120
Over 3 years 922 1,085 1,233 1,464
1,364 1,609 1,704 2,033
Less:
— Individual impairment
allowances (1 (1 )
— Collective impairment
allowances — —
Net balance 1,363 1,703
116 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
21 Available-for-sale financial assets
TheGroup TheBank
30June 31 December 30June 31 December
Note 2012 2011 2012 2011
Debt securities (i) 164,809 126,875 148,661 111,357
Investment funds (ii) 5,695 5,706 5,325 5,353
Certificates of deposit (iii) 3,327 1,766 — —
Equity investments (iv) 177 171 132 129
Total 174,008 134,518 154,118 116,839
(i) Debt securities issued by
TheGroup TheBank
30June 31 December 30June 31 December
Note 2012 2011 2012 2011
In Mainland China
— Government 19,639 17,306 18,939 16,711
— PBOC 10,287 11,611 10,287 11,611
— Policy banks 13,626 14,415 13,626 14,415
— Banks and non-bank
financial institutions 40,425 19,753 39,766 19,471
— Corporate entities 64,754 46,300 64,722 46,300
Subtotal 148,731 109,385 147,340 108,508
Outside Mainland China
— Government 7,673 5,605 575 195
— Banks and non-bank
financial institutions 6,822 9,573 863 2,813
— Corporate entities 1,877 2,615 32 —
Subtotal 16,372 17,793 1,470 3,008
Gross balance 165,103 127,178 148,810 111,516
Less: Allowance for impairment
losses 31 (294 (303 ) (149 (159 )
Net balance 164,809 126,875 148,661 111,357
Listed in Hong Kong 4,101 3,706 4,101 3,706
Listed outside Hong Kong 920 1,114 734 973
Unlisted 159,788 122,055 143,826 106,678
Total 164,809 126,875 148,661 111,357
2012 Interim Report 117
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
21 Available-for-sale financial assets (continued)
(ii) Investment funds issued by
TheGroup TheBank
30June 31 December 30June 31 December
Note 2012 2011 2012 2011
Outside Mainland China
— Banks and non-bank
financial institutions 5,695 5,706 5,325 5,353
Gross balance 5,695 5,706 5,325 5,353
Less: Allowance for impairment
losses 31 — — — —
Net balance 5,695 5,706 5,325 5,353
Listed in Hong Kong — — — —
Listed outside Hong Kong — — — —
Unlisted 5,695 5,706 5,325 5,353
Total 5,695 5,706 5,325 5,353
(iii) Certificates of deposit issued by
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
In Mainland China
— Banks and non-bank
financial institutions 1,526 467 — —
Outside Mainland China
— Banks and non-bank
financial institutions 1,801 1,299 — —
Total 3,327 1,766 — —
Listed in Hong Kong — — — —
Listed outside Hong Kong — — — —
Unlisted 3,327 1,766 — —
Total 3,327 1,766 — —
(iv) Equity investments issued by
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
In Mainland China
— Corporate entities 117 119 114 114
Outside Mainland China
— Banks and non-bank
financial institutions 18 15 18 15
— Corporate entities 42 37 — —
Total 177 171 132 129
Listed in Hong Kong 3 5 — —
Listed outside Hong Kong 42 35 18 15
Unlisted 132 131 114 114
Total 177 171 132 129
118 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
22 Held-to-maturity investments
Held-to-maturity investments are debt securities, issued by:
TheGroup TheBank
30June 31 December 30June 31 December
Note 2012 2011 2012 2011
In Mainland China
— Government 32,368 38,871 32,368 38,871
— PBOC 7,196 13,523 7,196 13,523
— Policy banks 9,522 24,631 9,522 24,631
— Banks and non-bank
financial institutions 59,852 17,862 59,852 17,862
— Corporate entities 17,440 12,531 17,440 12,531
Subtotal 126,378 107,418 126,378 107,418
Outside Mainland China
— Government 28 28 28 28
— Banks and non-bank
financial institutions 661 664 976 979
— Public sector entities 48 75 48 75
— Corporate entities 420 420 357 357
Subtotal 1,157 1,187 1,409 1,439
Grossbalance 127,535 108,605 127,787 108,857
Less: Allowance for impairment losses 31 (134 (137 ) (134 (137)
Netbalance 127,401 108,468 127,653 108,720
Listed in Hong Kong 119 119 119 119
Listed outside Hong Kong 546 544 798 796
Unlisted 126,736 107,805 126,736 107,805
Netbalance 127,401 108,468 127,653 108,720
Fair value of held-to-maturity investments 126,859 108,244 127,108 108,494
In which: Market value of listed securities 700 692 949 942
For the six months ended 30 June 2012, the Group did not sell any held-to-maturity investments prior to their
maturity dates, while for the six months ended 30 June 2011, the Group sold held-to-maturity investments
with a gross carrying value of RMB 4,058 million prior to their maturity dates, among which RMB 3,098
million had a remaining maturity of less than three months. The disposal of the remaining RMB 960 million
was related to foreign currency bonds for the purpose of avoiding potential credit risk. The amount of disposed
held-to-maturity investments accounts for 3.14% of the portfolio before the disposal.
23 Investment in associates
(a) The Group holds the investment in associates through CIFH. Details of the principal
associates as at 30 June 2012 are as follows:
Percentage
Forms of of shares and Nominal
business Place of voting right held Principal value of
Name of company structure incorporation by the Group activities issued shares
CITIC Capital Holding Incorporated Hong Kong 27.5% Investment HKD
Limited (“CCHL”) holding 49 million
CITIC International Incorporated Hong Kong 40% Investment HKD
Assets Management holding and 2,020 million
Limited (“CIAM”) assets
management
2012 Interim Report 119
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
23 Investment in associates (continued)
(b) Financial information of the above associates is as follows:
Asatorforthesixmonthsended30June2012
Total Total Total Operating
NameofEnterprise assets liabilities netassets income Netloss
CCHL 9,672 4,966 4,706 169 (34
CIAM 2,405 205 2,200 52 (12
Total 12,077 5,171 6,906 221 (46
(c) Movement of the Group’s investment in associates
CCHL CIAM Total
Initial investment cost 1,038 893 1,931
As at 1 January 2012 1,383 829 2,212
Investment income/(loss) and other
comprehensive income/(loss)
recognised under equity method (12 (2 (14
Dividend received — — —
Exchange difference 8 4 12
As at 30 June 2012 1,379 831 2,210
CCHL CIAM Total
As at 1 January 2011 1,375 878 2,253
Investment income/(loss) and other
comprehensive income/(loss)
recognised under equity method 74 10 84
Dividend received — (18 ) (18 )
Exchange difference (66 ) (41 ) (107 )
As at 31 December 2011 1,383 829 2,212
24 Investment in subsidiaries
TheBank
Note 30June 31 December
2012 2011
Investment in subsidiaries
— CIFH (i) 9,797 9,797
— China Investment and Finance Limited (“CIFL”) (ii) 87 87
— Zhejiang Lin’an CITIC Rural Bank Corporation
Limited (“Lin’an Rural Bank”) (iii) 102 102
Total 9,986 9,986
120 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
24 Investment in subsidiaries (continued)
Major subsidiaries of the Group as at 30 June 2012 are as follows:
%ofownership
Particularsof ofownership heldby
Placeof theissuedand directlyheld subsidiaries TheGroup’s
Nameofcompany incorporation paidupcapital Principalactivities bytheBank oftheBank effectiveinterest
CIFH (note (i)) Hong Kong HKD 7,459 million Commercial 70.32% — 70.32%
banking and other
financial services
CIFL (note (ii)) Hong Kong HKD 25 million Lending services 95% 5% 98.5%
Lin’an Rural Bank (note (iii)) Mainland China RMB 200 million Commercial banking 51% — 51%
Note: (i) CIFH is an investment holding company registered and headquartered in Hong Kong. Its business scope covers commercial
banking and non-banking financial services. The Bank acquired 70.32% of CIFH’s shares and voting right through business
combination under common control on 23 October 2009. CITIC Bank International Limited (“CBI”) is wholly owned by
CIFH.
(ii) CIFL was founded in Hong Kong in 1984 with a registered capital of HKD 25 million. It also has a “Money Lending License”
issued by the Hong Kong Company Registrar. Its business scope includes capital market investment, lending and a number of
other related services. The Bank holds 95% of CIFL’s shares and voting rights. The remaining 5% shares are held by CIFH,
the Bank’s subsidiary.
(iii) Lin’an Rural Bank was founded in Zhejiang Province of Mainland China, in 2011 with a registered capital of RMB 200 million.
Its principal activities are commercial banking. The Bank holds 51% of Lin’an Rural Bank’s shares and voting rights.
Apart from the above, the Bank has consolidated SPEs which are controlled by the Bank.
25 Fixed assets
TheGroup
Computer
C onstruction equipment
Premises inprogress andothers Total
(Note(ii))
Costordeemedcost:
As at 1 January 2012 8,917 892 4,891 14,700
Additions 313 20 245 578
Disposals — — (50 (50
Exchange difference 2 — 4 6
As at 30 June 2012 9,232 912 5,090 15,234
Accumulateddepreciation:
As at 1 January 2012 (1,834 — (2,750 (4,584
Depreciation charges (165 — (329 (494
Disposals — — 43 43
Exchange difference (1 — (2 (3
As at 30 June 2012 (2,000 — (3,038 (5,038
Netcarryingvalue:
As at 1 January 2012 (Note (i)) 7,083 892 2,141 10,116
As at 30 June 2012 (Note (i)) 7,232 912 2,052 10,196
2012 Interim Report 121
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
25 Fixed assets (continued)
TheGroup(continued)
Computer
Construction equipment
Premises in progress and others Total
(Note (ii))
Costordeemedcost:
As at 1 January 2011 8,847 701 4,246 13,794
Additions 122 193 823 1,138
Transfers from construction in progress 2 (2 ) — —
Disposals (34 ) — (144 ) (178 )
Exchange difference (20 ) — (34 ) (54 )
As at 31 December 2011 8,917 892 4,891 14,700
Accumulateddepreciation:
As at 1 January 2011 (1,528 ) — (2,292 ) (3,820 )
Depreciation charges (318 ) — (597 ) (915 )
Disposals 7 — 114 121
Exchange difference 5 — 25 30
As at 31 December 2011 (1,834 ) — (2,750 ) (4,584 )
Netcarryingvalue:
As at 1 January 2011 7,319 701 1,954 9,974
As at 31 December 2011 (Note (i)) 7,083 892 2,141 10,116
TheBank
Computer
C onstruction equipment
Premises inprogress andothers Total
(Note(ii))
Costordeemedcost:
As at 1 January 2012 8,436 891 4,119 13,446
Additions 313 20 186 519
Disposals — — (20 (20
As at 30 June 2012 8,749 911 4,285 13,945
Accumulateddepreciation:
As at 1 January 2012 (1,634 — (2,193 (3,827
Depreciation charges (160 — (293 (453
Disposals — — 15 15
As at 30 June 2012 (1,794 — (2,471 (4,265
Netcarryingvalue:
As at 1 January 2012 (Note (i)) 6,802 891 1,926 9,619
As at 30 June 2012 (Note (i)) 6,955 911 1,814 9,680
122 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
25 Fixed assets (continued)
TheBank(continued)
Computer
Construction equipment
Premises in progress and others Total
(Note (ii))
Costordeemedcost:
As at 1 January 2011 8,348 701 3,561 12,610
Additions 120 192 698 1,010
Transfers from construction in progress 2 (2 ) — —
Disposals (34 ) — (140 ) (174 )
As at 31 December 2011 8,436 891 4,119 13,446
Accumulateddepreciation:
As at 1 January 2011 (1,333 ) — (1,769 ) (3,102 )
Depreciation charges (308 ) — (534 ) (842 )
Disposals 7 — 110 117
As at 31 December 2011 (1,634 ) — (2,193 ) (3,827 )
Netcarryingvalue:
As at 1 January 2011 7,015 701 1,792 9,508
As at 31 December 2011 (Note (i)) 6,802 891 1,926 9,619
Note: (i) As at 30 June 2012, the net book value of the Group’s premises for which the ownership registration procedures had not been
completed was approximately RMB 604 million (31 December 2011: RMB 615 million). The Group anticipated that there
would be no significant issues or costs in completing such procedures.
(ii) Analysed by remaining term of leases
The net carrying value of premises at the reporting date is analysed by the remaining terms of the leases as follows:
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
Long term leases (over 50 years),
held in Hong Kong 69 69 — —
Medium term leases (10-50 years),
held in Hong Kong 183 187 — —
Medium term leases (10-50 years),
held in Mainland China 6,955 6,802 6,955 6,802
Permanent term lease, held in overseas 25 25 — —
Total 7,232 7,083 6,955 6,802
26 Investment properties
TheGroup
Sixmonths Year ended
ended30June 31 December
2012 2011
Fair value as at 1 January 272 248
Addition:
— Change in fair value 35 29
Decrease:
— Disposal — —
Exchange difference 1 (5 )
Fair value as at 30 June/31 December 308 272
2012 Interim Report 123
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
26 Investment properties (continued)
Investment properties of the Group are buildings held by subsidiaries and mainly located in Hong Kong and
leased to third parties through operating leases. There are active real estate markets where the investment
properties locate and the Group is able to obtain market price and related information of similar properties,
and therefore makes estimation about the fair value of the investment properties as at 30 June 2012.
All investment properties of the Group were revalued at 30 June 2012 by an independent firm of surveyors,
Prudential Surveyors International Ltd., on an open market value basis. The revaluation surplus or deficit
have been credited or charged to the profit and loss respectively. Prudential Surveyors International Ltd. has
among their staff Fellows of the Hong Kong Institute of Surveyors with recent experience in the location and
category of properties being valued.
(a) Analysed by remaining term of leases
The net carrying value of investment properties at the reporting date is analysed by the remaining
terms of the leases as follows:
TheGroup
30June 31 December
2012 2011
Long term leases (over 50 years), held in Hong Kong 11 11
Medium term leases (10-50 years), held in Hong Kong 269 234
Medium term leases (10-50 years), held in Mainland China 28 27
Total 308 272
27 Goodwill
The Bank acquired 70.32% of CIFH’s shares on 23 October 2009, which was accounted for as a business
combination under common control and therefore no goodwill was recognised. The goodwill recognised in
CIFH’s financial statements arises from CIFH’s business combination of subsidiaries under non-common
control before the above business combination, and remains in the consolidated statement of financial position
of the Group.
TheGroup
Sixmonths Year ended
ended30June 31 December
2012 2011
As at 1 January 818 857
Exchange difference 4 (39 )
As at 30 June/31 December 822 818
Goodwill is allocated to the Group’s identified cash-generating units (CGU) as follows:
TheGroup
30June 31 December
2012 2011
Corporate banking 822 818
The Group considered that there was no indication of impairment of goodwill as at 30 June 2012 (as at 31
December 2011: nil)
124 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
28 Intangible assets
TheGroupandtheBank
Software Others Total
Cost
As at 1 January 2012 486 28 514
Additions 45 3 48
As at 30 June 2012 531 31 562
Amortization
As at 1 January 2012 (251 (9 (260
Charge for the period (42 — (42
As at 30 June 2012 (293 (9 (302
Netcarryingvalue
As at 1 January 2012 235 19 254
As at 30 June 2012 238 22 260
Software Others Total
Cost
As at 1 January 2011 392 14 406
Additions 94 14 108
As at 31 December 2011 486 28 514
Amortization
As at 1 January 2011 (181 ) (8 ) (189 )
Charge for the year (70 ) (1 ) (71 )
As at 31 December 2011 (251 ) (9 ) (260 )
Netcarryingvalue
As at 1 January 2011 211 6 217
As at 31 December 2011 235 19 254
2012 Interim Report 125
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
29 Deferred tax assets
(a) Analysed by nature
TheGroup
30June2012 31 December 2011
Deductible/ Deductible/
(taxable) Deferred (taxable) Deferred
temporary taxassets/ temporary tax assets/
differences (liabilities) differences (liabilities)
Deferred tax assets
— Impairment allowances 9,360 2,320 8,091 1,999
— Fair value adjustments (1,867 (468 (639 ) (182 )
— Employee retirement benefits
and salaries payable 4,276 1,069 5,300 1,325
— Others (483 (117 (702 ) (171 )
Total 11,286 2,804 12,050 2,971
TheBank
30June2012 31 December 2011
Deductible/ Deductible/
(taxable) Deferred (taxable) Deferred
temporary taxassets/ temporary tax assets/
differences (liabilities) differences (liabilities)
Deferred tax assets
— Impairment allowances 9,124 2,281 7,816 1,954
— Fair value adjustments (1,888 (472 (904 ) (226 )
— Employee retirement benefits
and salaries payable 4,276 1,069 5,300 1,325
— Others (436 (109 (652 ) (163 )
Total 11,076 2,769 11,560 2,890
(b) Movement of deferred tax assets
TheGroup
Employee
retirement
benefits Total
Impairment Fairvalue andsalaries deferredtax
allowances adjustment payable Others assets
As at 1 January 2012 1,999 (182 1,325 (171 2,971
Recognized in profit or loss 320 (44 (256 54 74
Recognized in other
comprehensive income — (242 — — (242)
Exchange difference 1 — — — 1
As at 30 June 2012 2,320 (468 1,069 (117 2,804
As at 1 January 2011 1,275 136 1,103 51 2,565
Recognized in profit or loss 726 (36 ) 222 (222 ) 690
Recognized in other
comprehensive income — (280 ) — — (280 )
Exchange difference (2 ) (2 ) — — (4 )
As at 31 December 2011 1,999 (182 ) 1,325 (171 ) 2,971
126 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
29 Deferred tax assets (continued)
(b) Movement of deferred tax assets (continued)
TheBank
Employee
retirement
benefits Total
Impairment Fairvalue andsalaries deferredtax
Allowances adjustment payable Others assets
As at 1 January 2012 1,954 (226 1,325 (163 2,890
Recognized in profit or loss 327 (51 (256 54 74
Recognized in other
comprehensive income — (195 — — (195)
As at 30 June 2012 2,281 (472 1,069 (109 2,769
As at 1 January 2011 1,225 95 1,103 50 2,473
Recognized in profit or loss 729 (28 ) 222 (213 ) 710
Recognized in other
comprehensive income — (293 ) — — (293 )
As at 31 December 2011 1,954 (226 ) 1,325 (163 ) 2,890
Note: (i) The Bank has no material unrecognised deferred tax assets or liabilities as at 30 June 2012 (31 December 2011: nil).
30 Other assets
TheGroup TheBank
30June 31 December 30June 31 December
Note 2012 2011 2012 2011
Leasehold improvements 871 959 871 959
Repossessed assets (i) 282 277 282 277
Land use rights 633 615 633 615
Prepaid rent 435 396 433 394
Prepaid income tax — 2 — —
Others (ii) 5,732 4,159 5,445 3,498
Total 7,953 6,408 7,664 5,743
(i) Repossessed assets
TheGroup TheBank
30June 31 December 30June 31 December
Note 2012 2011 2012 2011
Premises 433 404 433 404
Others 22 34 22 34
Gross balance 455 438 455 438
Less: Allowance for
impairment losses 31 (173 (161 ) (173 (161 )
Net balance 282 277 282 277
(ii) Others
TheGroup TheBank
30June 31 December 30June 31 December
Note 2012 2011 2012 2011
Gross balance 6,411 4,859 6,122 4,195
Less: Allowance for
impairment losses 31 (679 (700 ) (677 (697 )
Net balance 5,732 4,159 5,445 3,498
2012 Interim Report 127
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
31 Movements of allowances for impairment losses
TheGroup
Sixmonthsended30June2012
Asat1 Chargefor Reversalfor Transfer Asat30
Note January theperiod theperiod in/(out) Write-offs June
Deposit with banks and
non-bank financial institutions 14 — — — — — —
Placements with banks and
non-bank financial institutions 15 8 — — — — 8
Financial assets held under
resale agreements 18 — — — — — —
Interest receivable 19 56 31 (3 — — 84
Loans and advances to customers 20 23,258 3,019 (572 (6 (39 25,660
Available-for-sale financial assets 21 303 — (9 — — 294
Held-to-maturity investments 22 137 — (4 1 — 134
Repossessed assets 30(i) 161 33 (38 17 — 173
Other assets 30(ii) 700 — (18 (3 — 679
Gross balance 24,623 3,083 (644 9 (39 27,032
Year ended 31 December 2011
As at Charge for Reversal for Transfer As at
Note 1 January the year the year in/(out) Write-offs 31 December
Deposit with banks and
non-bank financial institutions 14 — — — — — —
Placements with banks and
non-bank financial institutions 15 8 — — — — 8
Financial assets held
under resale agreements 18 — — — — — —
Interest receivable 19 30 38 (7 ) — (5 ) 56
Loans and advances to customers 20 18,219 6,998 (1,264 ) (12 ) (683 ) 23,258
Available-for-sale financial assets 21 241 148 — (75 ) (11 ) 303
Held-to-maturity investments 22 109 33 — (5 ) — 137
Repossessed assets 30(i) 280 1 (63 ) (25 ) (32 ) 161
Other assets 30(ii) 620 114 (13 ) (16 ) (5 ) 700
Gross balance 19,507 7,332 (1,347 ) (133 ) (736 ) 24,623
TheBank
Sixmonthsended30June2012
Asat1 Chargefor Reversalfor Transfer Asat30
Note January theperiod theperiod in/(out) Write-offs June
Deposit with banks and
non-bank financial institutions 14 — — — — — —
Placements with banks and
non-bank financial institutions 15 8 — — — — 8
Financial assets held
under resale agreements 18 — — — — — —
Interest receivable 19 56 31 (3 — — 84
Loans and advances to customers 20 22,818 2,984 (547 (14 — 25,241
Available-for-sale financial assets 21 159 — (9 (1 — 149
Held-to-maturity investments 22 137 — (4 1 — 134
Repossessed assets 30(i) 161 33 (38 17 — 173
Other assets 30(ii) 697 1 (18 (3 — 677
Gross balance 24,036 3,049 (619 — — 26,466
128 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
31 Movements of allowances for impairment losses (continued)
TheBank(continued)
Year ended 31 December 2011
As at 1 Charge for Reversal for Transfer As at 31
Note January the year the year in/(out) Write-offs December
Deposit with banks and
non-bank financial institutions 14 — — — — — —
Placements with banks and
non-bank financial institutions 15 8 — — — — 8
Financial assets held
under resale agreements 18 — — — — — —
Interest receivable 19 30 38 (7 ) — (5 ) 56
Loans and advances to customers 20 17,660 6,897 (1,150 ) (3 ) (586 ) 22,818
Available-for-sale financial assets 21 213 — — (54 ) — 159
Held-to-maturity investments 22 109 33 — (5 ) — 137
Repossessed assets 30(i) 229 1 (13 ) (24 ) (32 ) 161
Other assets 30(ii) 615 114 (13 ) (17 ) (2 ) 697
Gross balance 18,864 7,083 (1,183 ) (103 ) (625 ) 24,036
Note: Transfer in/(out) includes the effect of exchange rate and disposals during the period. Besides allowances for impairment losses above,
the Group also charged impairment losses for off-balance sheet assets. Details are disclosed in Note 9.
