CITIC : Announcement - Report for the First Quarter of 2021 of China CITIC Bank Corporation Limited

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

ANNOUNCEMENT

REPORT FOR THE FIRST QUARTER OF 2021 OF

CHINA CITIC BANK CORPORATION LIMITED

This announcement is made by CITIC Limited (the "Company") pursuant to Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The Company notes the announcement (the "CITIC Bank Announcement") of today's date made by China CITIC Bank Corporation Limited ("CITIC Bank"), a principal subsidiary of the Company, in relation to the unaudited consolidated results of CITIC Bank and its subsidiaries for the first quarter ended 31 March 2021. The CITIC Bank Announcement is available on the website of Hong Kong Exchanges and Clearing Limited at www.hkexnews.hkand is set out at the end of this announcement.

By Order of the Board

CITIC Limited

Zhu Hexin

Chairman

Hong Kong, 29 April 2021

As at the date of this announcement, the executive directors of the Company are Mr Zhu Hexin (Chairman), Mr Xi Guohua and Ms Li Qingping; the non-executive directors of the Company are Mr Song Kangle, Mr Liu Zhuyu, Mr Peng Yanxiang, Ms Yu Yang, Mr Liu Zhongyuan and Mr Yang Xiaoping; and the independent non-executive directors of the Company are Mr Francis Siu Wai Keung, Dr Xu Jinwu, Mr Anthony Francis Neoh, Mr Shohei Harada and Mr Gregory Lynn Curl.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(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 2021

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 2021 (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.

1. 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 2021 does not contain any false records, misleading statements or material omissions, and assume several and joint liabilities for its truthfulness, accuracy and completeness.

The meeting of the Board of Directors of the Bank adopted the Bank's Report for the First Quarter of 2021 on 29 April 2021. There were 9 eligible directors for the meeting and 9 directors attended the meeting, with Director Huang Fang entrusting Director Wang Yankang to attend and vote on her behalf as proxy due to conflicting schedule. The supervisors and senior management members of the Bank attended the meeting as non-voting delegates.

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Mr. Fang Heying as Executive Director, President and Chief Financial Officer of the Bank, Mr. Guo Danghuai as Executive Director and Vice President in charge of finance and accounting, 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 statements contained in the Report for the First Quarter of 2021.

The financial statements contained in this quarterly 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.

2. BASIC INFORMATION ON THE COMPANY 2.1 Corporate Profile

Secretary to the Board of Directors		Zhang Qing
Joint Company Secretaries		Zhang Qing, Kam Mei Ha Wendy (FCS, FCIS)
Office Address		6-30/F and 32-42/F, Building No. 1, 10 Guanghua Road, Chaoyang District, Beijing
Telephone Number/Fax Number for Investors	[phone]/[phone]
Email Address for Investors		[e-mail]
Customer Service and Complaint Hotline	95588
			Ordinary shares	Shanghai Stock Exchange	CNCB	601998
		A-share	Preference shares	Shanghai Stock Exchange	CITIC Excellent 1	360025
Listing Venue, Stock Name and Stock Code			Convertible	Shanghai Stock Exchange	CITIC Convertible	113021
			corporate bonds		Bonds
	H-share	Ordinary shares	The Stock Exchange of	CITIC Bank	0998
	Hong Kong Limited

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2.2 Principal Accounting Data
		Unit: RMB million
			Increase/
			(decrease) over
			the end of the
	31 March	31 December	previous year
Item	2021	2020	(%)
Total assets	7,785,636	7,511,161	3.65
Total loans and advances to customers (Note)	4,645,088	4,473,307	3.84
Total liabilities	7,209,895	6,951,123	3.72
Total deposits from customers (Note)	4,646,996	4,528,399	2.62
Deposits from banks and non-bank
financial institutions	1,190,888	1,163,641	2.34
Placements from banks and non-bank
financial institutions	67,170	57,756	16.30
Total equity attributable to the equity
holders of the Bank	560,116	544,573	2.85
Total equity attributable to the ordinary
shareholders of the Bank	485,168	469,625	3.31
Net asset per share attributable to the
ordinary shareholders of the Bank (RMB)	9.91	9.60	3.23

Note: For the convenience of analysis, total loans and advances to customers and total deposits from customers mentioned in this section and "2.8 Quarterly Operating Performance" did not include the corresponding interests.

