FINANCE

Fitch Lifts China Citic Bank to A- on Strong State Backing

Published: Apr. 3, 2026 10:04 p.m. GMT+8

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China Citic Bank, which has more than 10 trillion yuan in total assets, reported a 3% year-on-year increase in net profit to 70.6 billion yuan last year. Photo: VCG

Fitch Ratings has upgraded China Citic Bank Corp. Ltd.’s long-term foreign-currency issuer default rating to A- from BBB+, citing the lender’s deep ties to the central government and a high probability of state support.

The move lifts the bank into the top rating tier among China’s joint-stock commercial lenders, highlighting its growing role in carrying out Beijing’s strategic initiatives and its potential involvement in resolving distressed financial institutions.

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Fitch upgraded China Citic Bank's long-term foreign-currency rating to A- from BBB+ due to government ties and state support likelihood.
Raised government support rating to a- (stable outlook); upgraded HK subsidiaries to A-; cited scale, Citic Group links, 26B yuan equity conversion.
2025 results: >10T yuan assets, net profit +3% to 70.6B yuan, NPL ratio fell 7th year.

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Who’s Who

Fitch Ratings: Fitch Ratings upgraded China Citic Bank's long-term foreign-currency issuer default rating to A- from BBB+, citing deep central government ties and high state support probability. It raised the government support rating to a- (stable outlook) and lifted the bank to top tier among China's joint-stock lenders. HK subsidiaries also upgraded to A-.

China Citic Bank Corp. Ltd.: Fitch upgraded China Citic Bank Corp. Ltd.’s long-term foreign-currency rating to A- from BBB+, citing deep central government ties and state support. Top among China’s joint-stock banks, it has >10 trillion yuan assets. 2025 net profit rose 3% to 70.6 billion yuan; NPL ratio fell 7th year. HK subsidiaries also upgraded to A-. (58 words)

Citic Group Corp. Ltd.: Citic Group Corp. Ltd. is the state-owned parent of China Citic Bank Corp. Ltd., with close ties to China's central government. It has a strong record of timely capital support, including Citic Financial Holdings converting 26 billion yuan ($3.8B) of convertible bonds into equity in early 2024, boosting the bank's core Tier 1 ratio by 40 basis points.

Citic Financial Holdings Co. Ltd.: Citic Financial Holdings Co. Ltd. was created to strengthen oversight and coordination across Citic Group's financial and nonfinancial businesses. As the parent, it has a strong record of timely capital support, converting 26 billion yuan ($3.8 billion) of convertible bonds into equity for China Citic Bank in early 2024, boosting its core Tier 1 capital adequacy ratio by 40 basis points.

China Citic Bank International Ltd.: Fitch Ratings raised China Citic Bank International Ltd.'s long-term issuer rating to A- from BBB+, viewing it as a highly integrated core Hong Kong-based subsidiary of China Citic Bank Corp. Ltd. (28 words)

CNCB (Hong Kong) Investment Ltd.: Fitch Ratings upgraded CNCB (Hong Kong) Investment Ltd.'s long-term issuer rating to A- from BBB+. The agency views it as a highly integrated core unit within the China Citic Bank group.

AI generated, for reference only