32 Deposits from banks and non-bank financial institutions
Analysed by types and locations of counterparties
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
In Mainland China
— Banks 294,171 413,583 294,323 413,599
— Non-bank financial institutions 125,498 121,396 125,498 122,396
Subtotal 419,669 534,979 419,821 535,995
Outside Mainland China
— Banks 7,590 567 16,539 4,815
Subtotal 7,590 567 16,539 4,815
Total 427,259 535,546 436,360 540,810
33 Placements from banks and non-bank financial institutions
Analysed by types and locations of counterparties
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
In Mainland China
— Banks 4 634 — —
— Non-bank financial institutions 797 819 797 819
Subtotal 801 1,453 797 819
Outside Mainland China
— Banks 3,249 3,223 — —
Subtotal 3,249 3,223 — —
Total 4,050 4,676 797 819
2012 Interim Report 129
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
34 Financial assets sold under repurchase agreements
(a) Analysed by types and locations of counterparties
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
In Mainland China
— PBOC 429 541 429 541
— Non-bank financial institutions 4,299 8,800 4,299 8,800
Subtotal 4,728 9,341 4,728 9,341
Outside Mainland China
— Banks 356 50 51 50
— Non-bank financial institutions — 415 — 415
Subtotal 356 465 51 465
Total 5,084 9,806 4,779 9,806
(b) Analysed by types of collaterals
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
Debt securities 4,655 9,265 4,350 9,265
Discounted bills 429 541 429 541
Total 5,084 9,806 4,779 9,806
35 Deposits from customers
Analysed by natures of deposits
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
Demand deposits
— Corporate customers 804,862 782,261 789,572 765,593
— Personal customers 101,920 91,762 87,489 79,753
Subtotal 906,782 874,023 877,061 845,346
Time and call deposits
— Corporate customers 996,844 835,035 948,541 787,775
— Personal customers 275,466 254,202 250,019 227,309
Subtotal 1,272,310 1,089,237 1,198,560 1,015,084
Outward remittance and remittance payables 9,728 4,791 9,728 4,791
Total 2,188,820 1,968,051 2,085,349 1,865,221
130 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
35 Deposits from customers (continued)
Analysed by natures of deposits (continued)
Deposits from customers included pledged deposits for:
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
Bank acceptances 285,230 231,807 285,106 231,602
Letters of credit 38,341 47,665 37,854 47,356
Guarantees 13,365 10,693 13,003 10,196
Others 66,266 52,774 61,415 47,758
Total 403,202 342,939 397,378 336,912
36 Accrued staff costs
TheGroup
Sixmonthsended30June2012
Asat Accrualfor Paymentfor Asat
Note 1January theperiod theperiod 30June
Salaries and bonuses 8,282 5,286 (6,341 7,227
Welfare expenses — 367 (367 —
Social insurance (i) 21 670 (606 85
Housing fund 20 258 (256 22
Housing allowance 28 120 (117 31
Defined contribution
retirement schemes (ii) 3 116 (113 6
Supplementary retirement benefits (iii) 41 (1 (3 37
Labor union expenses and
employee education expenses 350 221 (129 442
Others 116 68 (79 105
Total 8,861 7,105 (8,011 7,955
Year ended 31 December 2011
As at Accrual for Payment for As at
Note 1 January the year the year 31 December
Salaries and bonuses 7,358 8,924 (8,000 ) 8,282
Welfare expenses — 753 (753 ) —
Social insurance (i) 19 994 (992 ) 21
Housing fund 16 498 (494 ) 20
Housing allowance 28 229 (229 ) 28
Defined contribution
retirement schemes (ii) — 195 (192 ) 3
Supplementary retirement benefits (iii) 39 6 (4 ) 41
Labor union expenses and
employee education expenses 272 367 (289 ) 350
Others 121 328 (333 ) 116
Total 7,853 12,294 (11,286 ) 8,861
2012 Interim Report 131
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
36 Accrued staff costs (continued)
TheBank
Sixmonthsended30June2012
Asat Accrualfor Paymentfor Asat
Note 1January theperiod theperiod 30June
Salaries and bonuses 8,020 4,877 (5,888 7,009
Welfare expenses — 363 (363 —
Social insurance (i) 21 662 (599 84
Housing fund 20 256 (254 22
Housing allowance 28 119 (116 31
Defined contribution
retirement schemes (ii) 3 113 (111 5
Supplementary retirement benefits (iii) 41 (1 (3 37
Labor union expenses and
employee education expenses 350 219 (128 441
Others 112 36 (43 105
Total 8,595 6,644 (7,505 7,734
Year ended 31 December 2011
As at Accrual for Payment for As at
Note 1 January the year the year 31 December
Salaries and bonuses 7,127 8,108 (7,215 ) 8,020
Welfare expenses — 747 (747 ) —
Social insurance (i) 19 987 (985 ) 21
Housing fund 16 494 (490 ) 20
Housing allowance 28 227 (227 ) 28
Defined contribution
retirement schemes (ii) — 191 (188 ) 3
Supplementary retirement benefits (iii) 39 6 (4 ) 41
Labor union expenses and
employee education expenses 271 365 (286 ) 350
Others 118 259 (265 ) 112
Total 7,618 11,384 (10,407 ) 8,595
(i) Social insurance
Social insurance includes costs of statutory retirement plan. Pursuant to the relevant laws and regulations
in the PRC governing labor and social security, the Group joins statutory retirement plan for the
employees as set out by city and provincial governments. The Group is required to make contributions
based on defined ratios of the salaries, bonuses and certain allowances of the employees to the statutory
retirement plan under the administration of the government.
(ii) Defined contribution retirement schemes
In addition to the above statutory retirement plan, the Group’s qualified employees have joined a defined
contribution retirement scheme (the “Scheme”) which was established by the Group. The Scheme is
managed by the CITIC Group. The Bank has made annuity contributions at 4% of its employee’s gross
wages. The Bank made annuity contribution amounting to RMB 113 million for the six months ended
30 June 2012 (six months ended 30 June 2011: RMB 90 million).
The Group’s employees based in Hong Kong join the Mandatory Provident Fund Scheme with certain
contribution ratios pursuant to the relevant laws and regulations.
132 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
36 Accrued staff costs (continued)
TheBank(continued)
(iii) Supplementary retirement benefits
The Group pays supplementary retirement benefits for its qualified employees in Mainland China. Both
current staff and retired staff join this supplementary retirement benefits. The balance at the reporting
date represents the present value of un-contributed fund.
Save for the above schemes in 36(i) to 36(iii), the Group has no other material obligation for payment of
retirement benefits beyond the contributions.
37 Taxes payable
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
Income tax 1,821 1,876 1,525 1,773
Business tax and surcharges 1,872 2,126 1,867 2,121
Others 63 13 55 6
Total 3,756 4,015 3,447 3,900
38 Interest payable
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
Deposits from customers 14,183 11,533 13,912 11,314
Debt securities issued 147 623 90 458
Others 2,939 1,443 2,788 1,339
Total 17,269 13,599 16,790 13,111
39 Provisions
TheGroupandtheBank
30June 31 December
2012 2011
Litigation provisions 36 36
Movement of provisions:
Sixmonths Year ended
ended 31 December
30June2012 2011
As at 1 January 36 36
Charge for the period/year — —
Reversal for the period/year — —
Transfer out — —
As at 30 June/31 December 36 36
2012 Interim Report 133
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
40 Debt securities issued
TheGroup TheBank
30June 31 December 30June 31 December
Note 2012 2011 2012 2011
Notes issued (i) 316 322 — —
Certificates of deposit issued (ii) 10,400 8,576 — —
Subordinated bonds issued:
— by the Bank (iii) 38,469 18,500 38,469 18,500
— by CIFH (iv) 4,837 6,332 — —
Total 54,022 33,730 38,469 18,500
(i) The notes were issued by CBI, and measured at amortized cost.
(ii) Certificates of deposit were issued by CBI and measured at amortized cost.
(iii) The carrying value of the Bank’s subordinated bonds issued as at 30 June 2012 and 31 December 2011
represents:
30June 31 December
Note 2012 2011
Subordinated fixed rate bonds maturing:
— in May 2020 (a) 5,000 5,000
— in June 2021 (b) 2,000 2,000
— in May 2025 (c) 11,500 11,500
— in June 2027 (d) 19,969
Total 38,469 18,500
(a) The interest rate per annum on the subordinated fixed rate bonds issued on 28 May 2010 is
4.00%. The Bank has an option to redeem the bonds on 28 May 2015. If they are not redeemed
early, the interest rate of the bonds will remain 4.00% per annum for the next five years.
(b) The interest rate per annum on the subordinated fixed rate bonds issued on 22 June 2006 is
4.12%. The Bank has an option to redeem the bonds on 22 June 2016. If they are not redeemed
early, the interest rate of the bonds will increase to 7.12% per annum for the next five years.
(c) The interest rate per annum on the subordinated fixed rate bonds issued on 28 May 2010 is
4.30%. The Bank has an option to redeem the bonds on 28 May 2020. If they are not redeemed
early, the interest rate of the bonds will remain 4.30% per annum for the next five years.
(d) The interest rate per annum on the subordinated fixed rate bonds issued on 21 June 2012 is
5.15%. The Bank has an option to redeem the bonds on 21 June 2022. If they are not redeemed
early, the interest rate of the bonds will remain 5.15% per annum for the next five years.
134 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
40 Debt securities issued (continued)
(iv) The carrying value of CIFH’s subordinated bonds issued as at 30 June 2012 and 31 December 2011
represents:
30June 31 December
Note 2012 2011
Perpetual subordinated fixed rate notes (a) — 1,582
Subordinated floating rate notes
maturing in December 2017 (b) 1,254 1,261
Subordinated fixed rate notes
maturing in June 2020 (c) 3,583 3,489
Total 4,837 6,332
(a) On 31 May 2012, CBI exercised the call option and redeemed the subordinated notes at par
value.
(b) On 30 November 2007, CBI launched a USD 2 billion Medium Term Notes Programme ("the
Programme"). Under the Programme, CBI, subject to compliance with all relevant laws, regulations
and directives, may from time to time issue subordinated notes denominated in any currency
agreed between CBI and the relevant dealers as defined.
Under the Programme, CBI issued subordinated floating rate notes with face value of USD 250
million on 11 December 2007. The interest rate per annum is the LIBOR for three-month US
dollar deposits plus an interest margin of 1.75%. The notes are listed on the SGX-ST and mature
on 12 December 2017.
(c) Subordinated notes with an interest rate of 6.875% per annum and with face value of USD 500
million were issued on 24 June 2010 by CBI. The notes are listed on SGX-ST and mature on
24 June 2020.
41 Other liabilities
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
Settlement accounts 1,344 1,169 1,319 1,169
Dormant accounts 170 169 170 169
Payment and collection clearance accounts 249 444 249 444
Government bonds redemption payable 195 61 195 61
Others 10,164 3,173 9,433 2,370
Total 12,122 5,016 11,366 4,213
42 Share capital
Structure of share capital
TheGroupandtheBank
30June 31 December
2012 2011
A-Share 31,905 31,905
H-Share 14,882 14,882
Total 46,787 46,787
2012 Interim Report 135
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
42 Share capital (continued)
Movement of share capital
TheGroupandtheBank
Sixmonths Year ended 31
ended December
30June2012 2011
As at 1 January 46,787 39,033
Rights Issue — 7,754
— A share — 5,274
— H share — 2,480
As at 30 June/31 December 46,787 46,787
The Bank issued 5,274 million A shares and 2,480 million H shares with a par value of RMB 1 each in Rights
Issue during 2011. KPMG Huazhen verified the share capital received and issued verification reports KPMG-
A(2011)CR No.0013 and KPMG-A(2011)CR No.0017 on 7 July 2011 and 29 July 2011 respectively.
43 Share premium and other reserve
Structure of Reserve
TheGroup TheBank
30June 31 December 30June 31 December
Note 2012 2011 2012 2011
Share premium (i) 49,214 49,214 51,619 51,619
Other reserve 277 277 — —
Total 49,491 49,491 51,619 51,619
(i) Share premium arises from the share prices in excess of their par value.
Movements of share premium during the period/year were as follows:
TheGroup TheBank
Sixmonths Year ended Sixmonths Year ended
ended30 31 December ended30 31 December
June2012 2011 June2012 2011
As at 1 January 49,214 31,301 51,619 33,706
Gross proceeds upon Rights Issue — 25,786 — 25,786
Less: Par value — (7,754 ) — (7,754 )
Issuing costs — (119 ) — (119 )
As at 30 June/31 December 49,214 49,214 51,619 51,619
136 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
44 Investment revaluation reserve
The investment revaluation reserve comprises the cumulative net change in the fair value of available-for-sale
financial assets until the financial assets are derecognised and is dealt with in accordance with the Group
accounting policies.
TheGroup TheBank
Sixmonths Year ended Sixmonths Year ended
ended30 31 December ended30 31 December
June2012 2011 June2012 2011
As at 1 January 214 (632 ) 428 (451 )
Changes in fair value of available-for-sale
financial assets during the period/year 1,010 866 813 1,084
Net amount transferred to profit or loss (26 263 (34 88
Less: Tax effect (228 (283 ) (195 (293 )
As at 30 June/31 December 970 214 1,012 428
45 Surplus reserve
Movement of surplus reserve
TheGroupandtheBank
Sixmonths Year ended
ended30 31 December
June2012 2011
As at 1 January 8,691 5,618
Appropriations — 3,073
As at 30 June/31 December 8,691 8,691
Under relevant PRC Laws, the Bank and the Group’s subsidiaries in Mainland China are required to appropriate
10% of its net profit, as determined under the Accounting Standards for Business Enterprises and other
relevant regulations issued by the MOF (collectively ‘‘PRC GAAP’’), to the statutory surplus reserve until the
reserve balance reaches 50% of the registered capital. After making the appropriation to the statutory surplus
reserve, the Bank may also appropriate its net profit to the discretionary surplus reserve upon approval by
shareholders at the Annual General Meeting.
Subject to the approval of shareholders, statutory and discretionary surplus reserves may be used to make good
prior year losses, if any, and may be converted into capital, provided that the balance of statutory surplus
reserve after such capitalisation is not less than 25% of the registered capital before such capitalisation.
46 General reserve
TheGroup TheBank
Sixmonths Year ended Sixmonths Year ended
ended30 31 December ended30 31 December
June2012 2011 June2012 2011
As at 1 January 20,825 15,698 20,750 15,650
Appropriations — 5,127 — 5,100
As at 30 June/31 December 20,825 20,825 20,750 20,750
Pursuant to relevant MOF notices, the Bank and the Group’s banking subsidiaries in Mainland China are
required to set aside a general reserve to cover potential losses against their assets. In principle, the general
reserve balance should not be lower than 1% of the ending balance of gross risk-bearing assets. Effective from
1 July 2012, the minimum general reserve balance should increase to 1.5% of the ending balance of gross
risk-bearing assets with a transition period of five years.
2012 Interim Report 137
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
47 Profit appropriations
In accordance with the resolution approved in the Annual General Meeting of the Bank on 30 May 2012, a
total amount of approximately RMB 6,784 million (RMB 145 cents per 10 shares) were distributed in the
form of cash dividend to the Bank’s shareholders on 25 July 2012.
48 Notes to consolidated cash flow statement
Cash and cash equivalents
TheGroup
30June 30 June
2012 2011
Cash 5,785 4,297
Surplus deposit reserve funds 40,968 41,987
Deposits with banks and non-bank financial institutions
due within three months when acquired 266,109 60,300
Placements with banks and non-bank financial
institutions due within three months when acquired 37,413 33,146
Investment securities due within three months when acquired 17,159 24,330
Subtotal 361,649 159,763
Total 367,434 164,060
49 Commitments and contingent liabilities
(a) Credit commitments
Credit commitments take the form of loan commitments, credit card limits, financial guarantees and
letters of credit.
Loan commitments represent the undrawn amount of approved loans with signed contracts and credit
card limits. Financial guarantees and letters of credit represent guarantee provided by the Group to
guarantee the performance of customers to third parties. Acceptances comprise undertakings by the
Group to pay bills of exchange drawn on customers. The Group expects most acceptances to be settled
simultaneously with the reimbursement from the customers.
The contractual amounts of credit commitments by category are set out below. The amounts disclosed
in respect of loan commitments and credit card commitments assume that amounts are fully advanced.
The amounts of guarantees, letters of credit and acceptances represent the maximum potential loss that
would be recognised at the reporting date if counterparties failed to perform as contracted.
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
Contractualamount
Loan commitments
— with an original maturity of
within one year 92,575 79,634 61,957 54,376
— with an original maturity of
one year or beyond 17,571 15,584 15,287 12,616
Subtotal 110,146 95,218 77,244 66,992
Guarantees 76,786 64,534 75,636 63,852
Letters of credit 247,871 244,312 244,064 239,779
Acceptances 617,074 503,666 615,241 501,746
Credit card commitments 65,227 60,937 59,681 55,543
Total 1,117,104 968,667 1,071,866 927,912
138 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
49 Commitments and contingent liabilities (continued)
(b) Credit risk weighted amount
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
Credit risk weighted amount of credit
commitments 427,671 375,757 423,566 371,066
The credit risk weighted amount refers to the amount as computed in accordance with the rules set
out by the CBRC and depends on the status of counterparties and the maturity characteristics. The
risk weighting used range from 0% to 100%. The credit risk weighted amounts stated above have taken
into account the effects of bilateral netting arrangements.
There are no relevant standards prescribed in IFRS with regard to the calculation of the above credit
risk weighted amounts.
(c) Capital commitments
The Group and the Bank had the following authorised capital commitments at the balance sheet
date:
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
— Contracted for 637 750 613 728
— Authorized but not contracted for 97 688 91 687
(d) Operating lease commitments
The Group leases certain properties and equipment under operating leases, which typically run for
an initial period of one to five years and may include an option to renew the lease when all terms
are renegotiated. At the balance sheet date, the Group’s future minimum lease payments under non-
cancellable operating leases were as follows:
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
Within one year 1,673 1,409 1,521 1,264
After one year but within two years 1,514 1,294 1,380 1,154
After two years but within three years 1,325 1,204 1,206 1,095
After three years but within five years 1,830 1,772 1,665 1,598
After five years 2,041 2,581 1,914 2,438
Total 8,383 8,260 7,686 7,549
(e) Outstanding litigations and disputes
As at 30 June 2012, the Group was the defendant in certain pending litigations with gross claims of
RMB 276 million (as at 31 December 2011: RMB 242 million). Based on the opinion of internal and
external legal counsels of the Group, the Group made a provision of RMB 36 million (as at 31 December
2011: RMB 36 million). The Group believes that these accruals are reasonable and adequate.
(f ) Securities underwriting obligations
The Group has no underwriting commitments of securities as at 30 June 2012 and 31 December
2011.
2012 Interim Report 139
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
49 Commitments and contingent liabilities (continued)
(g) Bonds redemption obligations
As an underwriting agent of PRC government bonds, the Group has the responsibility to buy back those
bonds sold by it should the holders decide to early redeem the bonds held. The redemption price for
the bonds at any time before their maturity date is based on the coupon value plus any interest unpaid
and accrued up to the redemption date. Accrued interest payables to the bond holders are calculated
in accordance with relevant rules of the MOF and the PBOC. The redemption price may be different
from the fair value of similar instruments traded at the redemption date.
The redemption obligations below represent the nominal value of government bonds underwritten and
sold by the Group, but not yet matured at the reporting date:
TheGroupandtheBank
30June 31 December
2012 2011
Bonds redemption obligations 4,647 5,465
The Group estimates that the possibility of redemption before maturity is remote.
(h) Provision against commitments and contingent liabilities
The Group has assessed and has made provision (Note 39) for any probable outflow of economic benefits
in relation to the above commitments and contingent liabilities at the reporting date in accordance
with its accounting policies.
50 Pledged assets
(a) Financial assets pledged as collaterals
The carrying amount of financial assets pledged as collateral for liabilities or contingent liabilities at
the reporting date are disclosed as below.
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
Discounted bills 271 606 271 606
Debt securities 5,154 10,961 4,817 10,961
Others 70 70 — —
Total 5,495 11,637 5,088 11,567
(b) Collateral accepted as securities for assets
The Group conducts resale agreements under usual and customary terms of placements, and holds
collateral for these transactions. As at 30 June 2012 and 31 December 2011, the Group did not hold
any collateral under resale agreements for which the Group was permitted to sell or repledge in the
absence of default for the transactions.
140 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
51 Transactions on behalf of customers
(a) Entrusted lending business
The Group provides entrusted lending business services to corporations and individuals. All entrusted
loans are made under the instruction or at the direction of these entities or individuals and are funded
by entrusted funds from them.
For entrusted assets and liabilities and entrusted provident housing fund mortgage business, the Group
generally does not take on credit risk in relation to these transactions. The Group acts as an agent to
hold and manage these assets and liabilities at the instruction of the entrustor and receives fee income
for the services provided.
Trust assets are not assets of the Group and are not recognised on the statement of financial position.
Surplus funding is accounted for as deposits from customers. Income received and receivable for
providing these services is included in the statement of comprehensive income as fee income.
At the reporting date, the entrusted assets and liabilities were as follows:
TheGroupandtheBank
30June 31 December
2012 2011
Entrusted loans 121,970 108,556
Entrusted funds 121,970 108,556
(b) Wealth management services
The Group’s wealth management services to customers mainly represent sales of wealth management
products to corporate and personal banking customers. The funds obtained from wealth management
services are invested in investment products, including government bonds, PBOC bills, notes issued by
policy banks, short-dated corporate notes, entrusted loans, corporate loans and IPO shares. The credit
risk, liquidity risk and interest rate risk associated with these products are borne by the customers who
invest in these products. The Group only earns commission which represents the charges on customers
in relation to the provision of custody, sales and management services. The income is recognised in
the statement of comprehensive income as commission income.
The wealth management products and funds obtained are not assets and liabilities of the Group and
are not recognised on the statement of financial position. The funds obtained from wealth management
services that have not yet been invested are recorded under deposits from customers.
At the reporting date, the assets and liabilities under wealth management services were as follows:
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
Investments under wealth
management services 183,975 137,903 116,194 72,665
Funds from wealth management services 183,975 137,903 116,194 72,665
Amongst the above funds from wealth management service, RMB 19,372 million was entrusted to
CITIC Trust Co., Ltd. (“CITIC Trust”), a wholly owned subsidiary of CITIC Group, as at 30 June
2012 (as at 31 December 2011: RMB 24,747 million).
2012 Interim Report 141
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
52 Segment reporting
Measurement of segment assets and liabilities, and segment income and expense is based on the Group’s
accounting policies.
Internal charges and transfer pricing of transactions between segments are determined for management purpose
and have been reflected in the performance of each segment. Net interest income and expenses arising from
internal charges and transfer pricing adjustments are referred to as “Internal net interest income/expenses”. Interest
income and expenses earned from third parties are referred to as “External net interest income/expenses”.
Segment income, expense, assets and liabilities include items directly attributable to a segment as well as
those that can be allocated on a reasonable basis. Deferred tax assets and deferred tax liabilities are not
included in Segment assets and liabilities. Segment income, expenses, assets, and liabilities are determined
before intra-group balances, and intra-group transactions are eliminated as part of the consolidation process.
Segment capital expenditure is the total costs incurred during the reporting period to acquire fixed assets and
intangible assets.
(a) Business segments
The Group comprises the following main business segments for management purpose:
Corporate banking
This segment represents the provision of a range of financial products and services to corporations,
government agencies and financial institutions. The products and services include corporate loans, trade
financing, deposit taking activities, agency services, remittance and settlement services and guarantee
services.
Personal banking
This segment represents the provision of a range of financial products and services to individual customers.
The products and services comprise personal loans, deposit services and securities agency services.
Treasury business
This segment covers the Group’s treasury operations. The treasury enters into inter-bank money
market transactions and repurchase transactions, and invests in debt instruments. It also trades in debt
instruments, derivatives and foreign currencies for its own account. The treasury carries out customer
driven transactions on derivatives and foreign currency trading. Its function also includes the management
of the Group’s overall liquidity position, including the issuance of subordinated bonds issued.
Others and unallocated
These represent the non-banking business of the Group’s subsidiary, CIFH and CIFL, the assets, liabilities,
income and expenses that are not directly attributable to a segment and reconciling items between
management accounting and financial accounting due to differences in accounting treatments.