		Unit: RMB million
			Year-on-year
	January-March	January-March	increase/
Item	2021	2020	decrease (%)
Operating income	51,931	51,570	0.70
Net profit attributable to the equity
holders of the Bank	15,641	14,453	8.22
Annualized return on average assets	0.84%	0.85%	Down 0.01
			percentage point
Annualized return on average equity	13.29%	12.86%	Up 0.43
			percentage point
Basic earnings per share (RMB)	0.32	0.30	6.67
Diluted earnings per share (RMB)	0.29	0.27	7.41
Net cash flows used in operating activities	(31,120)	(72,923)	57.32
Net cash flow used in operating activities
per share (RMB)	(0.64)	(1.49)	57.05

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1. 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 as at the end of the reporting period and the net profit for the reporting period of the Group calculated as per the PRC Accounting Standards and those of the Group calculated as per the International Financial Reporting Standards.
2. Capital Adequacy Ratios
   The Group calculated and disclosed its capital adequacy ratios according to the Provisional Measures for Capital Management of Commercial Banks promulgated by the former China Banking Regulatory Commission ("CBRC") (effective as of 1 January 2013). During the reporting period, the Group met the regulatory capital requirements. On the premise of meeting regulatory capital requirements, the Bank further set aside reserve capital, countercyclical capital and additional capital, of which the requirement on reserve capital was 2.5%, requirement on countercyclical capital was 0% and requirement on additional capital was 0%.
   As at the end of the reporting period, the Group recorded a core tier-one capital adequacy ratio of 8.59%, down by 0.15 percentage point over the end of the previous year, a tier- one capital adequacy ratio of 9.96%, down by 0.22 percentage point from the end of the previous year, and a capital adequacy ratio of 12.73%, down by 0.28 percentage point from the end of the previous year. The Bank recorded a core tier-one capital adequacy ratio of 8.33%, down by 0.14 percentage point from the end of the previous year; a tier-one capital adequacy ratio of 9.76%, down by 0.21 percentage point over the end of the previous year; and a capital adequacy ratio of 12.69%, down by 0.26 percentage point over the end of the previous year.

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						Unit: RMB million
						Increase/(decrease) over the
	Regulatory	31 March 2021	31 December 2020	end of the previous year (%)
Item	value	Group	Bank	Group	Bank	Group	Bank
Net core tier-one capital	-	487,225	437,614	471,251	423,188	3.39	3.41
Net tier-one capital	-	565,071	512,562	548,961	498,136	2.93	2.90
Net capital	-	722,304	666,500	701,729	647,200	2.93	2.98
Including:
Minimum requirement on core tier-one capital	5.00%	283,636	262,693	269,662	249,870	5.18	5.13
Minimum requirement on tier-one capital	6.00%	340,363	315,231	323,595	299,844	5.18	5.13
Minimum requirement on capital	8.00%	453,818	420,309	431,460	399,792	5.18	5.13
Requirement on reserve capital	2.50%	141,818	131,346	134,831	124,935	5.18	5.13
Requirement on countercyclical capital	-	-	-	-	-	-	-
Requirement on additional capital	-	-	-	-	-	-	-
Total risk-weighted assets	-	5,672,723	5,253,857	5,393,248	4,997,401	5.18	5.13
Core tier-one capital adequacy ratio	≥7.50%	8.59%	8.33%	8.74%	8.47%	Down 0.15	Down 0.14
						percentage point	percentage point
Tier-one capital adequacy ratio	≥8.50%	9.96%	9.76%	10.18%	9.97%	Down 0.22	Down 0.21
						percentage point	percentage point
Capital adequacy ratio	≥10.50%	12.73%	12.69%	13.01%	12.95%	Down 0.28	Down 0.26
						percentage point	percentage point
2.5 Leverage Ratio
						Unit: RMB million
	Regulatory	31 March 31 December	30 September	30 June
Item	value		2021	2020		2020	2020
Leverage ratio	≥4%		6.33%	6.40%		6.46%	6.64%
Net tier-one capital	-	565,071	548,961		538,163	536,149
Adjusted balance of on-
and off-balance sheet
assets	-	8,925,959	8,582,636	8,331,724	8,072,066

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2.6	Liquidity Coverage Ratio
			Unit: RMB million
		Regulatory	31 March	31 December
	Item	value	2021	2020
	Liquidity coverage ratio	≥100.00%	133.42%	135.14%
	Eligible premium liquid assets	-	800,974	823,822
	Net cash outflow in the coming 30 days	-	600,353	609,593
2.7	Asset Quality
			31 March	31 December
	Item		2021	2020
	Non-performing loan ratio		1.54%	1.64%
	Allowance coverage ratio		185.87%	171.68%
	The ratio of allowance for impairment
	of loans to total loans		2.86%	2.82%

2.8 Quarterly Operating Performance

During the reporting period, the Group focused on high-quality sustainable development and spared no effort to boost business transformation and efficiency improvement. Therefore, steady progress were made in all businesses and sound results were registered in the first quarter of 2021.

