CITIC Limited logs 1.1% YoY profit rise to $8.01b in 2024

Earnings per share is RMB2.00, whilst the final dividend proposed is RMB0.36 per share.

Hong Kong-headquartered financial services company CITIC Limited has reported an RMB58.2b (approximately $8.019b) profit attributable to ordinary shareholders for the whole year of 2024, its latest financial results showed.

This is 1.1% year-on-year (YoY) higher than in 2023, when it reported a profit of $7.94b (RMB57.59b).

Earnings per share is RMB2.00 for 2024, higher than the RMB1.98 in 2023. The final dividend is proposed to be RMB0.36 per share, bringing the total for 2024 to RMB0.55 per share or a payout ratio of 27.5%.

Annual revenue is 10.6% YoY higher at $103.74b (RMB752.87b).

CITIC Limited’s financial segment enjoyed “synchronised growth in both revenue and profit” in 2024, according to a press release. Revenue and profit attributable to ordinary shareholders rose by 4.3% YoY.

CITIC Financial Holdings notably launched the CITIC Equity Investment Alliance, which now serves around 11,000, or over 96%, of the first five batches of national specialised and sophisticated enterprises.

CITIC Bank reportedly increased its focus on quality lending, with revenue, profit and provision coverage ratio all recording positive growth, and outperforming the market in its management of the narrowing net interest margin, the company said.

CITIC Securities maintained its domestic leadership in core business areas in terms of debt underwriting, custody assets and assets under management with steady growth in key performance indicators.

CITIC Trust reportedly saw a 27% growth in its trust assets and a 13% increase in the revenue of newly contracted trust business.

CITIC-Prudential Life continued to pivot towards higher margin and longer-term business and reported a new business value of RMB2.82b and a new business value ratio of 42%, representing annual growth of 16%, the company said.