Changes in disclosure of segment results and assets and liabilities in 2012
The Group has further strengthened the centralized operations management and optimized the resource
allocation at Group level during the reporting period, and assessed and managed CIFH’s segment results
and assets and liabilities based on four main business segments, i.e Corporate banking, Personal banking,
Treasury business as well as Others and unallocated, and thus changed the disclosure of business segment
accordingly. Compared to the old method where CIFH’s information has been separately disclosed as
the “oversea subsidiaries” segment, the new method better reflect the results contribution and resource
consumption of the four business segments in the whole Group, and is more conducive to the Group’s
strategic management and decision-making of business operations.
The 2011 comparative figures have not been restated as it is impractical. Segment information as at 30
June 2012 has been presented using both the new and old methods.
142 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
52 Segment reporting (continued)
(a) Business segments (continued)
The segment information as at 30 June 2012 has been presented using the new method as below:
Sixmonthsended30June2012
Corporate Personal Treasury Othersand
Banking Banking Business Unallocated Total
External net interest income 21,492 5,056 10,361 20 36,929
Internal net interest
income/(expense) 8,408 (288 (7,865 (255 —
Netinterestincome/(expense) 29,900 4,768 2,496 (235 36,929
Net fee and commission income 3,427 1,900 75 3 5,405
Other net income (note 1) 398 60 1,249 202 1,909
Operatingincome/(expense) 33,725 6,728 3,820 (30 44,243
Operating expenses
— depreciation and amortization (376 (316 (35 (43 (770)
— others (9,798 (4,911 (204 (175 (15,088)
Impairment (losses)/reversal (2,337 (208 35 (14 (2,524)
Revaluation gain on
investment properties — — — 35 35
Share of losses of associates — — — (20 (20)
Profit/(loss)beforetax 21,214 1,293 3,616 (247 25,876
Capitalexpenditure 341 268 29 14 652
30June2012
Corporate Personal Treasury Othersand
Banking Banking Business Unallocated Total
Segmentassets 2,182,795 363,136 371,481 (6,061 2,911,351
Investment in associates 2,210
Deferred tax assets 2,804
Totalasset 2,916,365
Segmentliabilities 2,250,277 385,361 102,207 (13,960 2,723,885
Deferred tax liabilities —
Totalliabilities 2,723,885
Off-balance sheet credit commitments 1,051,877 65,227 — — 1,117,104
2012 Interim Report 143
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
52 Segment reporting (continued)
(a) Business segments (continued)
The segment information as at 30 June 2012 has been presented using the old method as below:
Sixmonthsended30June2012
Corporate Personal Treasury Overseas Othersand
Banking Banking Business subsidiaries Unallocated Total
External net interest income 20,850 5,069 10,116 894 — 36,929
Internal net interest
income/(expense) 8,340 (658 (7,417 — (265 —
Netinterestincome/(expense) 29,190 4,411 2,699 894 (265 36,929
Net fee and commission income 3,307 1,746 80 272 — 5,405
Other net income (note 1) 408 15 960 415 111 1,909
Operatingincome/(expense) 32,905 6,172 3,739 1,581 (154 44,243
Operating expenses
— depreciation and
amortization (360 (304 (34 (72 — (770)
— others (9,570 (4,638 (151 (688 (41 (15,088)
Impairment (losses)/reversal (2,328 (210 35 (6 (15 (2,524)
Revaluation gain on
investment properties — — — 35 — 35
Share of losses of associates — — — (20 — (20)
Profit/(loss)beforetax 20,647 1,020 3,589 830 (210 25,876
Capitalexpenditure 324 246 28 54 — 652
30June2012
Corporate Personal Treasury Overseas Othersand
Banking Banking Business subsidiaries Unallocated Total
Segmentassets 2,113,949 334,746 326,930 130,455 5,271 2,911,351
Investment in associates — — — 2,210 — 2,210
Deferred tax assets 2,804
Totalasset 2,916,365
Segmentliabilities 2,180,852 332,984 84,425 125,293 331 2,723,885
Deferred tax liabilities —
Totalliabilities 2,723,885
Off-balance sheet credit
commitments 1,012,185 59,681 — 45,238 — 1,117,104
144 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
52 Segment reporting (continued)
(a) Business segments (continued)
Six months ended 30 June 2011
Corporate Personal Treasury Overseas Others and
Banking Banking Business subsidiaries Unallocated Total
External net interest
income/(expense) 18,049 3,753 7,342 743 (81 ) 29,806
Internal net interest
income/(expense) 5,144 276 (5,063 ) 13 (370 ) —
Netinterestincome/(expense) 23,193 4,029 2,279 756 (451 ) 29,806
Net fee and commission income 2,400 1,172 75 221 30 3,898
Other net income (note 1) 371 9 464 559 228 1,631
Operatingincome/(expense) 25,964 5,210 2,818 1,536 (193 ) 35,335
Operating expenses
— depreciation and
amortization (320 ) (257 ) (35 ) (34 ) (3 ) (649 )
— others (7,869 ) (3,794 ) (121 ) (635 ) (91 ) (12,510 )
Impairment (losses)/reversal (1,634 ) (344 ) — 61 (12 ) (1,929 )
Revaluation gain on
investment properties — — — 29 — 29
Share of profits of associates — — — 50 — 50
Profit/(loss)beforetax 16,141 815 2,662 1,007 (299 ) 20,326
Capitalexpenditure 527 438 48 73 3 1,089
31 December 2011
Corporate Personal Treasury Overseas Others and
Banking Banking Business subsidiaries Unallocated Total
Segmentassets 1,460,870 310,607 848,186 135,347 5,688 2,760,698
Investment in associates — — — 2,212 — 2,212
Deferred tax assets 2,971
Totalasset 2,765,881
Segmentliabilities 2,089,057 312,222 44,867 124,995 15,959 2,587,100
Deferred tax liabilities —
Totalliabilities 2,587,100
Off-balance sheet credit
commitments 872,369 55,543 — 40,755 — 968,667
Note 1: Other net income consists of net trading gain, net gain from investment securities, net hedging loss and other operating
income.
2012 Interim Report 145
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
52 Segment reporting (continued)
(b) Geographical segments
The Group operates principally in Mainland China with branches and sub-branches located in 28
provinces, autonomous regions and municipalities directly under the central government. The Bank’s
principal subsidiaries, CIFL and CIFH are registered and operating in Hong Kong. Another subsidiary,
Lin’an Rural Bank is registered in Mainland China.
In presenting information by geographical segment, operating income is allocated based on the location
of the branches that generated the revenue. Segment assets and capital expenditure are allocated based
on the geographical location of the underlying assets.
Geographical segments, as defined for management reporting purposes, are as follows:
— “Yangtze River Delta” refers to the following areas where tier-1 branches of the Bank are located:
Shanghai, Nanjing, Suzhou, Hangzhou and Ningbo, as well as Lin’an Rural Bank;
— “Pearl River Delta and West Strait” refers to the following areas where tier-1 branches of the
Bank are located: Guangzhou, Shenzhen, Dongguan, Fuzhou, Xiamen and Haikou;
— “Bohai Rim” refers to the following areas where tier-1 branches of the Bank are located: Beijing,
Tianjin, Dalian, Qingdao, Shijiazhuang, Jinan and Tangshan;
— “Central” region refers to the following areas where tier-1 branches of the Bank are located:
Hefei, Zhengzhou, Wuhan, Changsha, Taiyuan and Nanchang;
— “Western” region refers to the following areas where tier-1 branches of the Bank are located:
Chengdu, Chongqing, Xi’an, Kunming, Nanning, Hohhot, Urumqi, Guiyang and Lanzhou;
— “Northeastern” region refers to the following areas where tier-1 branch of the Bank is located:
Shenyang, Changchun and Harbin;
— “Head Office” refers to the headquarter of the Bank, the Auto Financial Services, the Private
Banking and the Credit Card Center; and
— “Hong Kong” includes all the operations of CIFL, CIFH and its subsidiaries.
Sixmonthsended30June2012
PearlRiver
Yangtze Deltaand
RiverDelta WestStrait BohaiRim Central WesternNortheastern HeadOffice HongKong Elimination Total
External net interest income 7,197 3,984 6,025 4,005 4,233 1,226 9,359 900 — 36,929
Internal net interest income/(expense) 1,847 980 2,123 977 215 (46 (6,090 (6 — —
Netinterestincome 9,044 4,964 8,148 4,982 4,448 1,180 3,269 894 — 36,929
Net fee and commission income 1,176 410 1,050 511 448 126 1,412 272 — 5,405
Other net income (note 1) 250 105 276 52 43 27 741 415 — 1,909
Operatingincome 10,470 5,479 9,474 5,545 4,939 1,333 5,422 1,581 — 44,243
Operating expenses
— depreciation and amortization (142 (77 (142 (81 (78 (22 (156 (72 — (770
— others (3,788 (2,035 (3,238 (2,055 (1,759 (424 (1,101 (688 — (15,088
Impairment (losses)/reversal (924 (807 (32 (500 (270 (130 145 (6 — (2,524
Revaluation gain on
investment properties — — — — — — — 35 — 35
Share of losses of associates — — — — — — — (20 — (20
Profitbeforetax 5,616 2,560 6,062 2,909 2,832 757 4,310 830 — 25,876
Capitalexpenditure 62 21 45 54 300 7 117 46 — 652
146 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
52 Segment reporting (continued)
(b) Geographical segments (continued)
30June2012
PearlRiver
Yangtze Deltaand
RiverDelta WestStrait BohaiRim Central WesternNortheastern HeadOffice HongKong Elimination Total
Segmentassets 695,799 426,563 700,690 358,857 405,914 79,424 974,216 139,938 (870,050 2,911,351
Interests in associates — — — — — — — 2,210 — 2,210
Deferred tax assets 2,804
Totalassets 2,916,365
Segmentliabilities 688,137 421,844 692,964 354,887 401,545 78,087 829,682 126,866 (870,127 2,723,885
Deferred tax liabilities —
Totalliabilities 2,723,885
Off-balance sheet credit commitments 318,423 133,106 249,865 171,660 106,508 32,623 59,681 45,238 — 1,117,104
Six months ended 30 June 2011
Pearl River
Yangtze Delta and
River Delta West Strait Bohai Rim Central Western Northeastern Head Office Hong Kong Elimination Total
External net interest income 6,805 3,562 5,173 3,365 3,223 869 6,057 752 — 29,806
Internal net interest income/(expense) 775 750 1,471 537 90 14 (3,648 ) 11 — —
Net interest income 7,580 4,312 6,644 3,902 3,313 883 2,409 763 — 29,806
Net fee and commission income 836 439 801 390 333 96 779 224 — 3,898
Other net income (note 1) 234 123 240 55 33 14 299 633 — 1,631
Operatingincome 8,650 4,874 7,685 4,347 3,679 993 3,487 1,620 — 35,335
Operating expenses
— depreciation and amortization (134) (68 ) (123 ) (63 ) (66 ) (18 ) (142 ) (35 ) — (649 )
— others (2,992 ) (1,705 ) (2,444 ) (1,460 ) (1,338 ) (350 ) (1,517 ) (704 ) — (12,510 )
Impairment (losses)/reversal (622) (318 ) 195 (499 ) (468 ) (96) (182) 61 — (1,929 )
Revaluation gain on
investment properties — — — — — — — 29 — 29
Share of profits of associates — — — — — — — 50 — 50
Profitbeforetax 4,902 2,783 5,313 2,325 1,807 529 1,646 1,021 — 20,326
Capitalexpenditure 207 111 240 136 142 55 124 74 — 1,089
31 December 2011
Pearl River
Yangtze Delta and
River Delta West Strait Bohai Rim Central Western Northeastern Head Office Hong Kong Elimination Total
Segmentassets 641,067 407,317 740,810 337,367 314,148 69,579 855,864 139,763 (745,217 ) 2,760,698
Interests in associates — — — — — — — 2,212 — 2,212
Deferred tax assets 2,971
Totalassets 2,765,881
Segmentliabilities 629,878 401,011 730,097 331,652 308,503 68,109 735,288 127,779 (745,217 ) 2,587,100
Deferred tax liabilities —
Totalliabilities 2,587,100
Off-balance sheet credit commitment 265,912 111,062 226,460 160,111 83,237 25,587 55,543 40,755 — 968,667
Note 1: Other net income consists of net trading gain, net gain from investment securities, net hedging loss and other operating
income.
2012 Interim Report 147
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management
This section presents information about the Group’s exposure to and its management and control of risks, in
particular the primary risks associated with its use of financial instruments:
— Credit risk: Credit risk represents the potential loss that may arise from the failure of a debtor
or counterparty to meet its contractual obligations or commitments to the Group.
— Market risk: Market risk arises from unfavourable changes in market prices (interest rate, exchange
rate, stock price or commodity price) that lead to a loss of on-balance-sheet or off-
balance-sheet business in the Group.
— Liquidity risk: Liquidity risk arises when the Group, in meeting the customer’s demand of liabilities
due or the needs of business expansion, is unable to sufficiently, timely or cost-
effectively acquire funds.
— Operational risk: Operational risk arises from matters such as non-adherence to systems and procedures
or from fraud resulting in financial or reputation loss.
The Group has established policies and procedures to identify and analyse these risks, to set appropriate
risk limits and controls, and to constantly monitor the risks and limits by means of reliable and up-to-date
management information systems. The Group regularly modifies and enhances its risk management policies
and systems to reflect changes in markets, products and best practice risk management processes. Internal
auditors also perform regular audits to ensure compliance with policies and procedures.
(a) Credit risk
This category includes credit and counterparty risks from loans and advances, issuer risks from the
securities business, counterparty risks from trading activities, and country risks. The Group identifies
and manages this risk through its target market definitions, credit approval process, post-disbursement
monitoring and remedial management procedures. It arises primarily from credit business. In treasury
business, credit risk represents impairment losses of asset value attributable to the Group resulting from
lowering of ratings for issuers of debt securities.
Credit business
In addition to underwriting standards, the principal means of managing credit risk is the credit approval
process. The Group has policies and procedures to evaluate the potential credit risk of a particular
counterparty or transaction and to approve the transaction.
The Group undertakes ongoing credit analysis and monitoring at several levels. The policies are designed
to promote early detection of counterparty, industry or product exposures that require special monitoring.
The Risk Management Committee monitors overall portfolio risk as well as individual problem loans,
both actual and potential, on a regular basis.
The Group adopts a loan risk classification approach to manage the loan portfolio risk. Loans and
advances are classified as non-impaired and impaired based on the different risk level. When one or
more event demonstrates there is objective evidence of impairment and causes losses, corresponding
loans and advances are considered to be classified as impaired. The allowance for impairment loss on
impaired loans and advances is collectively or individually assessed as appropriate.
The Group applies a series of criteria in determining the classification of loans. The loan classification
criteria focuses on a number of factors, including (i) the borrower’s ability to repay the loan; (ii) the
borrower’s repayment history; (iii) the borrower’s willingness to repay; (iv) the net realizable value of
any collateral; and (v) the prospect for the support from any financially responsible guarantor. The
Group also takes into account the length of time for which payments of principal and interest on a
loan are overdue.
148 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(a) Credit risk (continued)
Credit business (continued)
The Group’s retail credit policy and approval process are designed for the fact that there are large volumes
of relatively homogeneous, small value transactions in each retail loan category. Because of the nature
of retail banking, the credit policies are based primarily on the Group’s strategy and statistical analyses
of risks with respect to different products and types of customers. The Group monitors its own and
industry experience to determine and periodically revise product terms and desired customer profiles.
The risks involved in credit-related commitments and contingencies are essentially the same as the risk
involved in extending loan facilities to customers. These transactions are, therefore, subject to the same
credit application, portfolio maintenance and collateral requirements as for customers’ application for
loans.
Concentration of credit risk exists when changes in geographic, economic or industrial factors similarly
affect the Group’s counterparties whose aggregate credit exposure is material in relation to the Group’s
total exposures. The Group’s portfolio of financial instruments is diversified along industry, geographic
and product sectors.
Treasury business
The Group sets credit limits for treasury operations based on the credit risk inherent in the products,
counterparties and geographical area. The system closely monitors the credit exposure on a real-time
basis, regularly reviews its credit limit policies and adjusts the credit limits, taken into accounts various
factors including market condition at the time.
(i) Maximum credit risk exposure
The maximum exposure to credit risk at the reporting date without taking into consideration
of any collateral held or other credit enhancement is represented by the net balance of each
financial assets in the balance sheet after deducting any impairment allowance. A summary of
the maximum exposure is as follows:
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
Balances with central banks 373,259 361,419 371,938 360,510
Deposits with bank and non-bank
financial institutions 294,529 386,535 292,112 379,964
Placements with banks and
non-bank financial 149,836 151,004 125,591 125,535
Trading financial assets 15,528 8,188 15,440 7,899
Positive fair value of derivatives 4,931 4,683 2,977 3,002
Financial assets held
under resale agreements 225,462 162,211 225,513 162,261
Interest receivable 11,379 10,051 10,672 9,449
Loans and advances to customers 1,509,692 1,410,779 1,432,585 1,334,509
Available-for-sale financial assets 168,136 128,641 148,661 111,357
Held-to-maturity investments 127,401 108,468 127,653 108,720
Other financial assets 5,390 3,811 5,239 3,286
Subtotal 2,885,543 2,735,790 2,758,381 2,606,492
Credit commitments 1,117,104 968,667 1,071,866 927,912
Maximum credit risk exposure 4,002,647 3,704,457 3,830,247 3,534,404
2012 Interim Report 149
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(a) Credit risk (continued)
(ii) Distribution by credit exposure of loans and advances to customers, due from banks and non-bank
financial institutions, financial assets held under resale agreements and debt securities investments
and certificates of deposit are as follows:
TheGroup
30June2012
Duefrom Debt
banksand Financial securities
Loansand non-bank assetsheld investments
advancesto financial underresale andcertificates
Note customers institutions agreements ofdeposit
Impaired
— Individually assessed
Gross balance 8,271 30 – 765
Allowance for
impairment (4,708 (8 – (428)
Net balance 3,563 22 – 337
— Collectively assessed
Gross balance 1,122 – – –
Allowance for
impairment (927 – – –
Net balance 195 – – –
Overduebutnotimpaired (1)
Gross balance 8,522 – – –
Within which
– Less than 3 months 8,129 – – –
– 3 months to 1 year 393 – – –
– Over 1 year – – – –
Allowance for impairment (377 – – –
Net balance 8,145 – – –
Neitheroverduenorimpaired
Gross balance 1,517,437 444,343 225,462 310,728
Allowance for impairment (2) (19,648 ) – – –
Net balance 1,497,789 444,343 225,462 310,728
Netbalanceoftotalassets 1,509,692 444,365 225,462 311,065
150 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(a) Credit risk (continued)
(ii) Distribution by credit exposure of loans and advances to customers, due from banks and non-bank
financial institutions, financial assets held under resale agreements and debt securities investments
and certificates of deposit are as follows: (continued)
TheGroup(continued)
31 December 2011
Due from Debt
banks and Financial securities
Loans and non-bank assets held investments
advances to financial under resale and certificates
Note customers institutions agreements of deposit
Impaired
— Individually assessed
Gross balance 7,664 30 – 724
Allowance for
impairment (3,959 ) (8 ) – (440 )
Net balance 3,705 22 – 284
— Collectively assessed
Gross balance 877 – – –
Allowance for
impairment (752 ) – – –
Net balance 125 – – –
Overduebutnotimpaired (1)
Gross balance 4,815 – – –
Within which
— Less than 3 months 4,551 – – –
— 3 months to 1 year 264 – – –
— Over 1 year – – – –
Allowance for impairment (187 ) – – –
Net balance 4,628 – – –
Neitheroverduenorimpaired
Gross balance 1,420,681 537,517 162,211 245,013
Allowance for impairment (2) (18,360 ) – – –
Net balance 1,402,321 537,517 162,211 245,013
Netbalanceoftotalassets 1,410,779 537,539 162,211 245,297
2012 Interim Report 151
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(a) Credit risk (continued)
(ii) Distribution by credit exposure of loans and advances to customers, due from banks and non-bank
financial institutions, financial assets held under resale agreements and debt securities investments
and certificates of deposit are as follows: (continued)
TheBank
30June2012
Duefrom Debt
banksand Financial securities
Loansand non-bank assetsheld investments
advancesto financial underresale andcertificates
Note customers institutions agreements ofdeposit
Impaired
— Individually assessed
Gross balance 7,901 30 – 390
Allowance for impairment (4,549 (8 – (283)
Net balance 3,352 22 – 107
— Collectively assessed
Gross balance 1,092 – – –
Allowance for impairment (926 – – –
Net balance 166 – – –
Overduebutnotimpaired (1)
Gross balance 8,166 – – –
Within which
— Less than 3 months 7,773 – – –
— 3 months to 1 year 393 – – –
— Over 1 year – – – –
Allowance for impairment (372 – – –
Net balance 7,794 – – –
Neitheroverduenorimpaired
Gross balance 1,440,667 417,681 225,513 291,647
Allowance for impairment (2) (19,394 – – –
Net balance 1,421,273 417,681 225,513 291,647
Netbalanceoftotalassets 1,432,585 417,703 225,513 291,754
152 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(a) Credit risk (continued)
(ii) Distribution by credit exposure of loans and advances to customers, due from banks and non-bank
financial institutions, financial assets held under resale agreements and debt securities investments
and certificates of deposit are as follows: (continued)
TheBank(continued)
31 December 2011
Due from Debt
banks and Financial securities
Loans and non-bank assets held investments
advances to financial under resale and certificates
Note customers institutions agreements of deposit
Impaired
— Individually assessed
Gross balance 7,110 30 – 405
Allowance for impairment (3,800 ) (8 ) – (296 )
Net balance 3,310 22 – 109
— Collectively assessed
Gross balance 863 – – –
Allowance for impairment (752 ) – – –
Net balance 111 – – –
Overduebutnotimpaired (1)
Gross balance 4,037 – – –
Within which
— Less than 3 months 3,773 – – –
— 3 months to 1 year 264 – – –
— Over 1 year – – – –
Allowance for impairment (182 ) – – –
Net balance 3,855 – – –
Neitheroverduenorimpaired
Gross balance 1,345,317 505,477 162,261 227,867
Allowance for impairment (2) (18,084 ) – – –
Net balance 1,327,233 505,477 162,261 227,867
Netbalanceoftotalassets 1,334,509 505,499 162,261 227,976
Notes: (1) Collaterals and other credit enhancements for overdue but not impaired loans and advances
As at 30 June 2012, the above loans and advances of the Group which were overdue but not impaired and
which were subject to individual assessment were RMB 2,489 million (as at 31 December 2011: RMB 673
million). The covered portion and uncovered portion of these loans and advances were RMB 931 million
(as at 31 December 2011: RMB 476 million) and RMB 1,558 million (as at 31 December 2011: RMB 197
million) respectively. The fair value of collaterals held against these loans and advances amounted to RMB
1,805 million (as at 31 December 2011: RMB 1,584 million).
As at 30 June 2012, the above loans and advances of the Bank which were overdue but not impaired and
which were subject to individual assessment were RMB 2,132 million (as at 31 December 2011: RMB 218
million). The covered portion and uncovered portion of these loans and advances were RMB 615 million
(as at 31 December 2011: RMB 83 million) and RMB 1,517 million (as at 31 December 2011: RMB 135
million) respectively. The fair value of collaterals held against these loans and advances amounted to RMB
949 million (as at 31 December 2011: RMB 104 million).
The fair value of collaterals was estimated by management based on the latest available external valuations
adjusted by taking into account the current realization experience as well as market situation.
(2) The balances represent collectively assessed allowances of impairment losses.