As at the end of the reporting period, the Group recorded total assets of RMB7,785.636 billion, up by 3.65% over the end of previous year; total liabilities of RMB7,209.895 billion, up by 3.72% over the end of previous year; total loans and advances to customers of RMB4,645.088 billion, up by 3.84% from the end of previous year; and total deposits from customers of RMB4,646.996 billion, up by 2.62% over the end of previous year.

For the reporting period, the Group realized sound growth in net profit, and posted net profit attributable to the Bank's shareholders of RMB15.641 billion, a year-on-year increase of 8.22%; and operating income of RMB51.931 billion, a year-on-year growth of 0.70%. Among these, net interest income amounted to RMB37.408 billion, up by 1.29% year on year; net non-interest income reached RMB14.523 billion, down by 0.80% year on year.

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During the reporting period, the Group stepped up efforts to resolve problematic loans and dispose non-performing loans, with the decline in both the balance and ratio of non- performing loans, maintaining stable asset quality. As at the end of the reporting period, the Group's balance of non-performing loans recorded RMB71.529 billion, down by RMB1.923 billion from the end of the previous year; its non-performing loan ratio recorded 1.54%, down by 0.10 percentage point from the end of previous year; its allowance coverage ratio stood at 185.87%, a rise of 14.19 percentage points over the end of the previous year; and its ratio of allowance for impairment of loans to total loans was 2.86%, up by 0.04 percentage point from the end of the previous year.

During the reporting period, the Bank's corporate banking business firmly implemented national policies and prioritized credit to strategic emerging industries, green credit, manufacturing, private enterprises and other key areas to support the precise marketing of business units at all levels and guide credit resources for optimized allocation. In terms of retail banking, adhering to the customer-oriented and value-oriented philosophy, the Bank drove capacity and system building through full-functional wealth management, and deepened the relationship with customers as a lead bank for settlement, investment, financing, services and business activities to build the first choice of wealth management for customers. The financial market business, focusing on profit creation and pursuing a light development path, actively studied and predicted market trends, and seized market opportunities to continuously improve asset structure and enhance transaction profitability. It also actively pushed forward the integrated operation of interbank customers and steadily boosted high-quality sustainable development.

As at the end of the reporting period, the Bank recorded a balance of corporate deposits of RMB3,524.871 billion, up by 2.35% over the end of the previous year; a balance of corporate loans (excluding discounted bills) of RMB2,111.788 billion, up by 6.93% over the end of the previous year; and total number of corporate customers of 847,400 corporate customers, up by 22,100 accounts over the end of the previous year. The Bank recorded a balance of personal deposits of RMB838.926 billion, up by 2.06% over the end of the previous year; a balance of personal loans of RMB1,893.272 billion, up by 2.30% over the end of the previous year; and total number of personal customers of 112,661,700, up by 1.7812 million accounts over the end of the previous year.

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1. Risk Management
   During the reporting period, the Bank vigorously implemented the decisions and plans of the central government. In the light of the direction of industrial restructuring, the Bank allocated credit resources to key areas and weak links in line with national strategies and enjoying promising market prospects. It continued to strengthen credit support for the manufacturing industry and medium, small and micro enterprises, increased the proportion of credits granted to green fields such as energy conservation and environmental protection and clean energy, strictly controlled new credits to industries with excess capacity, and prudently got involved in new projects in fields with high energy consumption and high pollution. It also further improved the credit structure by seizing business opportunities in emerging industries, medical and health care, mega consumption and other fields. Meanwhile, the Bank conducted more initiative and targeted risk management, and continuously strengthened risk prevention and control in key areas. It resolutely implemented the real estate control policy, advanced credit concentration risk control as scheduled, strengthened credit card customer access management and iteration of risk control models, carried out systematic re-inspection of personal loans and agency sales business, and took various measures to prevent and mitigate risks. Furthermore, the Bank accelerated the improvement of digital risk control, upgraded the comprehensive and intelligent risk management platform, built the customer early warning model with big data + AI as the core, realizing the early detection, early warning and early exit of risky customers.
2. Corporate Governance
   During the reporting period, the Bank vigorously implemented national decisions and plans as well as regulatory requirements, explored the corporate governance model with the characteristics of the Bank, intensified efforts in improving its governance system, enhanced its governance capabilities in an accelerated manner, and thereby raised the governance efficiency and capabilities across the board. As all directors, supervisors and senior management members faithfully, diligently and prudently performed their duties, the Bank saw its corporate governance continuously improving. As at the end of the reporting period, the Board of Directors of the Bank consisted of 9 members. During the reporting period, the Board of Directors held 5 meetings (4 on-site meetings and 1 meeting via communication voting) and 12 meetings of special committees of the Board of Directors. As at the end of the reporting period, the Board of Supervisors consisted of 8 members. During the reporting period, the Board of Supervisors held 4 meetings (all on-site meetings) and 2 meetings of the special committees of the Board of Supervisors. During the reporting period, the Bank held one general meeting. The general meeting and meetings of the Board of Directors and the Board of Supervisors of the Bank were convened in compliance with the procedures set forth in the Articles of Association of the Bank.

