DBS: China Citic Bank Corp Ltd – Hold Target Price HK$3.60

Concerns on revenue growth and capital position

• 1H22 earnings increased by 12.1% y-o-y to Rmb 32.5bn, but NII and fee income revenue were both lower y-o-y

• Improving asset quality a key highlight in 1H22 with NPL dropping by 8bps

• Lagging revenue growth and relatively weaker capital position are concerns

• Downgrade to HOLD with TP revised down to HK$ 3.6