2012 Interim Report 153
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(a) Credit risk (continued)
(iii) Loans and advances to customers analysed by economic sector concentrations:
TheGroup
30June2012 31 December 2011
Loansand Loans and
advances advances
Gross securedby Gross secured by
balance % collaterals balance % collaterals
Corporate loans
— Manufacturing 324,967 21.2 123,211 301,815 21.0 108,903
— Wholesale and retail 194,593 12.7 111,081 177,121 12.4 98,792
— Real estate 135,533 8.8 116,607 122,111 8.5 103,983
— Transportation,
storage and
postal services 133,259 8.7 52,396 125,457 8.8 46,507
— Production and
supply of
electric power,
gas and water 69,267 4.5 12,290 79,970 5.6 11,632
— Construction 62,965 4.1 24,101 58,734 4.1 19,918
— Water, environment
and public utility
management 62,397 4.1 27,490 70,181 4.9 29,174
— Rent and business
services 53,748 3.5 29,164 50,495 3.5 26,697
— Public management
and social
organizations 15,937 1.0 3,662 21,138 1.5 5,821
— Others 112,813 7.3 33,056 109,367 7.6 34,078
Subtotal 1,165,479 75.9 533,058 1,116,389 77.9 485,505
Personal loans 293,050 19.1 237,617 268,197 18.7 226,213
Discounted bills 76,823 5.0 – 49,451 3.4 –
Gross loans and advances
to customers 1,535,352 100.0 770,675 1,434,037 100.0 711,718
154 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(a) Credit risk (continued)
(iii) Loans and advances to customers analysed by economic sector concentrations: (continued)
TheBank
30June2012 31 December 2011
Loansand Loans and
advances advances
Gross securedby Gross secured by
balance % collaterals balance % collaterals
Corporate loans
— Manufacturing 319,392 21.9 119,478 295,684 21.8 105,263
— Wholesale and retail 187,134 12.8 104,985 171,650 12.6 94,427
— Transportation,
storage and
postal services 131,213 9.0 51,093 123,333 9.1 44,835
— Real estate 123,935 8.5 105,142 111,028 8.2 93,041
— Production and supply
of electric power,
gas and water 68,854 4.7 12,195 79,584 5.9 11,541
— Construction 62,695 4.3 23,935 58,535 4.3 19,823
— Water, environment
and public utility
management 62,397 4.3 27,490 70,181 5.2 29,174
— Rent and business
services 53,580 3.7 29,125 50,376 3.7 26,677
— Public management
and social
organizations 15,937 1.1 3,662 21,063 1.6 5,821
— Others 81,507 5.6 27,064 76,694 5.6 25,318
Subtotal 1,106,644 75.9 504,169 1,058,128 78.0 455,920
Personal loans 278,552 19.1 223,771 253,867 18.7 212,483
Discounted bills 72,630 5.0 – 45,332 3.3 –
Gross loans and advances
to customers 1,457,826 100.0 727,940 1,357,327 100.0 668,403
Impaired loans and individual and collective impairment allowances in respect of economic sectors
which constitute 10% or more of total loans and advances to customers are as follows:
TheGroup
30June2012
Individually Collectively Impaired
Impaired assessed assessed Impairment loanwritten
loansand impairment impairment chargedduring offduring
advances allowances allowances theperiod theperiod
Manufacturing 3,132 1,733 4,024 778 (23)
Wholesale and retail 2,060 1,060 2,465 572 (11)
31 December 2011
Individually Collectively Impaired
Impaired assessed assessed Impairment loan written
loans and impairment impairment charged off during
advances allowances allowances during the year the year
Manufacturing 2,294 1,469 3,537 672 (446 )
Wholesale and retail 1,393 889 2,080 948 (72 )
2012 Interim Report 155
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(a) Credit risk (continued)
(iii) Loans and advances to customers analysed by economic sector concentrations: (continued)
Impaired loans and individual and collective impairment allowances in respect of economic
sectors which constitute 10% or more of total loans and advances to customers are as follows:
(continued)
TheBank
30June2012
Individually Collectively Impaired
Impaired assessed assessed Impairment loanwritten
loansand impairment impairment chargedduring offduring
advances allowances allowances theperiod theperiod
Manufacturing 3,030 1,705 4,005 746 –
Wholesale and retail 2,024 1,056 2,431 564 –
31 December 2011
Individually Collectively Impaired
Impaired assessed assessed Impairment loan written
loans and impairment impairment charged during off during
advances allowances allowances the year the year
Manufacturing 2,216 1,449 3,515 725 (411 )
Wholesale and retail 1,368 877 2,046 920 (28 )
(iv) Loans and advances to customers analysed by geographical sector risk concentrations:
TheGroup
30June2012 31 December 2011
Loansand Loans and
advances advances
Gross securedby Gross secured by
balance % collaterals balance % collaterals
Yangtze River Delta 407,175 26.5 208,697 375,635 26.2 188,053
Bohai Rim (including
Head Office) 404,221 26.3 176,591 379,024 26.4 167,580
Pearl River Delta and
West Strait 206,894 13.5 116,175 196,103 13.7 107,572
Central 204,859 13.3 103,951 187,201 13.1 90,712
Western 189,803 12.4 96,164 176,879 12.3 90,767
Northeastern 48,796 3.2 29,556 46,425 3.2 27,146
Outside Mainland
China 73,604 4.8 39,541 72,770 5.1 39,888
Total 1,535,352 100.0 770,675 1,434,037 100.0 711,718
156 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(a) Credit risk (continued)
(iv) Loans and advances to customers analysed by geographical sector risk concentrations: (continued)
TheBank
30June2012 31 December 2011
Loansand Loans and
advances advances
Gross securedby Gross secured by
balance % collaterals balance % collaterals
Yangtze River Delta 405,127 27.8 207,028 373,731 27.5 186,321
Bohai Rim (including
Head Office) 403,323 27.7 175,848 378,142 27.9 166,831
Pearl River Delta and
West Strait 205,918 14.1 115,393 194,949 14.4 106,626
Central 204,859 14.1 103,951 187,201 13.8 90,712
Western 189,803 13.0 96,164 176,879 13.0 90,767
Northeastern 48,796 3.3 29,556 46,425 3.4 27,146
Total 1,457,826 100.0 727,940 1,357,327 100.0 668,403
Impaired loans and individual and collective impairment allowances in respect of geographic
sectors which constitute 10% or more of total advances to customers are as follows:
TheGroup
30June2012
Individually Collectively
Impaired assessed assessed
loansand impairment impairment
advances allowances allowances
Yangtze River Delta 2,495 1,157 6,141
Bohai Rim (including Head Office) 2,334 1,219 5,724
Pearl River Delta and West Strait 2,483 1,396 2,834
Central 661 225 2,977
Western 648 294 2,362
31 December 2011
Individually Collectively
Impaired assessed assessed
loans and impairment impairment
advances allowances allowances
Yangtze River Delta 2,191 987 5,455
Bohai Rim (including Head Office) 2,208 1,269 5,670
Pearl River Delta and West Strait 2,125 865 2,574
Central 542 168 2,552
Western 493 302 2,163
2012 Interim Report 157
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(a) Credit risk (continued)
(iv) Loans and advances to customers analysed by geographical sector risk concentrations: (continued)
Impaired loans and individual and collective impairment allowances in respect of geographic sectors
which constitute 10% or more of total advances to customers are as follows: (continued)
TheBank
30June2012
Individually Collectively
Impaired assessed assessed
loansand impairment Impairment
advances allowances Allowances
Yangtze River Delta 2,477 1,146 6,137
Bohai Rim (including Head Office) 2,290 1,203 5,724
Pearl River Delta and West Strait 2,451 1,396 2,834
Central 661 225 2,977
Western 648 294 2,362
31 December 2011
Individually Collectively
Impaired assessed assessed
loans and impairment Impairment
advances allowances Allowances
Yangtze River Delta 2,169 976 5,454
Bohai Rim (including Head Office) 2,208 1,269 5,670
Pearl River Delta and West Strait 2,079 865 2,574
Central 542 168 2,552
Western 493 302 2,163
(v) Loans and advances to customers analysed by types of collaterals
TheGroup TheBank
30June 31 December 30June 31 December
2012 2011 2012 2011
Unsecured loans 314,565 329,615 305,406 318,333
Guaranteed loans 373,289 343,253 351,850 325,259
Secured loans
— Tangible assets other
than monetary assets 562,431 523,632 527,348 487,902
— Monetary assets 208,244 188,086 200,592 180,501
Subtotal 1,458,529 1,384,586 1,385,196 1,311,995
Discounted bills 76,823 49,451 72,630 45,332
Gross loans and advances
to customers 1,535,352 1,434,037 1,457,826 1,357,327
158 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(a) Credit risk (continued)
(vi) Rescheduled loans and advances to customers
TheGroup
30June2012 31 December 2011
%oftotal % of total
Gross loansand Gross loans and
balance advances balance advances
Rescheduled loans and advances 3,617 0.24% 3,184 0.22%
Less:
— rescheduled loans and advances
overdue more than 3 months 2,216 0.15% 1,748 0.12%
Rescheduled loans and advances
overdue less than 3 months 1,401 0.09% 1,436 0.10%
TheBank
30June2012 31 December 2011
%oftotal % of total
Gross loansand Gross loans and
balance advances balance advances
Rescheduled loans and advances 2,886 0.20% 2,413 0.18%
Less:
— rescheduled loans and advances
overdue more than 3 months 2,051 0.14% 1,716 0.13%
Rescheduled loans and advances
overdue less than 3 months 835 0.06% 697 0.05%
Rescheduled loans and advances are those loans and advances which have been restructured or
renegotiated because of deterioration in the financial position of the borrower, or of the inability
of the borrower to meet the original repayment schedule and for which the revised repayment
terms are a concession that the Group would not otherwise consider.
(b) Market risk
Market risk refers to risks that may cause a loss of on-balance-sheet and off-balance-sheet business for
the Group due to the adverse movement of market prices, including interest rates, foreign exchange
rates, stock prices and commodity prices. The Group has constructed a market risk management system
that formulates procedures to identify, measure, supervise and control market risks. This system aims
to limit market risk to an acceptable level through examining and approving new products and quota
management.
The Market Risk Committee is responsible for formulating the Group’s market risk management policies
and procedures and examining the access of product and risk exposure threshold of the Treasury and
Capital Market Business. The Risk Management Department is responsible for the day-to-day management
of market risks, including formulating procedures to identify, assess, measure and control market risks.
The business departments are responsible for carrying out the various policies and procedures of market
risk management and ensuring that risk levels are within the set limits.
The Group uses its sensitivity analysis, exposure and gap of interest rate re-pricing as the primary
instruments to monitor market risk.
2012 Interim Report 159
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(b) Market risk (continued)
Interest rate risk and currency risk are major market risks that confront the Group.
Interest rate risk
The Group’s interest rate exposures mainly comprise the mismatching of assets and liabilities’ re-pricing
dates, as well as the effect of interest rate volatility on trading positions.
The Group primarily uses gap analysis to assess and monitor its re-pricing risk and adjusts the ratio of
floating and fixed rate accounts, the loan re-pricing cycle, as well as optimises the term structure of its
deposits according to the gap status.
The Group implements various methods, such as duration analysis, sensitivity analysis, stress testing
and scenario simulation, to measure and monitor interest risk exposure; risk exposure limits, such as
interest rate sensitivity, duration and risk exposure are set regularly, and the relevant implementation
of these limits are also supervised, managed and reported on a regular basis.
The following tables indicate the effective interest rates for the respective period, and the expected
next repricing dates (or maturity dates whichever are earlier) for the assets and liabilities as at the end
of the reporting period.
TheGroup
30June2012
Between
Effective Non- Lessthan three Between
interest rate interest three monthsand oneand Morethan
(note (i)) Total bearing months oneyear fiveyears fiveyears
Assets
Cash and balances
with central bank 1.57% 379,044 5,785 373,259 – – –
Deposits with banks
and non-bank
financial institutions 4.36% 294,529 – 285,045 8,944 540 –
Placements with banks
and non-bank
financial institutions 5.05% 149,836 22 86,273 63,541 – –
Financial assets held
under resale agreements 4.38% 225,462 – 199,727 22,968 2,767 –
Loans and advances to
customers (note (ii)) 6.88% 1,509,692 187 758,677 740,088 9,885 855
Investments (note (iii)) 3.57% 319,149 8,132 53,025 101,616 100,271 56,105
Others 38,653 38,653 – – – –
Totalassets 2,916,365 52,779 1,756,006 937,157 113,463 56,960
160 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(b) Market risk (continued)
The following tables indicate the effective interest rates for the respective period, and the expected
next repricing dates (or maturity dates whichever are earlier) for the assets and liabilities as at the end
of the reporting period.
TheGroup (continued)
30June2012
Between
Effective Non- Lessthan three Between
interest rate interest three onthsand oneand Morethan
(note (i)) Total bearing months oneyear fiveyears fiveyears
Liabilities
Deposits from banks
and non-bank
financial institutions 4.57% 427,259 679 306,428 120,152 – –
Placements from banks
and non-bank
financial institutions 3.88% 4,050 – 2,276 977 797 –
Financial assets sold
under repurchase
agreements 4.47% 5,084 – 4,465 619 – –
Deposits from customers 2.30% 2,188,820 14,525 1,516,460 479,293 171,390 7,152
Debts securities issued 3.46% 54,022 – 5,842 5,290 789 42,101
Others 44,650 44,650 – – – –
Totalliabilities 2,723,885 59,854 1,835,471 606,331 172,976 49,253
Asset-liabilitygap 192,480 (7,075 (79,465 330,826 (59,513 7,707
31 December 2011
Between
Effective Non- Less than three Between
interest rate interest three months and one and More than
(note (i)) Total bearing months one year five years five years
Assets
Cash and balances
with central bank 1.48% 366,391 4,972 361,419 – – –
Deposits with banks
and non-bank
financial institutions 3.66% 386,535 – 369,257 17,278 – –
Placements with banks
and non-bank
financial institutions 4.33% 151,004 22 113,112 37,870 – –
Financial assets held
under resale agreements 4.85% 162,211 – 155,771 4,055 2,385 –
Loans and advances to
customers (note (ii)) 6.12% 1,410,779 180 1,081,119 324,266 3,947 1,267
Investments (note (iii)) 3.21% 253,388 8,146 51,477 79,444 78,948 35,373
Others 35,573 35,573 – – – –
Totalassets 2,765,881 48,893 2,132,155 462,913 85,280 36,640
2012 Interim Report 161
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(b) Market risk (continued)
The following tables indicate the effective interest rates for the respective period, and the expected
next repricing dates (or maturity dates whichever are earlier) for the assets and liabilities as at the end
of the reporting period.
TheGroup (continued)
31 December 2011
Between
Effective Non- Less than three Between
interest rate interest three months and one and More than
(note (i)) Total bearing months one year five years five years
Liabilities
Deposits from banks
and non-bank
financial institutions 3.73% 535,546 297 526,568 8,681 – –
Placements from banks
and non-bank
financial institutions 4.25% 4,676 – 3,857 – 819 –
Financial assets sold
under repurchase
agreements 4.55% 9,806 – 9,650 156 – –
Deposits from customers 1.84% 1,968,051 8,347 1,461,348 370,437 115,165 12,754
Debts securities issued 3.58% 33,730 – 6,186 4,267 1,446 21,831
Others 35,291 35,291 – – – –
Totalliabilities 2,587,100 43,935 2,007,609 383,541 117,430 34,585
Asset-liabilitygap 178,781 4,958 124,546 79,372 (32,150 ) 2,055
TheBank
30June2012
Between
Effective Non- Lessthan three Between
interest rate interest three onthsand oneand Morethan
(note (i)) Total bearing months oneyear fiveyears fiveyears
Assets
Cash and balances
with central bank 1.58% 377,556 5,618 371,938 – – –
Deposits with banks
and non-bank
financial institutions 4.50% 292,112 – 282,628 8,944 540 –
Placements with banks
and non-bank
financial institutions 5.78% 125,591 22 63,766 61,803 – –
Financial assets held
under resale
agreements 4.39% 225,513 – 199,778 22,968 2,767 –
Loans and advances to
customers (note (ii)) 7.08% 1,432,585 – 688,466 733,852 9,417 850
Investments (note (iii)) 3.71% 307,197 15,451 42,059 96,948 96,634 56,105
Others 34,022 34,022 – – – –
Totalassets 2,794,576 55,113 1,648,635 924,515 109,358 56,955
162 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(b) Market risk (continued)
The following tables indicate the effective interest rates for the respective period, and the expected
next repricing dates (or maturity dates whichever are earlier) for the assets and liabilities as at the end
of the reporting period.
TheBank(continued)
30June2012
Between
Effective Non- Lessthan three Between
interest rate interest three onthsand oneand Morethan
(note (i)) Total bearing months oneyear fiveyears fiveyears
Liabilities
Deposits from banks
and non-bank
financial institutions 4.58% 436,360 – 316,148 120,212 – –
Placements from banks
and non-bank
financial institutions 9.67% 797 – – – 797 –
Financial assets sold
under repurchase
agreements 4.56% 4,779 – 4,160 619 – –
Deposits from customers 2.35% 2,085,349 9,728 1,434,620 462,987 170,862 7,152
Debts securities issued 4.19% 38,469 – – – – 38,469
Others 41,871 41,871 – – – –
Totalliabilities 2,607,625 51,599 1,754,928 583,818 171,659 45,621
Asset-liabilitygap 186,951 3,514 (106,293 340,697 (62,301 11,334
31 December 2011
Between
Effective Non- Less than three Between
interest rate interest three months and one and More than
(note (i)) Total bearing months one year five years five years
Assets
Cash and balances
with central bank 1.48% 365,318 4,808 360,510 – – –
Deposits with banks
and non-bank
financial institutions 4.21% 379,964 – 364,394 15,570 – –
Placements with banks
and non-bank
financial institutions 5.09% 125,535 22 91,795 33,718 – –
Financial assets held
under resale
agreements 4.85% 162,261 – 155,821 4,055 2,385 –
Loans and advances to
customers (note (ii)) 6.33% 1,334,509 – 1,017,165 312,962 3,121 1,261
Investments (note (iii)) 3.29% 243,444 15,468 41,410 76,576 74,617 35,373
Others 30,957 30,957 – – – –
Totalassets 2,641,988 51,255 2,031,095 442,881 80,123 36,634
2012 Interim Report 163
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(b) Market risk (continued)
The following tables indicate the effective interest rates for the respective period, and the expected
next repricing dates (or maturity dates whichever are earlier) for the assets and liabilities as at the end
of the reporting period.
TheBank(continued)
31 December 2011
Between
Effective Non- Less than three Between
interest rate interest three months and one and More than
(note (i)) Total bearing months one year five years five years
Liabilities
Deposits from banks
and non-bank
financial institutions 3.78% 540,810 – 528,753 12,057 – –
Placements from banks
and non-bank
financial institutions 5.69% 819 – – – 819 –
Financial assets sold
under repurchase
agreements 4.57% 9,806 – 9,650 156 – –
Deposits from customers 1.90% 1,865,221 4,791 1,374,351 360,321 113,004 12,754
Debts securities issued 4.16% 18,500 – – – – 18,500
Others 32,539 32,539 – – – –
Totalliabilities 2,467,695 37,330 1,912,754 372,534 113,823 31,254
Asset-liabilitygap 174,293 13,925 118,341 70,347 (33,700 ) 5,380
Notes: (i) Effective interest rate represents the ratio of interest income/expense to average interest bearing assets/liabilities.
(ii) For loans and advances to customers at Group level, the above “Less than three months” category includes overdue
amounts (net of allowances for impairment losses) of RMB 11,155 million as at 30 June 2012 (as at 31 December
2011: RMB 6,300 million).
For loans and advances to customers at Bank level, the above “Less than three months” category includes overdue
amounts (net of allowances for impairment losses) of RMB 10,572 million as at 30 June 2012 (as at 31 December
2011: RMB 5,152 million).
(iii) Investments include the trading financial assets, available-for-sale financial assets, held-to-maturity investments and
investments in associates. At the bank level, it also includes the investments in subsidiaries.
The Group uses sensitivity analysis to measure the potential effect of changes in interest rates on the
Group’s net interest income. The following table sets forth the results of the Group’s interest rate
sensitivity analysis at 30 June 2012 and 31 December 2011.
30June2012 31 December 2011
Changeininterestrates Change in interest rates
(inbasispoint) (in basis point)
(100 100 (100 ) 100
(Decrease)/Increase in annualized net
interest income (in millions of RMB) (1,687 1,687 (1,841 ) 1,841
This sensitivity analysis is based on a static interest rate risk profile of the Group’s non-derivative assets
and liabilities and certain simplified assumptions. The analysis measures only the impact of changes in
the interest rates within one year, showing how annualized interest income would have been affected
by repricing of the Group’s non-derivative assets and liabilities within the one-year period. The analysis
is based on the following assumptions: (i) all assets and liabilities that reprice or mature within three
months and after three months but within one year reprice or mature at the beginning of the respective
periods (i.e., all the assets and liabilities that reprice or mature within three months reprice or mature
immediately, and all the assets and liabilities that reprice or mature after three months but within one
year reprice or mature immediately after three months), (ii) there is a parallel shift in the yield curve
and in interest rates, and (iii) there are no other changes to the portfolio, all positions will be retained
and rolled over upon maturity. The analysis does not take into account the effect of risk management
measures taken by management. Due to the assumptions adopted, actual changes in the Group’s net
interest income resulting from increases or decreases in interest rates may differ from the results of
this sensitivity analysis.
164 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(b) Market risk (continued)
Currency risk
Currency risk arises from the potential change of exchange rates that cause a loss to the on-balance-sheet
and off-balance sheet business of the bank. The Group measures its currency risk with foreign currency
exposures, and manages its currency risk by spot and forward foreign exchange transactions and matching
its foreign currency denominated assets with corresponding liabilities in the same currency, as well as
using derivative financial tools, mainly foreign exchange swaps, to manage its exposure.