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2.11 Total Number of Ordinary Shareholders and Shareholdings of the Top 10 Ordinary

Shareholders and the Top 10 Ordinary Shareholders Not Subject to Restrictions on Sale as at the End of the Reporting Period

							Unit: Share
Total number of ordinary shareholders (account)							162,660
Including: A-share ordinary shareholders (account)							134,364
H-share ordinary shareholders (account)							28,296
	Shareholdings of the top 10 ordinary shareholders
				Number of		Balance of	Shares pledged
				shares held		shares subject	or frozen
			at the end of the	Percentage	to restrictions	Pledged
Name of shareholder	Nature of shareholder	Class of shares	reporting period	(%)	on sale	or frozen	Number
CITIC Corporation Limited	State-owned legal person	A share, H share		31,988,728,773	65.37	None	None	-
Hong Kong Securities Clearing Company	Overseas legal person	H share		11,558,872,960	23.62	None	Unknown	-
Nominees Limited
China National Tobacco Corporation	State-owned legal person	A share		2,147,469,539	4.39	None	None	-
China Securities Finance Corporation Limited	State-owned legal person	A share		1,018,941,677	2.08	None	None	-
Central Huijin Asset Management Ltd.	State-owned legal person	A share		272,838,300	0.56	None	None	-
China Construction Bank Corporation	State-owned legal person	H share		168,599,268	0.34	None	None	-
Hong Kong Securities Clearing	Overseas legal person	A share		137,379,779	0.28	None	None	-
Company Limited
China Merchants Bank Co., Ltd. - SSE	Other	A share		37,589,800	0.08	None	None	-
Dividend Traded Open-ended Index
Securities Investment Fund
Mao Tian Capital Limited	State-owned legal person	A share		31,034,400	0.06	None	None	-
China Poly Group Corporation Limited	State-owned legal person	A share		27,216,400	0.06	None	None	-
Shareholdings of the top 10 ordinary shareholders not subject to restrictions on sale
		Balance of shares
		not subject to					Number
Name of shareholder		restrictions on sale	Class of shares			of shares
CITIC Corporation Limited		31,988,728,773	Renminbi denominated ordinary shares	28,938,928,294
				Overseas-listed foreign shares	3,049,800,479
Hong Kong Securities Clearing Company Nominees Limited	11,558,872,960	Overseas-listed foreign shares	11,558,872,960
China National Tobacco Corporation		2,147,469,539	Renminbi denominated ordinary shares	2,147,469,539
China Securities Finance Corporation Limited	1,018,941,677	Renminbi denominated ordinary shares	1,018,941,677
Central Huijin Asset Management Ltd.		272,838,300	Renminbi denominated ordinary shares	272,838,300
China Construction Bank Corporation		168,599,268	Overseas-listed foreign shares	168,599,268
Hong Kong Securities Clearing Company Limited	137,379,779	Renminbi denominated ordinary shares	137,379,779
China Merchants Bank Co., Ltd. - SSE Dividend Traded	37,589,800	Renminbi denominated ordinary shares		37,589,800
Open-ended Index Securities Investment Fund
Mao Tian Capital Limited		31,034,400	Renminbi denominated ordinary shares		31,034,400
China Poly Group Corporation Limited		27,216,400	Renminbi denominated ordinary shares		27,216,400
Note on preference shareholders with restored							N/A
voting right and their shareholdings

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Notes: (1) Except for CITIC Corporation Limited and Hong Kong Securities Clearing Company Nominees Limited, the shareholdings of A-share holders and H-share holders in the table above were calculated based on the Bank's share registers respectively maintained with China Securities Depository and Clearing Corporation Limited Shanghai Branch and Computershare Hong Kong Investor Services Limited.

