China CITIC Bank : REPORT FOR THE FIRST QUARTER OF 2021

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(A joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 998)

REPORT FOR THE FIRST QUARTER OF 2022

The board of directors (the "Board of Directors") of China CITIC Bank Corporation Limited (the "Bank" or the "Company") is pleased to announce the unaudited consolidated results of the Bank and its subsidiaries (collectively, the "Group") for the first quarter ended 31 March 2022 (the "reporting period"), which have been prepared in accordance with the International Financial Reporting Standards ("IFRS"). This announcement is made in accordance with Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

This report is made in Chinese and English. Should there be any discrepancies between the two versions, the Chinese version shall prevail.

IMPORTANT NOTICE

The Board of Directors, the Board of Supervisors, directors, supervisors and senior management members of the Bank guarantee that the information contained in the Report for the First Quarter of 2022 of China CITIC Bank Corporation Limited (hereinafter referred to as the "Report for the First Quarter of 2022" or "this report") does not contain any false records, misleading statements or material omissions, and assume several and joint liabilities for its truthfulness, accuracy and completeness.

Mr. Zhu Hexin as the Chairman and non-executive director of the Bank, Mr. Fang Heying as the Vice Chairman, executive director and President of the Bank, Mr. Wang Kang as the Vice President and Chief Financial Officer of the Bank, and Mr. Xue Fengqing as the head of the Finance and Accounting Department of the Bank hereby declare and guarantee the truthfulness, accuracy and completeness of the financial report contained in the Report for the First Quarter of 2022.

The financial statements contained in this report, which were prepared in accordance with the International Financial Reporting Standards (IFRS), are unaudited.

The term the "Bank" mentioned in the report refers to China CITIC Bank Corporation Limited and the "Group" refers to China CITIC Bank Corporation Limited and its subsidiaries.

For the purpose of this report, amounts are expressed in Renminbi (RMB) unless otherwise stated.

1. BASIC INFORMATION ON THE COMPANY

Secretary to the Board of Directors Joint Company Secretaries

Zhang Qing

Zhang Qing, Kam Mei Ha Wendy (FCG, HKFCG)

Office Address

6-30/F and 32-42/F, Building No. 1, 10 Guanghua Road, Chaoyang District, BeijingTelephone Number/Fax Number for Investors [phone]/[phone]

Email Address for Investors

[e-mail]

Customer Service and Complaint Hotline 95558

A-shareListing Venue, Stock Name and Stock CodeOrdinary shares Preference shares Convertible corporate bondsShanghai Stock Exchange CNCB 601998

Shanghai Stock Exchange CITIC Excellent 1 360025

CITIC Convertible 113021

Shanghai Stock Exchange

Bonds

The Stock Exchange ofH-share Ordinary shares

CITIC Bank

0998

Hong Kong Limited

2.

PRINCIPAL FINANCIAL DATA

2.1

Principal Accounting Data and Financial Indicators

Unit: RMB million

Increase/ (decrease) over the end of the

31 December previous year

Item	31 March 2022	2021	(%)
Total assets	8,233,997	8,042,884	2.38
Total loans and advances to customers (Note)	4,953,095	4,855,969	2.00
Total liabilities	7,577,234	7,400,258	2.39
Total deposits from customers (Note)	4,921,656	4,736,584	3.91
Total equity attributable to the equity
holders of the Bank	640,467	626,303	2.26
Total equity attributable to the ordinary
shareholders of the Bank	525,526	511,362	2.77
Net asset per share attributable to the
ordinary shareholders of the Bank (RMB)	10.74	10.45	2.77

Note: For the convenience of analysis, total loans and advances to customers and total deposits from customers mentioned in this section and "3.1 Operating Results" did not include the corresponding interest.

Unit: RMB million

Year-on-year

January-	January- increase/
Item	March 2022	March 2021 decrease (%)
Operating income	53,954	51,931 3.90
Profit before tax	21,127	18,613 13.51
Net profit attributable to the equity holders
of the Bank	17,350	15,641 10.93
Annualized return on average assets	0.87%	0.84% Up 0.03
percentage point
Annualized return on average equity	13.57%	13.29% Up 0.28
percentage point
Basic earnings per share (RMB)	0.35
Diluted earnings per share (RMB)	0.32
Net cash flows generated from	29,757
operating activities

0.32	9.38
0.29	10.34
(31,120)	Negative in the
same period of
last year

2.2

Changes in the Group's Major Accounting Data and Financial Indicators and Reasons

Items in the above-mentioned major accounting data and financial indicators that changed by more than 30% compared with the end of last year or the same period of last year and the reasons for the changes are as follows:

Unit: RMB million

Increase/Decrease over the end of last year or the sameItem

January-March 2022

period of last year (%)

Reasons for changes

Net cash flows generated from operating activities

29,757

Negative in the same period of last year

Net cash inflows generated from operating activities were RMB29.757 billion, and the figure for the same period of last year was RMB31.120 billion of net cash outflows. The reason of the change is mainly due to the decrease in cash outflows from loans and advances to customers.