The exposures at the reporting date were as follows:
TheGroup
30June2012
RMB USD HKD Others Total
Assets
Cash and balances with central bank 371,610 6,884 383 167 379,044
Deposits with banks and
non-bank financial institutions 224,083 54,661 2,204 13,581 294,529
Placements with banks and
non-bank financial institutions 133,076 13,240 2,912 608 149,836
Financial assets held under
resale agreements 225,462 – – – 225,462
Loans and advances to customers 1,389,345 74,602 43,432 2,313 1,509,692
Investments 284,923 17,128 14,781 2,317 319,149
Others 33,100 2,530 2,583 440 38,653
Totalassets 2,661,599 169,045 66,295 19,426 2,916,365
Liabilities
Deposits from banks and
non-bank financial institutions 415,366 9,688 500 1,705 427,259
Placements from banks and
non-bank financial institutions 1,676 1,573 3 798 4,050
Financial assets sold under
repurchase agreements 4,729 355 – – 5,084
Deposits from customers 1,975,478 127,989 55,695 29,658 2,188,820
Debts securities issued 42,552 5,911 3,771 1,788 54,022
Others 37,891 2,114 3,311 1,334 44,650
Totalliabilities 2,477,692 147,630 63,280 35,283 2,723,885
Neton-balancesheetposition 183,907 21,415 3,015 (15,857 192,480
Credit commitments 972,445 116,696 20,033 7,930 1,117,104
Derivatives (note(i)) (1,579 (22,912 9,886 15,234 629
2012 Interim Report 165
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(b) Market risk (continued)
TheGroup(continued)
31 December 2011
RMB USD HKD Others Total
Assets
Cash and balances with central bank 362,517 3,379 337 158 366,391
Deposits with banks and
non-bank financial institutions 358,217 24,158 1,859 2,301 386,535
Placements with banks and
non-bank financial institutions 133,096 13,950 3,929 29 151,004
Financial assets held under
resale agreements 162,211 – – – 162,211
Loans and advances to customers 1,294,067 70,119 44,000 2,593 1,410,779
Investments 220,183 17,462 11,943 3,800 253,388
Others 29,939 2,780 2,563 291 35,573
Totalassets 2,560,230 131,848 64,631 9,172 2,765,881
Liabilities
Deposits from banks and
non-bank financial institutions 527,889 5,289 410 1,958 535,546
Placements from banks and
non-bank financial institutions 249 3,077 529 821 4,676
Financial assets sold under
repurchase agreements 9,341 465 – – 9,806
Deposits from customers 1,816,875 77,790 57,709 15,677 1,968,051
Debts securities issued 20,429 7,592 3,797 1,912 33,730
Others 30,382 2,693 1,365 851 35,291
Totalliabilities 2,405,165 96,906 63,810 21,219 2,587,100
Neton-balancesheetposition 155,065 34,942 821 (12,047 ) 178,781
Credit commitments 844,890 97,629 18,235 7,913 968,667
Derivatives (note(i)) 6,409 (29,280 ) 11,228 11,779 136
166 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(b) Market risk (continued)
TheBank
30June2012
RMB USD HKD Others Total
Assets
Cash and balances with central bank 370,598 6,579 233 146 377,556
Deposits with banks and
non-bank financial institutions 224,060 54,220 324 13,508 292,112
Placements with banks and
non-bank financial institutions 121,484 3,481 50 576 125,591
Financial assets held under
resale agreements 225,462 51 – – 225,513
Loans and advances to customers 1,384,380 46,514 9 1,682 1,432,585
Investments 293,281 12,257 651 1,008 307,197
Others 31,704 2,049 – 269 34,022
Totalassets 2,650,969 125,151 1,267 17,189 2,794,576
Liabilities
Deposits from banks and
non-bank financial institutions 424,766 9,694 197 1,703 436,360
Placements from banks and
non-bank financial institutions – – – 797 797
Financial assets sold under
repurchase agreements 4,728 51 – – 4,779
Deposits from customers 1,955,260 107,628 2,524 19,937 2,085,349
Debts securities issued 38,469 – – – 38,469
Others 37,596 1,159 1,997 1,119 41,871
Totalliabilities 2,460,819 118,532 4,718 23,556 2,607,625
Neton-balancesheetposition 190,150 6,619 (3,451 (6,367 186,951
Credit commitments 970,774 93,544 423 7,125 1,071,866
Derivatives (note(i)) 13 (8,858 3,239 5,742 136
2012 Interim Report 167
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(b) Market risk (continued)
TheBank(continued)
31 December 2011
RMB USD HKD Others Total
Assets
Cash and balances with central bank 361,721 3,274 183 140 365,318
Deposits with banks and
non-bank financial institutions 353,019 23,997 736 2,212 379,964
Placements with banks and
non-bank financial institutions 121,558 3,923 54 – 125,535
Financial assets held under
resale agreements 162,211 50 – – 162,261
Loans and advances to customers 1,290,513 41,868 23 2,105 1,334,509
Investments 228,607 13,035 642 1,160 243,444
Others 29,519 1,278 3 157 30,957
Totalassets 2,547,148 87,425 1,641 5,774 2,641,988
Liabilities
Deposits from banks and
non-bank financial institutions 533,225 5,233 394 1,958 540,810
Placements from banks and
non-bank financial institutions – – – 819 819
Financial assets sold under
repurchase agreements 9,341 465 – – 9,806
Deposits from customers 1,796,754 58,643 2,591 7,233 1,865,221
Debts securities issued 18,500 – – – 18,500
Others 30,260 1,658 55 566 32,539
Totalliabilities 2,388,080 65,999 3,040 10,576 2,467,695
Neton-balancesheetposition 159,068 21,426 (1,399 ) (4,802 ) 174,293
Credit commitments 844,113 76,580 312 6,907 927,912
Derivatives (note(i)) 11,099 (16,700 ) 1,141 4,639 179
Note: (i) The derivatives represent the net notional amount of currency derivatives, including undelivered foreign exchange spot,
foreign exchange forward, foreign exchange swap and currency option.
The Group uses sensitivity analysis to measure the potential effect of changes in foreign currency
exchange rates on the Group’s net profit and loss. The following table sets forth, as at 30 June 2012
and 31 December 2011, the results of the Group’s foreign exchange rate sensitivity analysis on the
assets and liabilities at the same date.
30June2012 31 December 2011
Changeinforeigncurrency Change in foreign currency
exchangerate exchange rate
(inbasispoint) (in basis point)
(100 100 (100 ) 100
(Decrease)/increase in annualized profit
(in millions of RMB) (17 17 (28 ) 28
This sensitivity analysis is based on a static foreign exchange exposure profile of assets and liabilities
and certain simplified assumptions. The analysis is based on the following assumptions: (i) the foreign
exchange sensitivity is the gain and loss recognised as a result of 100 basis point fluctuation in the foreign
currency exchange rates against RMB, (ii) the exchange rates against RMB for all foreign currencies
change in the same direction simultaneously, and (iii) the foreign exchange exposures calculated include
both spot foreign exchange exposures, forward foreign exchange exposures and options, and all positions
will be retained and rolled over upon maturity. The analysis does not take into account the effect of
risk management measures taken by management. Due to the assumptions adopted, actual changes in
the Group’s net foreign exchange gain and loss resulting from increases or decreases in foreign exchange
rates may differ from the results of this sensitivity analysis.
168 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(c) Liquidity risk
Liquidity risk arises when the Group is unable to receive sufficient funds in a timely manner cost-
effectively to meet the bank’s customers deposit withdrawals due and expansion of the bank asset base.
The Group’s liquidity risk arises mainly from the mismatch of assets to liabilities; customers may
withdraw in advance, or concentrate their withdrawals.
The Group has implemented overall liquidity risk management on the entity level. The headquarters has
the responsibility for developing the whole Group’s liquidity risk policies, strategies, and implements
centralised management of liquidity risk on the entity level. The domestic and foreign affiliates develop
their own liquidity policies and procedures within the Group’s liquidity strategy management framework,
based on the requirements of relevant regulatory bodies.
The Group manages liquidity risk by holding liquid assets (including deposits at PBOC, other short term
funds and securities) of appropriate quality and quantity to ensure that short term funding requirements
are covered within prudent limits. Adequate standby facilities are maintained to provide strategic liquidity
to meet unexpected and material demand for payments in the ordinary course of business.
The Group regularly or irregularly stress tests its liquidity position.
In terms of measuring liquidity risk, the Group principally uses liquidity gap analysis. Different scenarios
are applied to assess the impact on liquidity for proprietary trading and client businesses.
The following tables provide an analysis of assets and liabilities of the Group into relevant maturity
groupings based on the remaining periods to repayment at the reporting date.
TheGroup
30June2012
Between
Less three Between
Repayable thanthree monthsand oneand Morethan
ondemand months oneyear fiveyears fiveyears Indefinite Total
(note(i))
Assets
Cash and balances with
central banks 46,753 – – – – 332,291 379,044
Deposits with banks
and non-bank
financial institutions 37,291 247,754 8,944 540 – – 294,529
Placements with banks
and non-bank
financial institutions – 84,322 65,482 10 – 22 149,836
Financial assets held
under resale agreements – 198,487 23,238 3,737 – – 225,462
Loans and advances to
customers (note(ii)) 5,783 316,002 661,763 263,382 256,642 6,120 1,509,692
Investment securities 5,535 27,023 78,694 134,083 70,680 3,134 319,149
Others 9,262 7,186 3,826 1,458 236 16,685 38,653
Totalassets 104,624 880,774 841,947 403,210 327,558 358,252 2,916,365
Liabilities
Deposits from banks
and non-bank
financial institutions 38,830 262,341 126,088 – – – 427,259
Placements from banks
and non-bank
financial institutions – 1,292 488 2,270 – – 4,050
Financial assets sold
under repurchase agreements – 4,465 619 – – – 5,084
Deposits from customers 1,054,512 475,510 479,458 172,188 7,152 – 2,188,820
Debts securities issued – 2,923 6,140 1,605 43,354 – 54,022
Others 23,655 3,911 7,992 5,639 530 2,923 44,650
Totalliabilities 1,116,997 750,442 620,785 181,702 51,036 2,923 2,723,885
(Short)/Longposition (1,012,373 130,332 221,162 221,508 276,522 355,329 192,480
2012 Interim Report 169
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(c) Liquidity risk (continued)
TheGroup(continued)
31 December 2011
Between
Less three Between
Repayable than three months and one and More than
on demand months one year five years five years Indefinite Total
(note(i))
Assets
Cash and balances with
central banks 65,610 – – – – 300,781 366,391
Deposits with banks
and non-bank
financial institutions 27,421 341,836 17,278 – – – 386,535
Placements with banks
and non-bank
financial institutions – 108,922 42,060 – – 22 151,004
Financial assets held
under resale agreements – 155,703 4,055 2,453 – – 162,211
Loans and advances to
customers (note(ii)) 3,551 257,878 619,927 278,386 246,130 4,907 1,410,779
Investment securities 5,479 25,157 62,904 102,434 54,531 2,883 253,388
Others 7,018 6,792 3,812 1,481 494 15,976 35,573
Totalassets 109,079 896,288 750,036 384,754 301,155 324,569 2,765,881
Liabilities
Deposits from banks
and non-bank
financial institutions 56,558 469,311 9,677 – – – 535,546
Placements from banks
and non-bank
financial institutions – 3,082 759 835 – – 4,676
Financial assets sold
under repurchase
agreements – 9,650 156 – – – 9,806
Deposits from customers 1,011,927 444,673 381,810 116,887 12,754 – 1,968,051
Debts securities issued – 2,108 7,453 2,338 21,831 – 33,730
Others 16,973 4,541 5,617 4,766 1,023 2,371 35,291
Totalliabilities 1,085,458 933,365 405,472 124,826 35,608 2,371 2,587,100
(Short)/Longposition (976,379 ) (37,077 ) 344,564 259,928 265,547 322,198 178,781
170 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(c) Liquidity risk (continued)
TheBank
30June2012
Between
Less three Between
Repayable thanthree monthsand oneand Morethan
ondemand months oneyear fiveyears fiveyears Indefinite Total
(note(i))
Assets
Cash and balances with
central banks 46,339 – – – – 331,217 377,556
Deposits with banks
and non-bank
financial institutions 34,874 247,754 8,944 540 – – 292,112
Placements with banks
and non-bank
financial institutions – 63,766 61,803 – – 22 125,591
Financial assets held
under resale
agreements – 198,538 23,238 3,737 – – 225,513
Loans and advances to
customers (note(ii)) 5,358 300,136 639,994 241,255 239,888 5,954 1,432,585
Investment securities 5,533 18,724 73,106 129,022 70,587 10,225 307,197
Others 7,287 7,199 3,826 1,458 236 14,016 34,022
Totalassets 99,391 836,117 810,911 376,012 310,711 361,434 2,794,576
Liabilities
Deposits from banks
and non-bank
financial institutions 39,157 271,063 126,140 – – – 436,360
Placements from banks
and non-bank
financial institutions – – – 797 – – 797
Financial assets sold
under repurchase
agreements – 4,160 619 – – – 4,779
Deposits from customers 1,024,779 419,569 462,987 170,862 7,152 – 2,085,349
Debts securities issued – – – – 38,469 – 38,469
Others 22,590 3,922 7,992 5,639 530 1,198 41,871
Totalliabilities 1,086,526 698,714 597,738 177,298 46,151 1,198 2,607,625
(Short)/Longposition (987,135 137,403 213,173 198,714 264,560 360,236 186,951
2012 Interim Report 171
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(c) Liquidity risk (continued)
TheBank(continued)
31 December 2011
Between
Less three Between
Repayable than three months and one and More than
on demand months one year five years five years Indefinite Total
(note(i))
Assets
Cash and balances with
central banks 65,281 – – – – 300,037 365,318
Deposits with banks
and non-bank
financial institutions 19,850 341,836 18,278 – – – 379,964
Placements with banks
and non-bank
financial institutions – 90,177 35,336 – – 22 125,535
Financial assets held
under resale agreements – 155,753 4,055 2,453 – – 162,261
Loans and advances to
customers (note(ii)) 2,773 242,399 600,296 255,637 228,901 4,503 1,334,509
Investment securities 5,479 18,486 59,397 95,568 54,290 10,224 243,444
Others 5,335 6,791 3,845 1,484 494 13,008 30,957
Totalassets 98,718 855,442 721,207 355,142 283,685 327,794 2,641,988
Liabilities
Deposits from banks
and non-bank
financial institutions 58,479 470,274 12,057 – – – 540,810
Placements from banks
and non-bank
financial institutions – – – 819 – – 819
Financial assets sold
under repurchase
agreements – 9,650 156 – – – 9,806
Deposits from customers 983,231 382,795 373,437 113,004 12,754 – 1,865,221
Debts securities issued – – – – 18,500 – 18,500
Others 15,626 4,425 5,651 4,769 1,023 1,045 32,539
Totalliabilities 1,057,336 867,144 391,301 118,592 32,277 1,045 2,467,695
(Short)/Longposition (958,618 ) (11,702 ) 329,906 236,550 251,408 326,749 174,293
Notes: (i) For cash and balances with central banks, the indefinite period amount represents statutory deposit reserves and fiscal
balances maintained with the PBOC. For placements with banks and non-bank financial institutions, loans and advances
to customers and investments, the indefinite period amount represent the balances being impaired or overdue for more
than one month. Equity investments are also reported under indefinite period.
(ii) For loans and advances to customers, the indefinite period amount represents the balance being impaired or overdue for
more than one month. The balances which are overdue within one month but not impaired are included in repayable
on demand.
(iii) For financial assets at fair value through profit or loss, derivatives and available-for-sale financial assets, the remaining
term to maturity does not represent the Group’s intended holding period.
172 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
53 Financial risk management (continued)
(d) Operational risk
Operational risk includes the risk of direct or indirect loss due to an event or action causing failure of
technology, processes, infrastructure and personnel, and other risks having an operational impact.
The Group manages this risk through a control-based environment by establishing a framework of policies
and procedures in order to identify, assess, control, manage and report risks. The framework covers all
business functions ranging from finance, credit, accounting, settlement, savings, treasury, intermediary
business, computer applications and management, special assets resolution and legal affairs. This has
allowed the Group to identify and address the major operational risk inherent in all key products,
activities, processes and systems. Key controls include:
— authorisation limits for various business activities to branches and functions are delegated after
consideration of their respective business scope, risk management capabilities and credit approval
procedures. Such authorities are revised on a timely basis to reflect changes in market conditions
and business development and risk management needs;
— the use of the single legal responsibility framework and strict disciplinary measures in order to
ensure accountability;
— systems and procedures to identify, control and report on the major risks: credit, market, liquidity
and operational;
— promotion of a risk management culture throughout the organisation by building a team of risk
management professionals, providing formal training and having an appraisal system in place, to
raise the overall risk awareness among the Group’s employees;
— cash management and account management are in compliance with the relevant regulations, and
for improving training on anti-money laundering to ensure our staff are well-equipped with the
necessary knowledge and basic skills;
— the review and approval by senior management of comprehensive financial and operating plans
which are prepared by branches;
— the assessment of individual branches’ financial performance against the comprehensive financial
and operating plan; and
— the maintenance of contingent facilities (including backup systems and disaster recovery schemes)
to support all major operations, especially back office operations, in the event of an unforeseen
interruption. Insurance cover is arranged to mitigate potential losses associated with certain
operational events.
In addition to the above, the Group improves its operational risk management information systems
on an ongoing basis to efficiently identify, evaluate, monitor, control and report its level of operation
risk. Its management information system can record and store lost data and events of operation risk to
further support operation risk control and self assessment, as well as monitor key risk indicators.
2012 Interim Report 173
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
54 Capital Adequacy Ratio
Capital adequacy ratio management is the key part of the Bank’s capital management. The Bank calculates
and discloses capital adequacy ratios since 2004 in accordance with Regulation Governing Capital Adequacy
of Commercial Banks issued by the CBRC in February 2004, which was amended by CBRC in July and
November 2007, and other relevant guidelines. These guidelines may have significant differences with the
relevant requirements in Hong Kong or other regions and countries. The capital of the Bank is analysed into
core capital and supplementary capital. The core capital mainly includes paid-up share capital or ordinary
shares, capital reserve, surplus reserve, retained earnings, and non-controlling interests, after the deduction
of dividends declared after the reporting date, as well as deductions of 100% of goodwill and 50% of
unconsolidated equity investments. Supplementary capital includes general provisions for loans and advances
to customer and subordinated bonds issued etc.
The CBRC requires that the capital adequacy ratio and core capital adequacy ratio for commercial banks shall
not fall below 8% and 4% respectively. For commercial banks, supplementary capital shall not exceed 100%
of core capital while long-term subordinated debts/bonds issued included in the supplementary capital should
not exceed 50% of the core capital. At the reporting date, the Group is fully compliant with the legal and
regulatory requirements in this respect.
Capital adequacy ratio management is a core issue of capital management. The capital adequacy ratio reflects
the Group’s sound operations and risk management capability. The Group’s capital adequacy ratio management
objectives are to meet the legal and regulatory requirements, and to prudently determine the capital adequacy
ratio under realistic exposures with reference to the capital adequacy ratio levels of leading global banks and
the Group’s operating situations.
The Group considers its strategic development plans, business expansion plans and risk variables in conducting
its scenario analysis, stress testing and other measures to forecast, plan and manage capital adequacy ratio.
The Group’s policies in respect of capital management and allocation are reviewed regularly by the Board of
Directors.
The capital adequacy ratios of the Group calculated based on the relevant regulations by CBRC in the PRC
were as follows:
30June 31 December
2012 2011
Capital adequacy ratio (note(i)) 13.44% 12.27%
Core capital adequacy ratio (note(ii)) 10.05% 9.91%
Components of capital base
Core capital:
— Share capital 46,787 46,787
— Capital reserve, investment revaluation
reserve and exchange difference 47,408 47,357
— Surplus reserve and general reserve 29,516 29,516
— Retained earnings (note(iii)) 58,094 43,589
— Non-controlling interest 4,588 4,285
Total core capital 186,393 171,534
Supplementary capital:
— General provision for loans and advances to customer 20,025 18,547
— Subordinated bonds issued 43,306 23,566
— Fair value change of financial assets 887 355
Total supplementary capital 64,218 42,468
Total capital base before deductions 250,611 214,002
Deductions:
— Goodwill 822 818
— Unconsolidated equity investments 2,246 2,230
— Others 1,123 1,086
Total capital base after deductions 246,420 209,868
Core capital base after deductions 184,294 169,466
Risk weighted assets 1,822,617 1,702,165
Market risk capital 850 696
174 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
54 Capital Adequacy Ratio (continued)
Note: (i) Capital Adequacy Ratio (“CAR”) equals to total capital base after deductions divided by the sum of risk weighted assets and
12.5 times of market risk capital.
(ii) Core capital adequacy ratio is calculated by dividing the net amount of core capital, which is after deduction of 100% of
goodwill, 50% of unconsolidated equity investments, and other items, by the sum of risk weighted assets and 12.5 times of
market risk capital.
(iii) According to regulatory requirements, the retained earnings are net of the estimated dividend in respect of the year ended 30
June 2012 which is based on previous year’s practice in relation to dividends.
55 Fair value
(a) Financial assets
The Group’s financial assets mainly include cash, amounts due from central bank, banks and other
financial institutions, loans and advances to customers, and investments.
Amounts due from central banks, banks and other financial institutions
Amounts due from central banks, banks and other financial institutions are mainly priced at market interest
rates and mature within one year. Accordingly, the carrying values approximate the fair values.
Loans and advances to customers
Loans and advances to customers are repriced at market rates annually at least. Accordingly, their
carrying values approximate the fair values.
Investments
Available-for-sale investments and trading debt securities are stated at fair value on the balance sheet.
The carrying values and the fair values of held-to-maturity debt securities are presented in Note 22.
(b) Financial liabilities
The Group’s financial liabilities mainly include amounts due to banks and other financial institutions,
deposits from customers, certificate of deposit, and subordinated bonds issued. The carrying values of
financial liabilities approximated their fair values at the reporting date except as follows:
TheGroup
Carryingvalues Fairvalues
30June 31 December 30June 31 December
2012 2011 2012 2011
Certificate of deposit
(not for trading purpose) 10,400 8,576 10,395 8,577
Debt securities issued 316 322 317 322
Subordinated bonds issued 43,306 24,832 41,947 23,003
TheBank
Carryingvalues Fairvalues
30June 31 December 30June 31 December
2012 2011 2012 2011
Subordinated bonds issued 38,469 18,500 37,359 17,002
2012 Interim Report 175
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
56 Related parties
(a) Relationship of related parties
(1) Related parties of the Group include CITIC Group and its fellow entities, subsidiaries, joint ventures
and associates of the Group as well as BBVA, which is a strategic investor of the Group.
(2) CITIC Group, the major shareholder of the Group, is a state-owned company established in
Beijing in 1979. CITIC Group’s core business covers financial services, industrial investments
and business services in Mainland China and Overseas.
(3) According to the relevant requirements on information disclosures of listed companies issued by
CSRC, all parties that hold more than 5% of a listed company’s shares should be recognized as
related parties of the company. BBVA is a multinational financial services company registered
in Spain. BBVA is mainly engaged in retail banking, asset management, private banking and
wholesale banking operations. BBVA held 15% of the Bank’s share as of 30 June 2012 (31
December 2011: 15%) and therefore BBVA is recognised as a related party of the Group with
significant influence.
(4) Besides the subsidiaries of the Bank mentioned in Note 24, CITIC Group is also a related party
of the Bank that has control relations.
(b) Related party transactions
During the relevant periods, the Group entered into transactions with related parties in the ordinary
course of its banking business including lending, investment, deposit and off-balance sheet transactions.
The banking transactions were priced at the relevant market rates prevailing at the time of each
transaction. Transactions during the relevant periods and the corresponding balances outstanding at
the reporting dates are as follows:
Sixmonthsended30June2012
Ultimateholding
companyand
fellowentities BBVA Associates Subsidiaries
Note(i)
Interest income 84 14 1 18
Fee and commission income 59 55 – –
Interest expense (743 (64 (1 (11
Net trading (loss)/gain (14 28 – (1
Other service fees (122 – – (36
Six months ended 30 June 2011
Ultimate holding
company and
fellow entities BBVA Associates Subsidiaries
Note (i)
Interest income 60 24 3 6
Fee and commission income 49 – 37 –
Interest expense (508 ) (63 ) (8 ) (17 )
Net trading gain/(loss) 23 (51 ) – (2 )
Other service fees (23 ) – (1 ) (16 )
176 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
56 Related parties (continued)
(b) Related party transactions (continued)
30June2012
Ultimateholding
companyand
fellowentities BBVA Associates Subsidiaries
Note(i)
Assets
Gross loans and advances
to customers 6,286 133 122 –
Less: individually assessed
allowances for
impairment loss – – – –
collectively assessed
allowances for
impairment loss (90 (1 – –
Loans and advances to
customers (net) 6,196 132 122 –
Gross amount of deposits and
placements with banks and
non-bank financial institutions 4,469 2 – 1,185
Less: Allowances for
impairment losses (7 – – –
Deposits and placement with
banks and non-bank
financial institutions (net) 4,462 2 – 1,185
Investments 744 249 – 10,303
Financial assets held under
resale agreements – – – 51
Other assets 110 121 – 3
Liabilities
Deposits from customers 17,447 – 848 152
Deposits and placements from
banks and non-bank
financial institutions 12,544 608 – 9,405
Debts securities issued 648 2,292 – –
Financial assets sold under
repurchase agreements 4,300 – – –
Other liabilities 168 115 – 11
Off-balancesheetitems
Guarantees and letters of credit 751 2,680 – –
Acceptances 708 – – –
Guarantees received 67 – – 374
Nominal amount of derivatives 6,605 22,917 – 63
2012 Interim Report 177
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
56 Related parties (continued)
(b) Related party transactions (continued)
31 December 2011
Ultimate holding
company and
fellow entities BBVA Associates Subsidiaries
Note (i)
Assets
Gross loans and advances
to customers 5,350 186 162 –
Less: individually assessed
allowances for impairment loss – – – –
collectively assessed
allowances for impairment loss (77 ) (2 ) – –
Loans and advances to
customers (net) 5,273 184 162 –
Gross amount of deposits and
placements with banks and
non-bank financial institutions 5,606 503 – 2,124
Less: Allowances for
impairment losses (8 ) – – –
Deposits and placement with
banks and non-bank
financial institutions (net) 5,598 503 – 2,124
Investments 751 743 – 11,562
Financial assets held under
resale agreements – – – 50
Other assets 133 258 – 3
Liabilities
Deposits from customers 21,954 410 854 209
Deposits and placements from
banks and non-bank
financial institutions 20,534 – – 5,342
Debts securities issued 2,624 2,249 – –
Financial assets sold under
repurchase agreements 8,000 – – –
Other liabilities 178 189 – 38
Off-balancesheetitems
Guarantees and letters of credit 818 2,664 – –
Acceptances 471 – – –
Guarantees received 55 32 – 290
Nominal amount of derivatives 6,465 22,318 – 63
Notes: (i) The related party transactions between the Bank and the subsidiaries and among the subsidiaries are eliminated on
consolidation.