1. Hong Kong Securities Clearing Company Nominees Limited is a wholly-owned subsidiary of Hong Kong Securities Clearing Company Limited. The total number of shares held by Hong Kong Securities Clearing Company Nominees Limited is the aggregate number of H shares it held in its capacity as nominee on behalf of all institutional (except for CITIC Corporation Limited) and individual investors registered with the company as at the end of the reporting period. Hong Kong Securities Clearing Company Limited is an institution that is designated by others to hold shares, including the Shanghai Stock Connect shares held by Hong Kong and overseas investors, on behalf of others in its capacity as nominee shareholder.
2. CITIC Corporation Limited is a wholly-owned subsidiary of CITIC Limited. CITIC Corporation Limited confirmed that as at the end of the reporting period, CITIC Limited and its subsidiaries (including CITIC Corporation Limited) together owned 32,284,227,773 shares of the Bank, accounting for 65.97% of the Bank's total shares, including 28,938,928,294 A shares and 3,345,299,479 H shares. CITIC Corporation Limited directly owned 31,988,728,773 shares of the Bank, accounting for 65.37% of the Bank's total shares, including 28,938,928,294 A shares and 3,049,800,479 H shares.
3. Summit Idea Limited confirmed that, as at the end of the reporting period, it held via Hong Kong Securities Clearing Company Nominees Limited 2,292,579,000 H shares of the Bank, accounting for 4.685% of the Bank's total shares. Summit Idea Limited is a wholly-owned affiliate of Xinhu Zhongbao Co., Ltd. ("Xinhu Zhongbao"). In addition to the afore-mentioned stake, Hong Kong Xinhu Investment Co., Ltd., a wholly-owned subsidiary of Xinhu Zhongbao, also owned 153,686,000 H shares of the Bank via Hong Kong Securities Clearing Company Nominees Limited, taking up 0.314% of the Bank's total shares.
4. Note on related party relations or concerted actions of the above ordinary shareholders: Hong Kong Securities Clearing Company Nominees Limited is a wholly-owned subsidiary of Hong Kong Securities Clearing Company Limited. According to the 2020 Annual Report of China Construction Bank Corporation, as at 31 December 2020, Central Huijin Investment Ltd. and its wholly-owned subsidiary Central Huijin Asset Management Ltd. together owned 57.31% equity of China Construction Bank Corporation. Except for these, the Bank was not aware of any related party relation or concerted action between the above-mentioned shareholders.

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2.12 Total Number of Preference Shareholders and Shareholdings of the Top 10 Preference Shareholders and the Top 10 Preference Shareholders not Subject to Restrictions on Sale as at the End of the Reporting Period

3Applicable        □ Not applicable

							Unit: Share
Total number of preference shareholders (account)							32
	Shareholdings of the top 10 preference shareholders
	(also the top 10 preference shareholders not subject to restrictions on sale)
		Changes in	Number of			Number
		shareholding	shares held as			of shares	Shares pledged
		during the	at the end of	Shareholding		subject to	or frozen
	Nature of	reporting	the reporting	percentage	Class of	restrictions	Pledged
Name of shareholder	shareholder	period (+, -)	period	(%)	shares held	on sale	or frozen	Number
China Mobile Communications Group Corporation	State-owned	-	43,860,000	12.53	Onshore	-	-	-
Limited	legal person				preference
					shares
China Life Insurance Company Limited -	Other	-	38,430,000	10.98	Onshore	-	-	-
Dividend - Individual Dividend - 005L -					preference
FH002 Shanghai					shares
China Life Insurance Company Limited -	Other	-	38,400,000	10.97	Onshore	-	-	-
Traditional - Ordinary Insurance Products -					preference
005L - CT001 Shanghai					shares
China Ping An Life Insurance Co., Ltd. -	Other	-	30,700,000	8.77	Onshore	-	-	-
Universal - Individual Universal Insurance					preference
					shares
China Ping An Life Insurance Company Limited -	Other	-	30,700,000	8.77	Onshore	-	-	-
Dividend - Dividends for Individual Insurance					preference
					shares	-	-	-
BOCOM Schroder Asset Management -	Other	-	25,700,000	7.34	Onshore
BOCOM - BOCOM Schroder Asset					preference
Management Excellence No. 2 Collective					shares
Asset Management Plan	Other	-	21,930,000	6.27	Onshore	-	-	-
AXA SPDB Investment Managers Co., Ltd. -
SPDB - Shanghai Pudong Development Bank					preference
Shanghai Branch					shares	-	-	-
Aegon-Industrial Ruizhong Assets - Ping An Bank	Other	-	15,350,000	4.39	Onshore
- Ping An Bank Co., Ltd.					preference
					shares	-	-	-
TruValue Asset Management - China Merchants	Other	-	10,960,000	3.13	Onshore
Bank - China Merchants Bank Co., Ltd.					preference
					shares	-	-	-
BOCOM Schroder Fund Management - Minsheng	Other	-	8,770,000	2.51	Onshore
Bank - China Minsheng Bank Co., Ltd.					preference
					shares	-	-	-
CICC - ABC - CICC ABC Ruichi No. 2	Other	+8,770,000	8,770,000	2.51	Onshore
Collective Asset Management Plan					preference
					shares