Note on Differences between the Financial Statements Respectively Prepared in accordance with the PRC Accounting Standards and the International Financial Reporting Standards

There is no difference between the net assets attributable to the equity holders of the Bank as at the end of March 2022 and the net profit attributable to the equity holders of the Bank for the reporting period of the Group calculated as per the PRC Accounting Standards and those calculated as per the International Financial Reporting Standards.

3.

MANAGEMENT DISCUSSION AND ANALYSIS

3.1

Operating Results

During the Reporting Period, the Group earnestly implemented the policies of the CPC Central Committee and the State Council and further promoted the transformation and development. As a result, the Group realized steady development of various businesses, continuous improvement of asset quality and stable growth of operating results.

As at the end of the reporting period, the Group's total assets amounted to RMB8,233.997 billion, representing an increase of 2.38% as compared to the end of last year, mainly due to the increase in loans and advances to customers. Total loans and advances to customers stood at RMB4,953.095 billion, an increase of 2.00% over the end of the previous year. Specifically, the balance of corporate loans (excluding discounted bills) registered RMB2,422.112 billion, an increase of 3.68% over the end of the previous year; and the balance of personal loans posted RMB2,071.078 billion, an increase of 0.84% over the end of the previous year. Total liabilities amounted to RMB7,577.234 billion, an increase of 2.39% over the end of the previous year, mainly due to the increase in deposits from customers. Deposits from customers amounted to RMB4,921.656 billion, an increase of 3.91% over the end of the previous year. Specifically, corporate deposits recorded RMB3,882.920 billion, an increase of 3.15% over the end of the previous year, and personal deposits amounted to RMB1,038.736 billion, an increase of 6.83% over the end of the previous year.

During the reporting period, the Group realized favorable growth in net profit. It realized net profit attributable to the equity holders of the Bank of RMB17.350 billion, a year-on-year increase of 10.93%; operating income of RMB53.954 billion, a year-on-year growth of 3.90%, of which net interest income was RMB36.946 billion, down by 1.24% year on year; net interest margin stood at 2.02%, down by 0.11 percentage point year on year and up by 0.01 percentage point over the fourth quarter of last year; and net non-interest income posted RMB17.008 billion, up by 17.11% year on year.

Key Business Indicators

During the reporting period, with the "342 Action Plan for Developing Core Business Capabilities" as the guiding strategy, the Bank carried out business operation focusing on the three core capabilities of wealth management, asset management and comprehensive financing, and achieved excellent business performance. As at the end of the reporting period, the balance of the Bank's personal AUM1 (including market value) amounted to RMB3.56 trillion, representing an increase of 2.46% compared with the end of last year; the total amount of wealth management products stood at RMB1,512.107 billion, an increase of 7.76% over the end of last year; and the balance of comprehensive financing amounted to RMB11.90 trillion, an increase of 3.70% over the end of last year.

The corporate banking of the Bank followed the principle of prudence in key areas. The corporate green credits and the corporate loans granted to strategic emerging industries increased by 21.68% and 9.23% respectively compared with the beginning of the year, both higher than the average growth of corporate loans. Loans to new economic fields reported rapid growth, recording a great leap in partnership with "small giant" enterprises with specialized, sophisticated techniques and unique, novel products, and 147 new accounts were opened. The products of corporate wealth management were further enriched, and the size of corporate wealth management continued to grow. As at the end of the reporting period, the Bank recorded total number of corporate customers of 955,500, up by 28,800 over the end of the previous year, and a balance of corporate loans of RMB185.766 billion, up by RMB10.239 billion over the end of the previous year.

The retail banking business of the Bank entered the development stage of "new retail", with wealth management as the core, "Three-Sphere Coverage and Five Expertise"2 as the development concept and "Four Links and Two Wings"3 as the development path, in a bid to become customers' first choice of wealth management bank. In response to market changes, the Bank expanded its wealth management business and personal credit business and maintained a competitive edge in the field of carte blanche and family trust of private banking. As at the end of the reporting period, the number of personal customers amounted to 121,496,300, up by 1,771,200 compared with the end of last year. The balance of personal wealth management amounted to RMB1,178.603 billion, an increase of RMB68.531 billion over the end of last year.

• 1 Including the personal AUM of subsidiaries of the Bank.

• 2 "Three-Sphere Coverage": building a system covering all customers, products and channels; "Five Expertise": becoming customers' first choice of wealth management bank as an expert at settlement, investment, financing, services and activities.

• 3 "Four Links": cooperation between segments, bank-wide coordination, group-wide collaboration and external linkage; "Two Rings": digitalized and ecosystem-based operations.