178 China CITIC Bank Corporation Limited
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
56 Related parties (continued)
(c) Key management personnel and their close family members and related companies
Key management personnel are those persons having authority and responsibility for planning, directing
and controlling the activities of the Group, directly or indirectly, including directors, supervisors and
executive officers.
The Group enters into banking transactions with key management personnel and their close family
members and those companies controlled or significantly influenced by them in the normal course of
business. Other than the those disclosed as below, there are no material transactions and balances between
the Group and these individuals or those companies controlled or significantly influenced by them.
The aggregate amount of relevant loans outstanding as at 30 June 2012 to directors, supervisors and
executive officers amounted to RMB 20.94 million (as at 31 December 2011: RMB 22.86 million).
The aggregate of the compensations in respect of directors, supervisors and senior executives during
the six months ended 30 June 2012 amounted to RMB 7.26 million (six months ended 30 June 2011:
8.68 million)
(d) Contributions to defined contribution retirement schemes and supplementary
retirement benefits
The Group has established a supplementary defined contribution plan for its qualified employees.
The plan is administered by CITIC Group. The Group pays supplementary retirement benefits for its
qualified employees in Mainland China (Note 36(iii)).
(e) Transactions with other state-owned entities in the PRC
The Group operates in an economic regime currently predominated by entities directly or indirectly
owned by the PRC government through its government authorities, agencies, affiliations and other
organizations (“state-owned entities”).
Transactions with other state-owned entities include but are not limited to the following:
— lending and deposit taking;
— taking and placing of inter-bank balances;
— entrusted lending and other custody services;
— insurance and securities agency, and other intermediary services;
— sale, purchase, underwriting and redemption of bonds issued by other state-owned entities;
— purchase, sale and leases of property and other assets; and
— rendering and receiving of utilities and other services.
These transactions are conducted in the ordinary course of the Group’s banking business on terms
similar to those that would have been entered into with non-state-owned entities. The Group has also
established its pricing strategy and approval processes for major products and services, such as loans,
deposits and commission income. The pricing strategy and approval processes do not depend on whether
the customers are state-owned entities or not. Having due regard to the substance of the relationships,
the Directors are of opinion that none of these transactions are material related party transactions that
require separate disclosure.
2012 Interim Report 179
Notes to the Unaudited Interim Financial Report
(Expressed in millions of Renminbi unless otherwise stated)
57 Ultimate parent
The Bank’s controlling shareholder, CITIC Group has restructured its corporate structure with the establishment
of a wholly-owned subsidiary, CITIC Limited on 27 December 2011, and the subsequent transfer of a majority
of its assets into CITIC Limited (the “Restructuring”). Upon completion of the Restructuring, the shares of
the Bank will be held by CITIC Limited which will in turn be wholly-owned by CITIC Group. Up to the
date of this report, the relevant regulatory approval for the change of the Bank’s controlling shareholder is
still in progress.
58 Possible impact of amendments, new standards and interpretations issued but
not yet effective
Up to the date of issue of the interim financial report, the IASB has issued the following amendments, new
standards and interpretations which are not yet effective for the period ended 30 June 2012 and which have
not been adopted in the interim financial report.
Amendments to IFRS 7, Financial instruments: Disclosure, “Disclosures – Offsetting financial assets
and financial liabilities”;
Amendments to IAS 32, Financial instruments: Presentation, “Offsetting financial assets and financial
liabilities”;
Amendments to IAS 1, Presentation of financial statements; “Presentation of items of other comprehensive
income”;
Amendments to IFRS 1, First-time adoption of International Financial Reporting Standards, “Government
loans”;
IFRS 9, Financial instruments;
IFRS 10, Consolidated financial statements;
IAS 27 (2011), Separate financial statements;
IFRS 11, Joint arrangements;
IAS 28 (2011), Investments in associates and joint ventures;
IFRS 12, Disclosure of interests in other entities;
IFRS 13, Fair value measurement;
Revised IAS 19, Employee benefits;
IFRIC 20, Stripping costs in the production phase of a surface mine
Annual Improvements to IFRSs 2009 – 2011 Cycle
The Group is in the process of making assessment of what the impact of these developments is expected to
be in the period of initial application. So far it has concluded that the adoption of them is unlikely to have
a significant impact on the Group’s results of operations and financial position except for IFRS 9, Financial
instruments, which may have an impact on the Group’s results and financial position.
59 Comparative figures
Certain comparative figures have been reclassified to conform with current period’s presentation.
60 Events after the reporting date
Up to the date of this report, the Group had no material events that require disclosure in or adjustments of
the interim financial report after the reporting date.
180 China CITIC Bank Corporation Limited
Unaudited Supplementary Financial Information
(Expressed in millions of Renminbi unless otherwise stated)
The information set out below does not form part of the unaudited interim financial report, and is included herein
for information purposes only.
1 Difference between the financial report prepared under IFRS and that prepared
in accordance with PRC GAAP
China CITIC Bank Corporation limited (the “Bank”) prepares consolidated financial report for the six months
ended 30 June 2012, which includes the financial report of the Bank and its subsidiaries (collectively the
“Group”), in accordance with International Accounting Standard 34, Interim Financial Reporting (“IAS 34”)
promulgated by the International Accounting Standards Board.
As a financial institution incorporated in the People’s Republic of China (the “PRC”), the Group also prepares
its consolidated financial report for the six months ended 30 June 2012 in accordance with the Accounting
Standards for Business Enterprises 32, Interim financial reporting (“CAS 32”) issued by the Ministry of
Finance of the PRC.
There is no difference in the net profit for the six months ended 30 June 2012 or total equity as at 30 June
2012 between the Group’s consolidated financial report prepared under IAS 34 and that prepared under CAS
32 respectively.
2 Liquidity ratios
30 June 31 December
2012 2011
RMB current assets to RMB current liabilities 59.23% 58.97%
Foreign currency current assets to foreign currency current liabilities 92.62% 96.55%
The above liquidity ratios were calculated based on the financial report under PRC GAAP with reference to
the revised formula issued by the China Banking Regulatory Commission (the “CBRC”) in 2006.
3 Currency concentrations
30 June 2012
US HK
Dollars Dollars Others Total
Spot assets 169,045 66,295 19,426 254,766
Spot liabilities (147,630 ) (63,280 ) (35,283 ) (246,193 )
Forward purchases 209,606 18,284 49,624 277,514
Forward sales (227,457 ) (8,383 ) (34,385 ) (270,225 )
Net option position (5,061 ) (15 ) (5 ) (5,081 )
Net (short)/long position (1,497 ) 12,901 (623 ) 10,781
31 December 2011
US HK
Dollars Dollars Others Total
Spot assets 131,848 64,631 9,172 205,651
Spot liabilities (96,906 ) (63,810 ) (21,219 ) (181,935 )
Forward purchases 167,992 21,317 33,557 222,866
Forward sales (197,183 ) (10,089 ) (21,783 ) (229,055 )
Net option position (89 ) – 5 (84 )
Net long/(short) position 5,662 12,049 (268 ) 17,443
2012 Interim Report 181
Unaudited Supplementary Financial Information (continued)
(Expressed in millions of Renminbi unless otherwise stated)
4 Cross-border claims
The Group is principally engaged in business operations within Mainland China, and regards all claims on
third parties outside Mainland China as cross-border claims.
For the purpose of these unaudited supplementary financial information, Mainland China excludes Hong
Kong Special Administrative Region of the PRC (“Hong Kong”), Macau Special Administrative Region of the
PRC (“Macau”) and Taiwan.
Cross-border claims include loans and advances, balances and placements with banks and other financial
institutions, holding of trade bills and certificates of deposit and investment securities.
Cross-border claims have been disclosed by different country or geographical areas. A country or geographical
area is reported where it constitutes 10% or more of the aggregate amount of cross-border claims, after taking
into account any risk transfers. Risk transfers are only made if the claims are guaranteed by a party in a region
or a country which is different from that of the counterparty or if the claims are on an overseas branch of a
bank whose head office is located in another country.
30 June 2012
Banks and Public
other financial sector
institutions entities Others Total
Asia Pacific excluding Mainland China 8,049 170 9,860 18,079
— of which attributed to Hong Kong 1,281 68 5,026 6,375
Europe 6,495 67 1,568 8,130
North and South America 19,680 908 2,550 23,138
Total 34,224 1,145 13,978 49,347
31 December 2011
Banks and Public
other financial sector
institutions entities Others Total
Asia Pacific excluding Mainland China 11,970 172 10,840 22,982
— of which attributed to Hong Kong 3,711 68 5,426 9,205
Europe 16,469 2 2,267 18,738
North and South America 8,233 235 1,618 10,086
Total 36,672 409 14,725 51,806
182 China CITIC Bank Corporation Limited
Unaudited Supplementary Financial Information (continued)
(Expressed in millions of Renminbi unless otherwise stated)
5 Overdue loans and advances to customers by geographical segments
30 June 2012
Loans and
advances
Gross loans overdue over Impaired
and advances 3 months Loans
Yangtze River Delta 407,175 2,210 2,495
Bohai Rim (include Head Office) 404,221 2,298 2,334
Pearl River Delta and West Strait 206,894 1,492 2,483
Central 204,859 516 661
Western 189,803 364 648
Northeastern 48,796 220 466
Outside Mainland China 73,604 292 306
Total 1,535,352 7,392 9,393
31 December 2011
Loans and
advances
Gross loans overdue over Impaired
and advances 3 months Loans
Yangtze River Delta 375,635 1,250 2,191
Bohai Rim (include Head Office) 379,024 2,206 2,208
Pearl River Delta and West Strait 196,103 1,189 2,125
Central 187,201 265 542
Western 176,879 251 493
Northeastern 46,425 150 481
Outside Mainland China 72,770 290 501
Total 1,434,037 5,601 8,541
Impaired loans and advances to customers include loans and advances for which objective evidence of impairment
exists and has been identified:
— individually; or
— collectively: that is portfolios of homogeneous loans and advances.
6 Gross overdue amounts due from banks and other financial institutions and
overdue loans and advances to customers
(i) Gross overdue amounts due from banks and other financial institutions
30 June 31 December
2012 2011
Gross amounts due from banks and other financial
institutions which have been overdue 30 30
As a percentage of total gross amounts due from
banks and other financial institutions 0.01% 0.01%
Note: All overdue amounts have been overdue over 12 months.
2012 Interim Report 183
Unaudited Supplementary Financial Information (continued)
(Expressed in millions of Renminbi unless otherwise stated)
6 Gross overdue amounts due from banks and other financial institutions and
overdue loans and advances to customers (continued)
(ii) Gross amounts of overdue loans and advances to customers
30 June 31 December
2012 2011
Gross loans and advances to customers
which have been overdue with respect to
either principal or interest for periods of:
— between 3 and 6 months 2,050 528
— between 6 and 12 months 1,027 552
— over 12 months 4,315 4,521
Total 7,392 5,601
As a percentage of total gross loans and advances to customers:
— between 3 and 6 months 0.13% 0.04%
— between 6 and 12 months 0.07% 0.04%
— over 12 months 0.28% 0.31%
Total 0.48% 0.39%
— The above analysis represents loans and advances overdue for more than 3 months as required
by the Hong Kong Monetary Authority.
— Loans and advances with a specific repayment date are classified as overdue when the principal
or interest is overdue.
— Loans and advances repayable on demand are classified as overdue when a demand for repayment
has been served on the borrower but repayment has not been made in accordance with the
instructions. If the loans and advances repayable on demand are outside the approved limit that
was advised to the borrower, they are also considered as overdue.
— As at 30 June 2012, the loans and advances to customers of RMB 6,036 million (as at 31 December
2011: 4,551 million) and RMB 1,356 million (as at 31 December 2011: 1,050 million) of the
above overdue loans and advances were subject to individual assessment and collective assessment
for impairment respectively. The covered portion and uncovered portion of these individually
assessed loans were RMB 2,228 million (as at 31 December 2011: 964 million) and RMB 3,808
million (as at 31 December 2011: 3,587 million) respectively. The fair value of collaterals held
against these individually assessed loans and advances was RMB 2,340 million (as at 31 December
2011: 1,182 million). The fair value of collaterals was estimated by management based on the latest
available external valuations adjusted by taking into account the current realization experience
as well as market situation. The impairment allowances made against these individually assessed
loans and advances were RMB 3,746 million (as at 31 December 2011: 3,374 million).
7 Non-bank Mainland China exposures
The Bank is a commercial bank incorporated in the Mainland China with its banking business primarily
conducted in Mainland China. As of 30 June 2012, over 90% of the Bank’s non-bank exposures arose from
businesses with Mainland China entities or individuals. Analyses of various types of exposures by counterparties
have been disclosed in the notes to the financial report.
184 China CITIC Bank Corporation Limited
List
of Domestic and Overseas Affiliates
During the reporting period, 26 outlets of the Bank started business operation, including Haikou branch, a
tier-1 branch, Chuzhou branch and Pingdingshan branch, tier-2 branches, and 23 sub-branches. In addition, the
establishment of two provincial-capital branches, namely Yinchuan branch and Xining branch, as well as eight tier-2
branches, including Yulin branch, was approved by the CBRC. Lin’an CITIC Rural Bank, a subsidiary controlled
by the Bank, was officially started business operation on 9 January 2012. As at the end of the reporting period, the
Bank had 799 branch outlets in 98 large and medium cities in China, with 36 (directly affiliated) to the head office
tier-1 branches, 56 tier-2 branches and 707 sub-branches; and two overseas subsidiaries.
Serial Administrative Numberof Major
number region branches branches/offices Address Telandfax
1 Beijing 1 Head Office Address: Block C, Fuhua Mansion, No. 8 Chaoyangmen Beidajie, Dongcheng District, Beijing Tel: 010-65558888
Postal Code: 100027 Fax: 010-65550801
Website: http://bank.ecitic.com Hotline: 95558
SWIFT BIC: CIBKCNBJ
52 Beijing Branch Address: Tower A, Investment Plaza, No. 27 Jia, Financial Street, Xicheng District, Beijing Tel: 010-66211769
Postal Code: 100140 Fax: 010-66211770
2 Tianjin 28 Tianjin Branch Address: No. 14, Tianjin Global Financial Center, Zhang Zizhong Road, Heping District, Tianjin Tel: 022-23028880
Postal Code: 300042 Fax: 022-23028800
3 Hebei Province 29
Shijiazhuang 20 Shijiazhuang Branch Address: CITIC Mansion, Golden World Financial Center, No 10 Ziqiang Road, Shijiazhuang, Hebei Province Tel: 0311-87884438
Postal Code: 050056 Fax: 0311-87884436
Tangshan 7 Tangshan Branch Address: No. 46, Xinhua West Road, Tangshan, Hebei Province Tel: 0315-3738508
Postal Code: 063000 Fax: 0315-3738522
Baoding 1 Baoding Branch Address: No. 733, Yuhua West Road, Baoding Tel: 0312-2081598
Postal Code: 071000 Fax: 0312-5881160
Handan 1 Handan Branch Address: No. 183, Lianfang East Road, Handan Tel: 0310-7050655
Postal Code: 056004 Fax: 0310-7050655
4 Liaoning Province 58
Shenyang 19 Shenyang Branch Address: No. 336, Daxi Road, Shenhe District, Shenyang, Liaoning Province Tel: 024-31510456
Postal Code: 110014 Fax: 024-31510234
Dalian 20 Dalian Branch Address: No. 29, Renmin Road, Zhongshan District, Dalian, Liaoning Province Tel: 0411-82821868
Postal Code: 116001 Fax: 0411-82804126
Anshan 7 Anshan Branch Address: No. 35, Wuyi Road, Tiedong District, Anshan, Liaoning Province Tel: 0412-2211988
Postal Code: 114001 Fax: 0412-2230815
Fushun 5 Fushun Branch Address: No. 10, Xinhua Avenue, Shuncheng District, Fushun, Liaoning Province Tel: 0413-3886701
Postal Code: 113001 Fax: 0413-3886711
Huludao 6 Huludao Branch Address: No. 50, Xinhua Avenue, Lianshan District, Huludao, Liaoning Province Tel: 0429-2808185
Postal Code: 125001 Fax: 0429-2800885
Yingkou 1 Yingkou Branch Address: No. 8, Yinggang Road, Bayu District, Liaoning Province Tel: 0417-8208988
Postal Code: 115007 Fax: 0417-8208989
5 Shanghai 39 Shanghai Branch Address: Aurora Plaza, No. 99. Fucheng Road, Pudong New District, Shanghai Tel: 021-58771111
Postal Code: 200120 Fax: 021-58776606
6 Jiangsu Province 84
Nanjing 20 Nanjing Branch Address: No. 348, Zhongshan Road, Nanjing, Jiangsu Province Tel: 025-83799181
Postal Code: 210008 Fax: 025-83799000
Suzhou 21 Suzhou Branch Address: No. 258, Zhuhui Road, Suzhou, Jiangsu Province Tel: 0512-65190307
Postal Code: 215006 Fax: 0512-65198570
Wuxi 16 Wuxi Branch Address: No. 187, Zhongshan Road, Wuxi, Jiangsu Province Tel: 0510-82707177
Postal Code: 214001 Fax: 0510-82709166
Changzhou 9 Changzhou Branch Address: Boai Plaza, No. 72, Boai Road, Changzhou, Jiangsu Province Tel: 0519-88108833
Postal Code: 213003 Fax: 0519-88107020
Yangzhou 8 Yangzhou Branch Address: No. 171, Weiyang Road, Yangzhou, Jiangsu Province Tel: 0514-87890717
Postal Code: 225300 Fax: 0514-87890531
Taizhou 6 Taizhou Branch Address: No. 15, Gulou Road, Taizhou Tel: 0523-86399111
Postal Code: 225300 Fax: 0523-86399120
Nantong 3 Nantong Branch Address: Nantong Tower, No. 20, Central Renmin Road, Nantong, Jiangsu Province Tel: 0513-81120909
Postal Code: 226001 Fax: 0513-81120900
Zhenjiang 1 Zhenjiang Branch Address: No. 11, Changjiang Road, Zhenjiang, Jiangsu Province Tel: 0511-89886201
Postal Code: 212001 Fax: 0511-89886200
7 Zhejiang Province 77
Hangzhou 24 Hangzhou Branch Address: No. 88, Yan’an Road, Hangzhou, Zhejiang Province Tel: 0571-87032888
Postal Code: 310002 Fax: 0571-87089180
Ningbo 17 Ningbo Branch Address: CITIC Tower, No. 36, Zhenming Road, Haishu District, Ningbo, Zhejiang Province Tel: 0574-87733065
Postal Code: 315010 Fax: 0574-87973742
Wenzhou 10 Wenzhou Branch Address: Building 2, North Quarter, Nature City Garden Phase II, Shifu Road, Wenzhou Tel: 0577-88858466
Postal Code: 325000 Fax: 0577-88858575
Jiaxing 9 Jiaxing Branch Address: No. 639, East Zhongshan Road, Jiaxing, Zhejiang Province Tel: 0573-82097693
Postal Code: 314000 Fax: 0573-82093454
Shaoxing 9 Shaoxing Branch Address: No. 289, West Renmin Road, Shaoxing, Zhejiang Province Tel: 0575-85227222
Postal Code: 312000 Fax: 0575-85110428
Taizhou 3 Taizhou Branch Address: No. 489, Shifu Avenue, Taizhou, Zhejiang Province Tel: 0576-81889666
Postal Code: 318000 Fax: 0576-88819916
Lishui 1 Lishui Branch Address: No.1, Zijin Road, Lishui, Zhejiang Province Tel: 0578-2082977