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Notes: (1) The shareholdings of the preference shareholders were calculated based on the information contained in the preference-share register of the Bank.

1. Note on related party relations or concerted actions of the above preference shareholders: Based on publicly available information, the Bank came to the preliminary conclusion that there was related relation between China Life Insurance Company Limited - Dividend
   - Individual Dividend - 005L - FH002 Shanghai and China Life Insurance Company Limited - Traditional - Ordinary Insurance Products - 005L - CT001 Shanghai, between China Ping An Life Insurance Co., Ltd. - Universal - Individual Universal Insurance and China Ping An Life Insurance Company Limited - Dividend - Dividends for Individual Insurance, and between BOCOM Schroder Asset Management - BOCOM - BOCOM Schroder Asset Management Excellence No. 2 Collective Asset Management Plan and BOCOM Schroder Fund Management - Minsheng Bank - China Minsheng Bank Co., Ltd. Except for these, the Bank was not aware of any related party relation or concerted action between the above-mentioned preference shareholders or between the above-mentioned preference shareholders and the top 10 ordinary shareholders.
2. "Shareholding percentage" means the ratio of preference shares held by a preference shareholder to the total number of preference shares.
3. The Bank did not have preference shareholders with restored voting right.

3. SIGNIFICANT EVENTS

3.1 Material Changes in Principal Accounting Items and Financial Indicators of the Group and the Underlying Reasons

3Applicable        □ Not applicable

The table below sets out the major financial statement items with more than 30% changes in the first quarter of 2021 and the underlying reasons:

			Unit: RMB million
		Changes over
	31 March 2021/	the end of the
	January-March	previous year/
Item	2021	year on year (%) Reasons for change
Precious metals	8,873	41.4	Increase in precious metals held
Financial assets held under	64,044	(42.4) Decrease in bonds held under resale
resale agreements			agreements
Financial liabilities measured at	1,136	(86.9) Decrease in bond short selling and
fair value through profit or loss			structured products
Net gains from investment	3,416	(40.8) Decrease in investment income from
securities			securities such as bonds and funds

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1. Analysis and Explanations regarding Progress and Impacts of Significant Events and Their Solutions
   3Applicable        □ Not applicable
   At the 32nd meeting of the 5th session of the Board of Directors convened on 27 August 2020, the Bank reviewed and adopted the Proposal on Issuance of Undated Capital Bonds, giving consent that the Bank would issue undated capital bonds up to RMB40.0 billion (inclusive) in domestic and overseas markets to replenish its additional tier-1 capital. The proposal was considered and approved at the Bank's second extraordinary general meeting convened on 30 October 2020. In March 2021, the Bank has received the Approval regarding the Issuance of Undated Capital Bonds by China CITIC Bank Corporation Limited from China Banking and Insurance Regulatory Commission (Yin Bao Jian Fu [2021] No. 57) and the Decision of Approval of Administrative Licensing of the People's Bank of China (Yin Xu Zhun Yu Jue Zi [2021] No. 58) (the "Decision") issued by the People's Bank of China. The Bank was approved for the issuance of undated capital bonds in the national inter-bank bond market in an amount up to RMB40 billion (the "Bonds") to replenish the additional tier-one capital of the Bank in accordance with relevant regulations. The approved quota is valid for 2 years from the date of the issuance of the Decision. Within the validity period, the time of the issuance can be chosen independently. The Bonds were book-built on 22 April 2021 and the issuance was completed on 26 April 2021.
   Please refer to the relevant announcements published on the official websites of SSE (www.sse.com.cn), HKEXnews (www.hkexnews.hk) and the Bank (www.citicbank.com) for details of the public issuance of undated capital bonds.
2. Uncompleted Performance of Overdue Undertakings During the Reporting Period
3. • Applicable        3Not applicable
4. Warnings on the Forecast of Possible Losses or Substantial Year-on-Year Changes to be Recorded in Cumulative Net Profit from Beginning of the Year to the End of the Next Reporting Period and the Underlying Reasons
5. • Applicable        3Not applicable

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Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited)

(Amounts in millions of Renminbi, unless otherwise stated)

		January-March	January-March
			2021		2020
Interest income	76,010		75,659
Interest expense		(38,602)	(38,729)
Net interest income		37,408		36,930
Fee and commission income	10,298		8,682
Fee and commission expense		(1,021)	(1,199)
Net fee and commission income		9,277		7,483
Net trading gains	1,541		1,236
Net gains from investment securities	3,416		5,771
Net hedging gain/(loss)				-	1
Other net operating income/(loss)		289		149
Operating income	51,931		51,570
Operating expenses		(12,822)	(11,892)
Operating profit before impairment		39,109		39,678
Impairment losses on
	- Credit	(20,502)	(22,288)
	- Others		(41)	(348)
Total impairment losses		(20,543)	(22,636)
Share of net (loss)/gain of associates and joint ventures		47		12
Profit before tax	18,613		17,054
Income tax expense		(2,781)	(2,495)
Net profit		15,832		14,559
Net profit attributable to:
- Equity holders of the Bank	15,641		14,453
	- Non-controlling interests	191		106

- 14 -

	January-March	January-March
	2021		2020
Other comprehensive income, net of tax:
i. Items that cannot be reclassified into profit or loss:
1. Fair value changes on financial assets designated to be
measured at fair value through other comprehensive
income	(5)	(5)
ii. Items to be reclassified into profit or loss:
1. Other comprehensive income transferable to profit or loss
under equity method	(1)	-
2. Fair value changes on financial assets measured at fair
value through other comprehensive income	(293)	4,164
3. Impairment allowances on financial assets measured at fair
value through other comprehensive income	187	(1)
4. Exchange difference on translating foreign operations		(17)	1,030
Other comprehensive income, net of tax		(129)	5,188
Total comprehensive income	15,703		19,747
Total comprehensive income attributable to:
- Equity holders of the Bank	15,543		19,659
- Non-controlling interests		160		88
	15,703		19,747
Earnings per share attributable to the ordinary
shareholders of the Bank:
Basic earnings per share (RMB yuan)	0.32		0.30
Diluted earnings per share (RMB yuan)	0.29		0.27

- 15 -

Consolidated Statement of Financial Position (Unaudited) (Amounts in millions of Renminbi)

		31 March 2021	31 March 2020
Assets
Cash and balances with central banks	426,604		435,169
Deposits with and loans to banks and non-bank financial institutions	107,806		133,392
Precious metals	8,873		6,274
Placements with banks and non-bank financial institutions	183,754		168,380
Derivative financial assets	30,715		40,064
Financial assets held under resale agreements	64,044		111,110
Loans and advances to customers	4,526,444		4,360,196
Financial investments	2,263,681		2,092,732
- measured at fair value through profit or loss	464,575		405,632
- measured at amortized cost	1,067,232		959,416
- measured at fair value through other comprehensive income	727,987		724,124
- designated to be measured at fair value through other
comprehensive income	3,887		3,560
Investment in associates and joint ventures	5,614		5,674
Investment properties	386		386
Property, plant and equipment	33,504		33,868
Intangible assets	2,380		2,544
Goodwill	860		860
Right-of-use assets	11,293		11,556
Deferred tax assets	43,828		41,913
Other assets		75,850		67,043
Total assets		7,785,636		7,511,161
Liabilities
Borrowings from central banks	228,519		224,391
Deposits from banks and non-bank financial institutions	1,190,888		1,163,641
Placements from banks and non-bank financial institutions	67,170		57,756
Financial liabilities measured at fair value through profit or loss	1,136		8,654
Derivative financial liabilities	28,900		39,809
Financial assets sold under repurchase agreements	86,917		75,271
Deposits from customers	4,690,576		4,572,286
Accrued staff costs	17,761		20,333
Taxes payable	8,709		8,411
Provisions	7,200		7,208
Issued debt certificates	838,663		732,958
Lease liabilities	10,395		10,504
Deferred tax liabilities	10		11
Other liabilities		33,051		29,890
Total liabilities	7,209,895		6,951,123

- 16 -

	31 March 2021	31 March 2020
Equity
Share capital	48,935		48,935
Other equity instruments	78,083		78,083
Capital reserve	59,216		59,216
Other comprehensive income	11		109
Surplus reserve	43,786		43,786
General reserve	90,823		90,819
Retained earnings	239,262		223,625
Total equity attributable to the equity holders of the Bank	560,116		544,573
Non-controlling interests	15,625		15,465
Total equity	575,741		560,038
Total liabilities and equity	7,785,636		7,511,161

Approved and authorized for issue by the Board of Directors on 29 April 2021.