Postal Code: 323000 Fax: 0578-2082985
Yiwu 4 Yiwu Branch Address: No. 100, Huangyuan Road, Yiwu, Zhejiang Province Tel: 0579-85378838
Postal Code: 322000 Fax: 0579-85378817
2012 Interim Report 185
List of Domestic and Overseas Affiliates
Serial Administrative Numberof Major
number region branches branches/offices Address Telandfax
8 Anhui Province 20
Hefei 14 Hefei Branch Address: No. 78, Huizhou Avenue, Hefei, Anhui Province Tel: 0551-2622426
Postal Code: 230001 Fax: 0551-2625750
Wuhu 3 Wuhu Branch Address: X1-X4, West Jing Street, No. 8, Jinghu Road, Wuhu Tel: 0553-3888685
Postal Code: 241000 Fax: 0553-3888685
Anqing 1 Anqing Branch Address: No. 101, Zhongxing Road, Anqing, Anhui Province Tel: 0556-5280606
Postal Code: 246005 Fax: 0556-5280605
Bengbu 1 Bengbu Branch Address: No. 859, Caifu Plaza, Tushan East Road, Bengbu, Anhui Province Tel: 0552-2087000
Postal Code: 233000 Fax: 0522-2087000
chuzhou 1 chuzhou Branch Address: Tel: 0552-3529558
Postal Code: 239000 Fax: 0522-3529559
9 Fujian Province 40
Fuzhou 15 Fuzhou Branch Address: No. 99, Hudong Road, Fuzhou Tel: 0591-87538066
Postal Code: 350001 Fax: 0591-87537066
Xiamen 13 Xiamen Branch Address: CITIC Bank Building (Huijing City), No. 81, West Hubin Road, Xiamen, Fujian Province Tel: 0592-2995685
Postal Code: 361001 Fax: 0592-2389037
Quanzhou 7 Quanzhou Branch Address: Floor 1-3, No 336 Fengze Street,, Quanzhou, Fujian Province Tel: 0595-22148687
Postal Code: 362000 Fax: 0595-22148222
Putian 3 Putian Branch Address: 1/F & 2/F, Phoenix Building, No. 81, Licheng Avenue, Chengxiang District, Putian, Fujian Province Tel: 0594-2853280
Postal Code: 351100 Fax: 0594-2853260
Zhangzhou 1 Zhangzhou Branch Address: 1/F -4/F, Yiqun Building, West Shengli Road, Zhangzhou Tel: 0596-2995568
Postal Code: 363000 Fax: 0596-2995207
Longyan 1 Longyan Branch Address: No. 153, Fushan International Center, Denggao West Road, Xinluo District, Longyan, Fujian Province Tel: 0597-2956510
Postal Code: 364000 Fax: 0597-2956500
10 Shandong Province 61
Jinan 13 Jinan Branch Address: CITIC Plaza, No. 150, Leyuan Street, Jinan, Shandong Province Tel: 0531-86911315
Postal Code: 250011 Fax: 0531-86929194
Qingdao 20 Qingdao Branch Address: No. 22, Mid Hong Kong Road, Qingdao, Shandong Province Tel: 0532-85022889
Postal Code: 266071 Fax: 0532-85022888
Zibo 7 Zibo Branch Address: CITIC Mansion, No. 230 Liuquan Road, Zhangdian District, Zibo, Shandong Province Tel: 0533-2210138
Postal Code: 2210138
Yantai 5 Yantai Branch Address: No. 207, Shengli Road, Zhifu District, Yantai, Shandong Province Tel: 0535-6611030
Postal Code: 264001 Fax: 0535-6611032
Weihai 8 Weihai Branch Address: No. 2, North Qingdao Road, Weihai, Shandong Province Tel: 0631-5336802
Postal Code: 264200 Fax: 0631-5314076
Jining 5 Jining Branch Address: No. 28, Gongxiao Road, Jining, Shandong Province Tel: 0537-2338888
Postal Code: 272000 Fax: 0537-2338888
Weifang 1 Weifang Branch Address: No. 246 East Shengli Street, Kuiwen District, Weifang, Shandong Province Tel: 0536-8056002
Postal Code: 261041 Fax: 0536-8056002
Dongying 2 Dongying Branch Address: No. 128, Fuqian Avenue, Dongcheng, Dongying, Shandong Province Tel: 0546-7922255
Postal Code: 257091 Fax: 0546-8198666
11 Henan Province 28
Zhengzhou 19 Zhengzhou Branch Address: CITIC Mansion, No. 1 Inner Ring, Zheng Dong New District, Zhengzhou, Henan Province Tel: 0371-55588888
Postal Code: 450018 Fax: 0371-55588555
Luoyang 4 Luoyang Branch Address: No. 2, Nanchang Road, Jianxi District, Luoyang, Henan Province Tel: 0391-8768282
Postal Code: 454000 Fax: 0391-8789969
Jiaozuo 1 Jiaozuo Branch Address: No. 1736, Tanan Road, Jiaozuo, Henan Province Tel: 0379-64682858
Postal Code: 471000 Fax: 0379-64682875
Nanyang 2 Nanyang Branch Address: Intersection of Meixi Road & Zhongzhou Road, Nanyang, Henan Province Tel: 0377-61628299
Postal Code: 473000 Fax: 0377-61628299
Anyang 1 Anyang Branch Address: Anyang Workers’ Cultural Palace, No. 30, Jiefang Avenue, Anyang, Henan Province Tel: 0372-5998026
Postal Code: 455000 Fax: 0377-5998086
Pingdingshan 1 Pingdingshan Branch Address: Level 1&2, Pinganyiyuan II, middle Kuanggong Road, Pingdingshan Tel: 0372-2195558
Postal Code: 467000 Fax: 0377-2195574
12 Hubei Province 25
Wuhan 22 Wuhan Branch Address: No. 747, Hankou Construction Avenue, Wuhan, Hubei Province Tel: 027-85355111
Postal Code: 430015 Fax: 027-85355222
Xiangyang 2 Xiangyang Branch Address: No. 1 Te, Paopu Street, South People’s Square, Xiangyang, Hubei Province Tel: 0710-3454199
Postal Code: 441000 Fax: 0710-3454166
Yichang 1 Yichang Branch Address: No. 2 Meianchangdi Office Wing, Floor 1 & 2, Xilinyi Road, Xilin District, Yichang, Hubei Province Tel: 0717-6495558
Postal Code: 443000 Fax: 0717-6433689
13 Hunan Province 24
Changsha 23 Changsha Branch Address: No. 456, Wuyi Street, Changsha, Hunan Province Tel: 0731-84582177
Postal Code: 410011 Fax: 0731-84582179
Hengyang 1 Hengyang Branch Address: No. 38, Jiefangdadao, Huaxin Development Zone, Hengyang, Hunan Province Tel: 0734-8669859
Postal Code: 421001 Fax: 0734-8669899
14 Guangdong Province 86
Guangzhou 24 Guangzhou Branch Address: CITIC Plaza, No. 233, North Tianhe Road, Guangzhou, Guangdong Province Tel: 020-87521188
Postal Code: 510613 Fax: 020-87520668
Foshan 7 Foshan Branch Address: No. 140, Central Fenjiang Road, Foshan, Guangdong Province Tel: 0757-83989999
Postal Code: 528000 Fax: 0757-83309903
Shenzhen 27 Shenzhen Branch Address: 5/F–7/F, CITIC Tower, CITIC Plaza, No. 1093, Mid Shennan Road, Shenzhen, Guangdong Province Tel: 0755-25942568
Postal Code: 518031 Fax: 0755-25942028
Dongguan 23 Dongguan Branch Address: Nanfeng Center, No. 106, Hongfu Road, Nancheng District, Dongguan, Guangdong Province Tel: 0769-22667888
Postal Code: 523070 Fax: 0769-22667999
Jiangmen 2 Jiangmen Branch Address: 1/F–2/F, Gladden Hotel, No. 188 Fazhan Avenue, Beixin District, Jiangmen, Guangdong Province Tel: 0750-3939016
Postal Code: 529000 Fax: 0750-3939029
Huizhou 1 Huizhou Branch Address: 1/F & 5/F, Dalong Building (Phase II), No. 2 Wenhua 1st Road, Jiangbei, Huizhou, Guangdong Province Tel: 0752-2898837
Postal Code: 516000 Fax: 0752-2898851
186 China CITIC Bank Corporation Limited
List of Domestic and Overseas Affiliates
Serial Administrative Numberof Major
number region branches branches/offices Address Telandfax
Zhuhai 1 Zhuhang Branch Address: No. 1, Guanhaimingju Floor 1 &2, Jidajingshan Road, Xiangzhou District, Zhuhai, Guangdong Province Tel: 0756-3292936
Postal Code: 519015 Fax: 0756-3292956
Zhongshan 1 Zhongshan Branch Address: No. 82, Dixing Plaza 2, Zhongshansi Road, Zhongshan, Guangdong Province Tel: 0760-88668318
Postal Code: 528400 Fax: 0760-88668315
15 Chongqing 20 Chongqing Branch Address: Block B, Chongqing International Trade Center, No. 56, Qingnian Road, Yuzhong District, Chongqing Tel: 023-63107677
Postal Code: 400010 Fax: 023-63107527
16 Sichuan Province 27 Chengdu Branch Address: Huaneng Building Annex, No. 47, 4th Section, South Renmin Road, Wuhou District, Chengdu, Sichuan Province Tel: 028-85258888
Chengdu Postal Code: 610041 Fax: 028-85258898
17 Yunnan Province 21
Kunming 19 Kunming Branch Address: Fulin Square, No. 81, Baoshan Street, Kunming, Yunnan Province Tel: 0871-3648666
Postal Code: 650021 Fax: 0871-3648667
Qujing 1 Qujing Branch Address: 1/F-2F, Block B, Jinsui Phase III, No. 310, West Nanning Road, Qilin District, Qujing, Yunnan Province Tel: 0874-3119536
Postal Code: 655000 Fax: 0874-3115696
Dali 1 Dali Branch Address: 1/F, Meideng Hotel, No. 116, Cangshan Road, Economic Development Zone, Dali, Yunnan Province Tel: 0872-2323278
Postal Code: 671000 Fax: 0872-2323278
18 Guizhou Province
Guiyang 2 Guiyang Branch Address: Fuzhong International Plaza, No. 126, Xinhua Road, Guiyang, Guizhou Province Tel: 0851-5587009
Postal Code: 550002 Fax: 0851-5587377
19 Gansu Province Lanzhou 6 Lanzhou Branch Address: No. 638, West Donggang Road, Lanzhou, Gansu Province Tel: 0931-8890600
Postal Code: 730000 Fax: 0931-8890699
20 Shaanxi Province 21
Xi’an 19 Xi’an Branch Address: CITIC Tower, No. 89, North Chang’an Road, Xi’an, Shaanxi Province Tel: 029-87820018
Postal Code: 710061 Fax: 029-87817025
Baoji 1 Baoji Branch Address: No 50, Caifu Plaza B, Gaoxindadao, Baoji, Shaanxi Province Tel: 0917-3158818
Postal Code: 721013 Fax: 0917-3158807
Weinan 1 Weinan Branch Address: Xinda Plaza, Shijimingzhu Plaza, Chaoyangdajie, Weinan, Shaanxi Province Tel: 0913-2089610
Postal code: 714000 Fax: 0913-2089606
21 Shanxi Province 10
Taiyuan 9 Taiyuan Branch Address: Block A, Princes’ Palace Commercial Building, No. 9, Fuxi Street, Taiyuan, Shanxi Province Tel: 0351-3377040
Postal Code: 030002 Fax: 0351-3377000
Datong 1 Datong Branch Address: 1/F-3/F, 19-21 Podium Building, Yu Hua Di Jing, Intersection of Yuhe West Road & Tel: 0352-2513800
Pingcheng East Street, Datong, Shanxi Province Fax: 0352-2513779
Postal Code: 037008
22 Jiangxi Province 9
Nanchang 8 Nanchang Branch Address: Tower A, No. 16, Hengmao Guoji Huacheng, No. 333, South Square Road, Nanchang Tel: 0791-6660109
Postal Code: 330003 Fax: 0791-6660107
Pingxiang 1 Pingxiang Branch Address: Yun Yuan Building, No.16, East Jianshe Road, Pingxiang, Jiangxi Province Tel: 0799-6890078
Postal Code: 337000 Fax: 0799-6890005
23 Inner Mongolia
Autonomous Region 9
Hohhot 5 Hohhot Branch Address: No. 68, Xinhua Avenue, Hohhot, Inner Mongolia Autonomous Region Tel: 0471-6664933
Postal Code: 010020 Fax: 0471-6664933
Baotou 2 Baotou Branch Address: No. 64, Youyi Avenue, Rare-Earth Hi-Tech Industrial Development Zone, Tel: 0472-5338909
Baotou, Inner Mongolia Autonomous Region Fax: 0472-5338929
Postal Code: 014030
Erdos 2 Erdos Branch Address: CITIC Bank Tower, North Tianjiao Road, Dongsheng District, Erdos, Inner Mongolia Autonomous Region Tel: 0477-8188000
Postal Code: 017000 Fax: 0477-8188002
24 Guangxi Zhuang
Autonomous Region 8
Nanning 6 Nanning Branch Address: No. 36-1, Shuangyong Road, Nanning, Guangxi Zhuang Autonomous Region Tel: 0771-5569881
Postal Code: 530021 Fax: 0771-5569889
Liuzhou 1 Liuzhou Branch Address: No. 7, South Side of Guizhong Avenue, Liuzhou, Guangxi Zhuang Autonomous Region Tel: 0772-2083625
Postal Code: 545026 Fax: 0772-2083622
Qinzhou 1 Qinzhou Branch Address: No. 10, Xingfuyuan Shidaimingcheng, South Building Floor 1 to 3, Yongfu West Road, Qinzhou, Guangxi Tel: 0777-2366139
Postal Code: 535000 Fax: 0777-3253388
25 Heilongjiang Province
Harbin 5 Harbin Branch Address: No. 233, Hongqi Avenue, Xiangfang District, Harbin, Heilongjiang Province Tel: 0451-55558112
Postal Code: 150090 Fax: 0451-53995558
26 Jilin Province 6 Changchun Branch Address: No. 1177, Changchun Avenue, Changchun, Jilin Province Tel: 0431-81910011
Changchun Postal Code: 130041 Fax: 0431-81910123
27 Xinjiang Uighur
Autonomous Region
Urumqi 3 Urumqi Branch Address: CITIC Bank Tower, No.165, North Xinhua Road, Urumqi Tel: 0991-2365966
Postal Code: 830002 Fax: 0991-2365888
28 Hainan Province Haikou 1 Haikou Branch Address: Level 1-3, Banshan Garden, No.1 Middle Jinmao Road, Longhua District, Haikou, Hainan Province Tel: 0898-68578310
Postal Code: 570125 Fax: 0898-68578364
Serial Administrative Numberof Overseas
number region affiliates controlledsubsidiaries Address Telandfax
29 Hong Kong Special 1 China Investment and Address: Room 2106, 21/F, Tower 2, Lippo Centre, No. 89, Queensway, Hong Kong Tel: +852-25212353
Administrative Region Finance Limited Fax: +852-28017399
1 CITIC International Address: Room 2701-9, 27/F, CITIC Tower 1 Tim Mei Avenue, Central, Hong Kong Tel: +852-36073000
Financial Holdings Fax: +852-25253303
Limited
Serial Administrative Numberof Controlledsubsidiaries
number region affiliates inMainlandChina Address Telandfax
30 Zhejiang Province Lin’an 1 Zhejiang Lin’an CITIC Address: No. 777, Shijing Street, Jincheng Road, Lin’an, Zhejiang Province Tel: 0571-61109006
Rural Bank Postal Code: 311300 Fax: 0571-61106889
2012 Interim Report 187
Definition
Unless otherwise stated, the following terms mentioned in this report assume the implications as follows:
Articles of Association Articles of Association of China CITIC Bank Corporation Limited
Bank/Company/China CITIC Bank/ China CITIC Bank Corporation Limited
CITIC Bank
BBVA Banco Bilbao Vizcaya Argentaria S.A.
CBI CITIC Bank International Limited (formerly known as CITIC Ka Wah Bank
Limited)
CBRC China Banking Regulatory Commission
Central Bank/PBC The People’s Bank of China
China AMC China Asset Management Co., Ltd.
CIAM CITIC International Assets Management Limited
CIFH CITIC International Financial Holdings Limited
CIFL China Investment and Finance Limited
CITIC Capital CITIC Capital Holdings Limited
CITIC Group CITIC Group Corporation (formerly known as CITIC Group)
CITIC Limited CITIC Limited
CITIC Securities CITIC Securities Co., Ltd.
CITIC Securities (Zhejiang) CITIC Securities (Zhejiang) Co., Ltd.
CITIC Splended Capital CITIC Splended Capital Management Co., Ltd.
CITIC Trust CITIC Trust Co., Ltd.
CITIC Wantong Securities CITIC Wantong Securities Co., Ltd.
Commercial Banks Law Law of the People’s Republic of China on Commercial Banks
Company Law Company Law of the People’s Republic of China
CSRC China Securities Regulatory Commission
GIL Gloryshare Investments Limited
Group China CITIC Bank Corporation Limited and its subsidiaries
Joint-stock banks Banks including China CITIC Bank, China Merchants Bank, Shanghai Pudong
Development Bank, China Minsheng Banking Corporation, China Everbright
Bank, Industrial Bank, Hua Xia Bank, Ping An Bank (formerly known as
Shenzhen Development Bank) and China Guangfa Bank
Lin’an CITIC Rural Bank Zhejiang Lin’an CITIC Rural Bank
MOF Ministry of Finance of the People’s Republic of China
NSSF National Council for Social Security Fund
SASAC State-owned Assets Supervision and Administration Commission of the State Council
SEHK The Stock Exchange of Hong Kong Limited
SSE Shanghai Stock Exchange
State Council State Council of the People’s Republic of China
State-owned banks Banks including Industrial and Commercial Bank of China, Agricultural
Bank of China, Bank of China, China Construction Bank and Bank of
Communications
188 China CITIC Bank Corporation Limited
Designed & Produced by HeterMedia Services Limited
Block C, Fuhua Mansion, No. 8 Chaoyangmen Beidajie,
Dongcheng District, Beijing, China
Postal Code : 100027
bank.ecitic.com
此乃重要函件 請即處理
中信銀行股份有限公司
China CITIC Bank Corporation Limited
（於中華人民共和國註冊成立的股份有限公司）
（股份代號：998）
選擇公司通訊之收取方式及語言版本
根據《香港聯合交易所有限公司證券上市規則》第 2.07A（2A）條，現特致函閣下，就中信銀行股份有限公司（「本公司」）日後寄
發之公司通訊（「公司通訊」）提供選擇。即使 閣下以往曾經收到本公司就公司通訊提供選擇的函件及已作出選擇，仍請 閣下再
次作出選擇。請注意 閣下以往所作出的選擇將失效。如本公司在 2012 年 10 月 15 日前未收到 閣下對本函件的回覆，則 閣下將
被視爲已同意瀏覽在本公司網站發佈之公司通訊以代替印刷本。
公司通訊包括本公司發出或將予發出以供 閣下參照或採取行動的任何文件，其中包括但不限於：(a)董事會報告、年度財務報表連
同核數師報告及如適用，財務摘要報告；(b)中期報告及如適用，中期摘要報告；(c)會議通告；(d)上市文件；(e)通函；(f)委任代表表
格；及(g)回執。
閣下可選擇：
(i) 瀏覽在本公司網站發佈之公司通訊（「網上的相應內容」），以代替印刷本；或
(ii) 僅收取英文印刷本；或
(iii) 僅收取中文印刷本；或
(iv) 同時收取本公司公司通訊的中、英文印刷本。
為節約成本並保護環境，本公司建議 閣下選擇收取網上的相應內容。即使已選擇收取網上的相應內容， 閣下仍可在任何時間以合
理書面（地址：香港灣仔皇后大道東 183 號合和中心 17M 樓）或電郵（電郵地址：chinaciticbank@computershare.com.hk)通知本公司 H 股
股份過戶登記處香港中央證券登記有限公司更改 閣下的選擇。如 閣下因任何理由未能閱覽載於本公司網站的公司通訊， 閣下可
隨時以書面通知本公司的 H 股股份過戶登記處，本公司將盡快將公司通訊的印刷本寄給 閣下，費用全免。
請 閣下於隨本函附上的回條（「回條」）上適當空格內劃上「X」號及簽署。然後請使用回條下方的郵寄標籤將回條寄回本公司 H
股股份過戶登記處香港中央證券登記有限公司，地址爲香港灣仔皇后大道東 183 號合和中心 17M 樓 (如在香港投寄則毋須貼上郵票)。
倘若本公司於 2012 年 10 月 15 日仍未收到 閣下的回條，及直至 閣下以合理書面通知本公司之 H 股股份過戶登記處為止，則 閣
下將被視爲已同意收取網上的相應內容以代替印刷本，而本公司在將來只會向 閣下寄發有關公司通訊文件已在公司網站上刊發之通
知信函。
如 閣下對本函有任何疑問，請於營業時間內（星期一至星期五，上午九時至下午六時，公衆假期除外）致電本公司 H 股股份過戶
登記處熱綫(852) 2862 8688 查詢。
此致
列位股東
代表
中信銀行股份有限公司
林爭躍
公司秘書
謹啓
2012 年 9 月 18 日
00998-2
Reply Form 回條
To: China CITIC Bank Corporation Limited (the “Company”) 致： 中信銀行股份有限公司(「本公司」或「貴公司」
(Stock Code: 998) （股份代號：998）
c/o Computershare Hong Kong Investor Services Limited 經香港中央證券登記有限公司
17M Floor, Hopewell Centre, 香港灣仔皇后大道東 183 號
183 Queen’s Road East,
合和中心 17M 樓
Wanchai, Hong Kong
I/We would like to receive the Corporate Communications* of the Company (the “Corporate Communications”) in the manner as indicated below:
本人／我們希望以下列方式收取 貴公司之公司通訊文件*（「公司通訊文件」）：
(Please mark ONLY ONE（X）of the following boxes) (請於下列其中一個空格內劃上「X」號)
read the Website Version of all future Corporate Communications published on the Company’s website instead of receiving printed copies; and
□ receive a printed notification letter of the publication of the Corporate Communication on the Company’s website; OR
瀏覽在公司網站發表之公司通訊文件網上版本，以代替印刷本，並收取公司通訊文件已在公司網站上刊發之通知信函印刷
本；或
□ to receive the printed English version of all future Corporate Communications ONLY; OR
僅收取公司通訊文件之英文印刷本；或
□ to receive the printed Chinese version of all future Corporate Communications ONLY; OR
僅收取公司通訊文件之中文印刷本；或
□ to receive both printed English and Chinese versions of all future Corporate Communications.
同時收取公司通訊文件之英文及中文印刷本。
Contact telephone number
聯絡電話號碼
Signature Date
簽名 日期
Notes 附註：
1. If the Company does not receive this Reply Form or receive a response indicating an objection from you by 15 October 2012, you will be deemed to have consented to receiving
Website Version only, all future Corporate Communications will be sent out in the manner spec ified in the Company’s letter dated 18 September 2012 and we will only send you a
notification letter of the publication of the Corporate Communication on the Company’s website.
倘若 本公司於 2012 年 10 月 15 日仍未收到 閣下的回條或 表示反對的回 覆， 閣下 將被視為已同 意 收取網上版 本，而本公 司將按 2012 年 9 月 18 日之本公
司函 件內所述之方 式只向 閣下 寄發有關公 司通訊文件已 在 本公司網站 上刊發的通 知信函。
2. Shareholders are entitled to change the choice of means and language of receipt of the Company’s Corporate Communication at any time by re asonable notice in writing or using
email at chinaciticbank@computershare.com.hk to the Company c/o the Company’s H share registrar.
股東 有權隨時發出 合理書面通知 或以電郵方 式到 chinaciticbank@computershare.com.hk 本 公司之 H 股股 份過戶登記 處，要求更改 收取公司通訊 文件之 收取方 式及
語言 版本。
3. For the avoidance of doubt, we do not accept any additional instructions written on this Reply Form.
為免 存疑，任何在 本回條的額外 手寫指示， 本公司將不予 處理。
*Corporate Communications refer to any document issued or to be issued by the Company including but are not limited to (a) the directors’ report, its annual accounts together with a
copy of the auditors’ report and, where applicable, its summary financial report; (b) the interim re port and, where applicable, summary interim report; (c) a notice of meeting; (d) a
listing document; (e) a circular; (f) a proxy form; and (g) reply slip.
公 司 通訊 文件 指本 公司 發出 或 將予 發出的 任 何文 件， 其中 包括 但不 限於 ： (a) 董事 會 報告 、年 度財 務報 表連 同核 數 師報告 及 如適 用， 財務 摘要 報告 ； (b) 中期報
告及 如適用，中期 摘要報告； (c) 會議通告； (d) 上市 文件； (e) 通函； (f) 委任代表表格 ；及 (g) 回執。
00998-1
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
郵寄標籤 MAILING LABEL
閣下寄回此回條時，請將郵寄標籤剪貼於信封上。 香港中央證券登記有限公司
如在本港投寄毋須貼上郵票。 Computershare Hong Kong Investor Services Limited
Please cut the mailing label and stick this on the envelope
to return this Reply Form to us.
簡便回郵號碼 Freepost No. 37
No postage stamp necessary if posted in Hong Kong. 香港 Hong Kong
THIS LETTER IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION
中信銀行股份有限公司
China CITIC Bank Corporation Limited
(A joint stock limited company incorporated in the People’s Republic of China with limited liability)
（Stock Code: 998）
18 September 2012
Dear Sir/Madam,
Election of Means and Language of Receipt of Corporate Communication
Pursuant to Rule 2.07A(2A) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, we are writing to seek your election
in relation to the following matters regarding the corporate communication (the Corporate Communication) of China CITIC Bank Corporation Limited (the
Company) to be dispatched in the future. Even if you have previously received a letter from the Company seeking your election regarding the Corporation
Communication and have made an election, you are hereby requested to make an election again. PLEASE NOTE THAT YOUR PREVIOUS ELECTION WILL
BE DISREGARDED. IF THE COMPANY DOES NOT RECEIVE YOUR REPLY TO THIS LETTER BY 15 OCTOBER 2012, YOU WILL BE DEEMED TO HAVE
AGREED TO READ THE CORPORATE COMMUNICATION PUBLISHED ON THE COMPANY’S WEBSITE INSTEAD OF RECEIVING PRINTED COPIES.