Fang Heying

Executive Director, President and   Chief Financial Officer

Xue Fengqing

Person in charge of the Finance   and Accounting Department

Guo Danghuai

Executive Director, Vice President in   charge of finance and accounting

Company Seal

- 17 -

Consolidated Statement of Cash Flows (Unaudited) (Amounts in millions of Renminbi)

	January-March	January-March
		2021		2020
Operating activities	18,613
Profit before tax		17,054
Adjustments for:
- Revaluation gain on investments, derivatives and	(1,339)
investment properties	(2,123)
- Net investment gain	(2,269)	(3,030)
- Net (gain)/loss from disposal of fixed assets, intangible	(3)
assets and other assets	5
- Unrealised foreign exchange gain	(875)	(258)
- Impairment losses on credit	20,502		22,288
- Impairment losses on other assets	41		348
- Depreciation and amortization	837		697
- Interest expense on debt certificates issued	5,847		5,671
- Dividend income from equity investment	(27)	-
- Depreciation of right-of-use assets and interest	933
expense on lease liabilities		963
- Income tax paid		(4,653)	(5,907)
Subtotal		37,607		35,708
Changes in operating assets and liabilities:
(6,354)
Increase in balances with central banks	(2,299)
(Increase)/decrease in deposits with banks and non-bank	(7,567)
financial institutions	10,402
Increase in placements with and loans to banks and non-bank	(37,039)
financial institutions	(10,388)
Increase in held-for-trading financial assets	(20,397)	(14,899)
Decrease/(increase) in financial assets held under	47,097
resale agreements		(92,152)
Increase in loans and advances to customers	(176,758)	(158,208)
Increase in borrowings from central banks	2,695		20
Increase in deposits from banks and non-bank	25,156
financial institutions		3,502
Increase/(decrease) in placements from banks and	9,238
non-bank financial institutions		(32,202)
(Decrease)/increase in financial liabilities measured at	(7,231)
fair value through profit or loss for the current period	396
Increase/(decrease) in financial assets sold under	11,343
repurchase agreements		(27,248)
Increase in deposits from customers	118,701		233,338
Increase in other operating assets	(24,908)	(30,598)
(Decrease)/increase in other operating liabilities		(2,703)	11,705
Net cash flow used in operating activities		(31,120)	(72,923)

- 18 -

	January-March	January-March
		2021		2020
Investing activities	785,923
Proceeds from disposal and redemption of investments		525,385
Cash received from investment equity income	122		21
Proceeds from disposal of property, plant and equipment,	15
land use rights and other assets		3
Payments on acquisition of investments	(916,737)	(615,867)
Payments on acquisition of property, plant and equipment,	(265)
land use rights and other assets	(352)
Payments on establishment of subsidiaries, associates and			-
joint ventures			(5,000)
Net cash flow used in investing activities		(130,942)	(95,810)
Financing activities
303,039
Cash received from debt securities issued		127,858
Cash paid for redemption of debt securities issued	(197,710)	(69,640)
Interest paid on debt securities issued	(5,457)	(4,775)
Payments on other financing activities		(769)	(605)
Net cash flow generated from financing activities			99,103		52,838
Net decrease in cash and cash equivalents	(62,959)	(115,895)
Cash and cash equivalents as at 1 January	319,566		342,449
Effect of exchange rate changes on cash and cash equivalents		44		2,483
Cash and cash equivalents as at 31 March	256,651		229,037
Cash flows from operating activities include:
Interest received		76,151		72,936
Interest paid, excluding interest paid for issued debt certificates	(30,340)	(27,158)

By order of the Board of

China CITIC Bank Corporation Limited

Fang Heying

Executive Director, President

Beijing, the PRC

29 April 2021

As at the date of this announcement, the executive directors of the Bank are Mr. Fang Heying (President) and Mr. Guo Danghuai; the non-executive directors are Mr. Cao Guoqiang, Ms. Huang Fang and Mr. Wang Yankang; and the independent non-executive directors are Mr. He Cao, Ms. Chen Lihua, Mr. Qian Jun and Mr. Yan Lap Kei Isaac.

- 19 -