The Corporate Communication includes any document issued or to be issued by the Company for your information or action, including but are not limited to: (a)
the directors report, its annual accounts together with a copy of the auditors report and, where applicable, its summary financial report; (b) the interim report
and, where applicable, summary interim report; (c) a notice of meeting; (d) a listing document; (e) a circular; (f) a proxy form; and (g) reply slip.
You may choose:
(1) to read the Corporate Communication published on the Companys website ( the Website Alternative) instead of receiving printed copies; or
(2) to receive a printed English version only; or
(3) to receive a printed Chinese version only; or
(4) to receive both the printed English and Chinese versions of the Corporate Communication of the Company.
In order to save costs and protect the environment, the Company recommends you to take advantage of selecting the Website Alternative. Even if you have
chosen the Website Alternative, you reserve the right at any time by reasonable notice in writing (Address: 17M Floor, Hopewell Centre, 183 Queens Road
East, Wanchai, Hong Kong) or by email (Email address: chinaciticbank@computershare.com.hk) to the Companys H share registrar, Computershare Hong
Kong Investor Services Limited, to change your choice. If, for any reason, you have difficulty in gaining access to any Corporate Communication, please write to
the Companys H share registrar. The Corporate Communication in printed form will be sent to you free of charge as soon as possible.
Please mark (X) in the appropriate box on the enclosed reply form (the “Reply Form”) and sign. Then, please return the Reply Form to the Companys H share
registrar, Computershare Hong Kong Investor Services Limited at 17M Floor, Hopewell Centre, 183 Queens Road East, Wanchai, Hong Kong, using the
mailing label at the bottom of the Reply Form (a stamp is not needed if posted in Hong Kong).
IF THE COMPANY DOES NOT RECEIVE THE REPLY FORM FROM YOU BY 15 OCTOBER 2012 AND UNTIL YOU INFORM THE COMPANY’S H SHARE
REGISTRAR BY REASONABLE NOTICE IN WRITING, YOU WILL BE DEEMED TO HAVE AGREED TO RECEIVE THE WEBSITE ALTERNATIVE
INSTEAD OF RECEIVING PRINTED COPIES AND ONLY A PRINTED NOTIFICATION LETTER OF THE PUBLICATION OF THE CORPORATE
COMMUNICATION ON THE COMPANY’S WEBSITE WILL BE SENT TO YOU IN FUTURE.
Should you have any queries relating to this letter, please contact the Companys H share registrar at (852)2862 8688 during business hours (9:00 a.m. to 6:00
p.m., Monday to Friday, excluding public holidays).
Yours faithfully,
LIN Zhengyue
Company Secretary
For and on behalf of
China CITIC Bank Corporation Limited
00998-2
Reply Form 回條
To: China CITIC Bank Corporation Limited (the “Company”) 致： 中信銀行股份有限公司(「本公司」或「貴公司」
(Stock Code: 998) （股份代號：998）
c/o Computershare Hong Kong Investor Services Limited 經香港中央證券登記有限公司
17M Floor, Hopewell Centre, 香港灣仔皇后大道東 183 號
183 Queen’s Road East,
合和中心 17M 樓
Wanchai, Hong Kong
I/We would like to receive the Corporate Communications* of the Company (the “Corporate Communications”) in the manner as indicated below:
本人／我們希望以下列方式收取 貴公司之公司通訊文件*（「公司通訊文件」）：
(Please mark ONLY ONE（X）of the following boxes) (請於下列其中一個空格內劃上「X」號)
read the Website Version of all future Corporate Communications published on the Company’s website instead of receiving printed copies; and
□ receive a printed notification letter of the publication of the Corporate Communication on the Company’s website; OR
瀏覽在公司網站發表之公司通訊文件網上版本，以代替印刷本，並收取公司通訊文件已在公司網站上刊發之通知信函印刷
本；或
□ to receive the printed English version of all future Corporate Communications ONLY; OR
僅收取公司通訊文件之英文印刷本；或
□ to receive the printed Chinese version of all future Corporate Communications ONLY; OR
僅收取公司通訊文件之中文印刷本；或
□ to receive both printed English and Chinese versions of all future Corporate Communications.
同時收取公司通訊文件之英文及中文印刷本。
Contact telephone number
聯絡電話號碼
Signature Date
簽名 日期
Notes 附註：
1. If the Company does not receive this Reply Form or receive a response indicating an objection from you by 15 October 2012, you will be deemed to have consented to receiving
Website Version only, all future Corporate Communications will be sent out in the manner spec ified in the Company’s letter dated 18 September 2012 and we will only send you a
notification letter of the publication of the Corporate Communication on the Company’s website.
倘若 本公司於 2012 年 10 月 15 日仍未收到 閣下的回條或 表示反對的回 覆， 閣下 將被視為已同 意 收取網上版 本，而本公 司將按 2012 年 9 月 18 日之本公
司函 件內所述之方 式只向 閣下 寄發有關公 司通訊文件已 在 本公司網站 上刊發的通 知信函。
2. Shareholders are entitled to change the choice of means and language of receipt of the Company’s Corporate Communication at any time by re asonable notice in writing or using
email at chinaciticbank@computershare.com.hk to the Company c/o the Company’s H share registrar.
股東 有權隨時發出 合理書面通知 或以電郵方 式到 chinaciticbank@computershare.com.hk 本 公司之 H 股股 份過戶登記 處，要求更改 收取公司通訊 文件之 收取方 式及
語言 版本。
3. For the avoidance of doubt, we do not accept any additional instructions written on this Reply Form.
為免 存疑，任何在 本回條的額外 手寫指示， 本公司將不予 處理。
*Corporate Communications refer to any document issued or to be issued by the Company including but are not limited to (a) the directors’ report, its annual accounts together with a
copy of the auditors’ report and, where applicable, its summary financial report; (b) the interim re port and, where applicable, summary interim report; (c) a notice of meeting; (d) a
listing document; (e) a circular; (f) a proxy form; and (g) reply slip.
公 司 通訊 文件 指本 公司 發出 或 將予 發出的 任 何文 件， 其中 包括 但不 限於 ： (a) 董事 會 報告 、年 度財 務報 表連 同核 數 師報告 及 如適 用， 財務 摘要 報告 ； (b) 中期報
告及 如適用，中期 摘要報告； (c) 會議通告； (d) 上市 文件； (e) 通函； (f) 委任代表表格 ；及 (g) 回執。
00998-1
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郵寄標籤 MAILING LABEL
閣下寄回此回條時，請將郵寄標籤剪貼於信封上。 香港中央證券登記有限公司
如在本港投寄毋須貼上郵票。 Computershare Hong Kong Investor Services Limited
Please cut the mailing label and stick this on the envelope
to return this Reply Form to us.
簡便回郵號碼 Freepost No. 37
No postage stamp necessary if posted in Hong Kong. 香港 Hong Kong
中信銀行股份有限公司
China CITIC Bank Corporation Limited
（於中華人民共和國註冊成立的股份有限公司）
（A joint stock limited company incorporated in the People’s Republic of China with limited liability）
（股份代號：998）
（Stock Code：998）
18 September 2012
Dear Sir/Madam,
China CITIC Bank Corporation Limited (the “Company”) – 2012 Interim Report
The 2012 Interim Report of the Company has been published in English and Chinese languages. If you wish to receive the 2012 Interim Report in
the other language, we will upon your notice send the 2012 Interim Report of your choice of language in printed form to you free of charge as soon
as possible. The 2012 Interim Report is also available (in English and Chinese) on the Company’s website at http://bank.ecitic.com under “Investor
Relations – Financial Information” and the HKExnews website of The Stock Exchange of Hong Kong Limited at www.hkexnews.hk.
Please note that you are entitled at any time to change your choice of language and means of receipt of all future Corporate Communications (Note) by
giving reasonable notice in writing or simply completing the Change Request Form on the reverse side and send it to the Company’s H share
registrar, Computershare Hong Kong Investor Services Limited, using the mailing label at the bottom of the Change Request Form (a stamp is not
needed if posted in Hong Kong). The address of the H share registrar is 17M Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong.
You may also send an email with a scanned copy of the Change Request Form to chinaciticbank@computershare.com.hk. The Change Request
Form may also be downloaded from the Company’s website at http://bank.ecitic.com or the HKExnews website of The Stock Exchange of Hong
Kong Limited at www.hkexnews.hk.
Should you have any queries relating to any of the above matters, please call the hotline of the Company’s H share registrar at (852)2862 8688
during business hours (9:00 a.m. to 6:00 p.m., Monday to Friday, excluding public holidays).
For and on behalf of
China CITIC Bank Corporation Limited
Note: Corporate Communications refer to any document issued or to be issued by the Company including but are not limited to (a) the directors’ report, its annual accounts together
with a copy of the auditors’ report and, where applic able, its summary financial report; (b) the interim report and, where applicable, summary interim report; (c) a
notice of meeting; (d) a listing document; (e) a circular; (f) a proxy form; and (g) reply slip.
各位股東：
中信銀行股份有限公司（「本公司」）- 2012 年中期報告
本公司2012年中期報告備有中、英文版本。如 閣下欲收取另一語言版本的2012年中期報告，我們會在收到 閣下的要求
後，盡快向 閣下提供所要求的2012年中期報告的印刷版本，費用全免。 閣下亦可在本公司網站（http://bank.ecitic.com）中
「投資者關係-財務信息」一欄内或香港聯合交易所有限公司「披露易」網站（www.hkexnews.hk）閱覽2012年中期報告（英文
及中文版本）。
（附註）
敬請注意： 閣下如欲更改今後所有公司通訊 之語言版本及收取方式， 閣下有權在任何時間發出合理書面通知或簡單
透過填寫背面的變更申請表，並使用變更申請表下方的郵寄標簽（如在香港投寄則無須貼上郵票），寄回本公司 H 股股份過
戶登記處，香港中央證券登記有限公司，地址爲香港灣仔皇后大道東 183 號合和中心 17M 樓。 閣下亦可把已填妥之變更申
請表的掃描副本電郵到 chinaciticbank@computershare.com.hk 。變更申請表亦可於本公司網站（http://bank.ecitic.com）或香港聯
合交易所有限公司「披露易」網站（www.hkexnews.hk）下載。
如對本函內容有任何疑問，請於營業時間內（星期一至星期五，上午九時至下午六時，公衆假期除外）致電本公司 H 股股
份過戶登記處熱綫(852) 2862 8688 查詢。
中信銀行股份有限公司
謹啟
2012 年 9 月 18 日
附註：公司通訊文件 指本 公司發出或將予 發出的任何文 件，其中 包括但不限於： (a) 董事會報告、年度財務報表連同核數師報告及如適用，財務摘要
報告； (b) 中期報告及如適用，中期摘要報告； (c) 會議通告； (d) 上市文件； (e) 通函； (f) 委任代表表格；及 (g) 回執。
00998-4
--------------------------------------------------------------------------------------------------------------------------------------------------
Change Request Form 變更申請表
To: China CITIC Bank Corporation Limited (the “Company”) 致： 中信銀行股份有限公司(「本公司」或「貴公司」)
(Stock Code: 998) （股份代號：998）
c/o Computershare Hong Kong Investor Services Limited 經香港中央證券登記有限公司
17M Floor, Hopewell Centre, 香港灣仔皇后大道東 183 號
183 Queen’s Road East,
合和中心 17M 樓
Wanchai, Hong Kong
I/We would like to receive the Corporate Communications* of the Company (the “Corporate Communications”) in the manner as ind icated below:
本人／我們希望以下列方式收取 貴公司之公司通訊文件*（「公司通訊文件」）：
(Please mark ONLY ONE（X）of the following boxes)
(請於下列其中一個空格內劃上「X」號)
read the Website Version of all future Corporate Communications published on the Company’s website in stead of receiving printed
□
copies; and receive a printed notification letter of the publication of the Corporate Communication on the Company’s website; OR
瀏覽在公司網站發表之公司通訊文件網上版本 ，以代替印刷本， 並收取公司通訊文件已在公司網站上刊發之通知信
函印刷本；或
□ to receive the printed English version of all future Corporate Communications ONLY; OR
僅收取公司通訊文件之英文印刷本；或
□ to receive the printed Chinese version of all future Corporate Communications ONLY; OR
僅收取公司通訊文件之中文印刷本；或
□ to receive both printed English and Chinese versions of all future Corporate Communications.
同時收取公司通訊文件之英文及中文印刷本。
Contact telephone number
聯絡電話號碼
Signature Date
簽名 日期
Notes 附註：
1. Please complete all your details clearly.
請 閣下清楚填妥所有資料。
2. Any form with more than one box marked (X), with no box marked (X), with no signature or otherwise incorrectly completed will be void.
如在本表格作出超過一項選擇、或未有作出選擇、或未有簽署、或在其他方面填寫不正確，則本表格將會作廢。
3. For the avoidance of doubt, we do not accept any special instructions written on this Change Request Form.
爲免存疑，任何在本變更申請表上的額外手寫指示，本公司將不予處理。 00
* Corporate Communications refer to any document issued or to be issued by the Company including but are not limited to (a) the directors’ report, its annual accounts
together with a copy of the auditors’ report and, where applicable, its summary financial report; (b) the interim report and, where applicable, summary interim report; (c) a
notice of meeting; (d) a listing document; (e) a circular; (f) a proxy form; and (g) reply slip.
公 司 通 訊 文 件 指 本 公 司 發 出 或 將 予 發 出 的 任 何 文 件 ， 其 中 包 括 但 不 限 於 ： (a)董 事 會 報 告 、 年 度 財 務 報 表 連 同 核 數 師 報 告 及 如 適 用 ， 財 務 摘 要 報
告； (b)中期 報告及如適用 ，中期摘要 報告； (c)會議通告； (d)上 市文件；(e)通函；(f)委任代表表 格；及(g)回執。
00998-3
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
郵寄標籤 MAILING LABEL
閣下寄回此變更申請表時，請將郵寄標籤剪貼於信封上。
如在本港投寄毋須貼上郵票。 香港中央證券登記有限公司
Please cut the mailing label and stick this on the envelope Computershare Hong Kong Investor Services Limited
to return this Change Request Form to us.
No postage stamp necessary if posted in Hong Kong.
簡便回郵號碼 Freepost No. 37
香港 Hong Kong
中信銀行股份有限公司
China CITIC Bank Corporation Limited
（於中華人民共和國註冊成立的股份有限公司）
（A joint stock limited company incorporated in the People’s Republic of China with limited liability）
（股份代號：998）
（Stock Code：998）
18 September 2012
Dear Sir/Madam,
China CITIC Bank Corporation Limited (the “Company”) – 2012 Interim Report
We are pleased to inform you that the English and Chinese versions of the Company’s 2012 Interim Report are now available on the Company’s website at
http://bank.ecitic.com. You may access to the 2012 Interim Report by clicking “Financial Information” under “Investor Relations” on the homepage of the Company’s
website.
If you have any difficulty in receiving or gaining access to the 2012 Interim Report posted on the Company’s website for any reason, we will upon your notice send the
printed form of the 2012 Interim Report to you free of charge as soon as possible. Please also note that you are entitled at any time to change your choice of language
and means of receipt of all future Corporate Communications (Note) by giving reasonable notice in writing to the Company’s H share registrar, Computershare Hong Kong
Investor Services Limited, by post (Address: 17M Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong) or by email (Email address:
chinaciticbank@computershare.com.hk).
If you have any queries about how to obtain a copy of the 2012 Interim Report or how to access the 2012 Interim Report on the Company’s website, please call the hotline
of the Company’s H share registrar at (852) 2862 8688 during business hours (9:00 a.m. to 6:00 p.m., Monday to Friday, excluding public holidays).
For and on behalf of
China CITIC Bank Corporation Limited
Note: Corporate Communications refer to any document issued or to be issued by the Company including but are not limited to (a) the directors’ report, its annual accounts together with a copy of the
auditors’ report and, where applicable, its summary financial report; (b) the interim report and, where applicable, summary interim report; (c) a notice of meeting; (d) a listing document; (e) a
circular; (f) a proxy form; and (g) reply slip.
敬啟者:
中信銀行股份有限公司 「本公司」－ 2012 年中期報告
本公司欣然知會 閣下本公司之 2012 年中期報告的中、英文版本現已登載於本公司網站 （http://bank.ecitic.com）。請在本公司網址首頁按「投
資者關係」一欄下的「財務信息」, 即可下載及瀏覽 2012 年中期報告。
倘 閣下因任何理由以致在收取或接收載於本公司網站上的 2012 年中期報告出現困難, 本公司將於接到 閣下通知後, 盡快向 閣下寄發 2012 年
中期報告的印刷本，費用全免。 閣下亦有權在任何時間以合理書面（地址爲香港灣仔皇后大道東 183 號合和中心 17M 樓）或電郵（電郵地址
（附註）
爲: chinaciticbank@computershare.com.hk）方式通知本公司 H 股股份過戶登記處，香港中央證券登記有限公司，以更改今後所有公司通訊 的語
言版本及收取方式。
倘 閣下對於如何索取 2012 年中期報告或如何在本公司網站上閱覽 2012 年中期報告有任何疑問, 請於營業時間內（星期一至星期五，上午九時
至下午六時，公衆假期除外）致電本公司 H 股股份過戶登記處熱綫(852) 2862 8688 查詢。
中信銀行股份有限公司
謹啟
2012 年 9 月 18 日
附註：公 司通訊文 件指本公司發 出或將予發 出的任何文件 ，其中 包括但 不限於： (a) 董事會 報告、年度財 務報表連同 核數師 報告及如適用 ，財務摘要報 告； (b) 中期 報告及如
適用 ，中期摘要報 告； (c) 會議 通告； (d) 上市 文件； (e) 通函； (f) 委任代表表 格；及 (g) 回執。
00998-5
----------------------------------------------------------------------------------------------------------------------------------------------------------------
中信銀行股份有限公司
China CITIC Bank Corporation Limited
（於中華人民共和國註冊成立的股份有限公司）
（A joint stock limited company incorporated in the People’s Republic of China with limited liability ）
（股份代號：998）
（Stock Code：998）
18 September 2012
Dear Investor (Note 1) ,
China CITIC Bank Corporation Limited (the “Company”)
Notice of publication of 2012 Interim Report
We are pleased to inform you that the English and Chinese versions of the 2012 Interim Report are now available on the Company’s website
at http://bank.ecitic.com. You may access to the 2012 Interim Report by clicking “Financial Information” under “Investor Relations” on the
homepage of the Company’s website.
If you want to receive a printed copy of the 2012 Interim Report, please complete the request form (the “Request Form”) on the
reverse side and send it to the Company c/o the Company’s H share registrar, Computershare Hong Kong Investor Services Limited, by
post using the mailing label at the bottom of the Request Form (no stamp is needed if posted in Hong Kong). The address of the Company’s
H Share Registrar is 17M Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong. You may also send an email with a
scanned copy of the Request Form to chinaciticbank@computershare.com.hk.
If you have any queries about how to obtain a copy of the 2012 Interim Report or how to access the 2012 Interim Report on the Company’s
website, please call the hotline of the Company’s H share registrar at (852) 2862 8688 during business hours (9:00 a.m. to 6:00 p.m., Monday
to Friday, excluding public holidays).
For and on behalf of
China CITIC Bank Corporation Limited
Note 1: This notification letter is being sent to the non-registered holders of the shares of the Company, whose shares are held in Central Clearing and Settlement System (CCASS) and
who have notified the Company through Hong Kong Securities Clearing Company Limited that they wish to receive the Corporate Communication. If you have sold or transferred
your shares in the Company, please disregard this notification letter and the Request Form enclosed.
附 註 1)
致投資者 ( ：
中信銀行股份有限公司 「本公司」
2012 年中期報告之發佈通知
本公司欣然知會 閣下本公司之 2012 年中期報告的中、英文版本現已登載於本公司網站（http://bank.ecitic.com）。 閣
下可於本公司網址首頁點擊「投資者關係」一欄下的「財務信息」, 即可下載及瀏覽 2012 年中期報告。
倘 閣下欲收取2012年中期報告之印刷本, 請填妥在本函背面的申請表格（「申請表格」），並使用申請表格下方
的郵寄標籤寄回本公司之Ｈ股股份過戶登記處，香港中央證券登記有限公司（如在香港投寄則毋須貼上郵票），地
址 爲 香 港 灣 仔 皇 后 大 道 東 183 號 合 和 中 心 17M 樓 。 閣 下 亦 可 把 已 填 妥 之 申 請 表 格 的 掃 描 副 本 電 郵 到
chinaciticbank@computershare.com.hk。
倘 閣下對於如何索取 2012 年中期報告或如何在本公司網站上閱覽 2012 年中期報告有任何疑問, 請於營業時間內（星
期一至星期五，上午九時至下午六時，公衆假期除外）致電本公司 H 股股份過戶登記處熱綫(852) 2862 8688 查詢。
中信銀行股份有限公司
謹啟
2012 年 9 月 18 日
附註 1： 本通知函件收件對象為本公司非登記股份持有人。該等人士的股份存放於中央結算及交收系統（中央結算系統）且他們已經通過香港中央結算有限
公司通知本公司，希望收到公司通訊。如果 閣下已出售或轉讓所持有的本公司股份，則無需理會本通知函件及所附申請表格。
Request Form 申請表格
To China CITIC Bank Corporation Limited (“Company”) 致： 中信銀行股份有限公司
(Stock Code: 998) （「本公司」或「貴公司」）
c/o Computershare Hong Kong Investor Services Limited （股份代號：998）
17M Floor, Hopewell Centre,
經香港中央證券登記有限公司
183 Queen’s Road East,
Wanchai, Hong Kong 香港灣仔皇后大道東 183 號
合和中心 17M 樓
I/We would like to receive a printed copy of the 2012 Interim Report of the Company as indicated below:
本人／我們希望以下列方式收取 貴公司之 2012 年中期報告印刷本：
(Please mark ONLY ONE（X）of the following boxes)(請從下列選擇中，僅在其中一個空格內劃上「X」號)
I/We would like to receive a printed copy in English.
□ 本人／我們希望收取一份英文印刷本。
I/We would like to receive a printed copy in Chinese.
□ 本人／我們希望收取一份中文印刷本。
I/We would like to receive both the printed English and Chinese copies.
□ 本人／我們希望收取英文和中文各一份印刷本。
Contact telephone
Signature number Date
簽名 聯絡電話號碼 日期
Notes 附註：
1. This Request Form is to be completed by the non-registered holders of the shares of the Company, whose shares are held in Central Clearing and Settlement System (CCASS) and who
have notified the Company through Hong Kong Securities Clearing Company Limited that they wish to receive the Corporate Communication. Please complete all your details clearly.
本申請表格應由本公司非登記股份持有人填寫。該等人士的股份存放於中央結算及交收系統（中央結算系統）且他們已經通過香港中央結算有限公司通知
本公司，希望收到公司通訊。請 閣下清楚填妥所有資料。
2. Any form with more than one box marked (X), with no box marked (X), with no signature or otherwise incorrectly completed will be void.
如 在本表 格作出 超過一 項選擇 、或未有 作出選 擇、或 未有簽 署、或 在其他方 面填寫 不正確 ，則本 表格將 會作廢。
3. For the avoidance of doubt, we do not accept any special instruc tions written on this Request Form.
為 免存疑 ，任何 在本申 請表格 上的額外 手寫指 示，本 公司將 不予處 理。
CTKH-NSH [ ] 2011 CTKH-NSH18092012-1(0)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
郵寄標籤 MAILING LABEL
閣下寄回此申請表格時，請將郵寄標籤剪貼於信封上。
如在本港投寄毋須貼上郵票。 香港中央證券登記有限公司
Please cut the mailing label and stick this on the envelope Computershare Hong Kong Investor Services Limited
to return this Request Form to us.
No postage stamp necessary if posted in Hong Kong.
簡便回郵號碼 Freepost No. 37
香港 Hong Kong