Investment Rating - The report gives a "Recommended" rating for the company [1][33]. Core Views - The company's revenue and net profit decline has narrowed, achieving positive growth in the third quarter of 2024. For the first nine months of 2024, the company reported operating income of 196.12 billion yuan, a year-on-year decrease of 1.39%, and a net profit attributable to shareholders of 68.69 billion yuan, down 0.69% year-on-year. The annualized weighted average ROE is 9.06%, a decrease of 0.77 percentage points year-on-year. In Q3 2024, revenue and net profit attributable to shareholders grew by 3.31% and 1.19% year-on-year, respectively, returning to positive growth compared to the previous quarter [2][10]. Summary by Sections Revenue and Profitability - For the first nine months of 2024, the company achieved a net interest income of 126.80 billion yuan, an increase of 2.15% year-on-year. In Q3 2024, the net interest income grew by 1.97% year-on-year. The annualized net interest margin (NIM) for the first nine months is 1.28%, remaining stable compared to the end of the previous year, with a slight decrease of 1 basis point compared to H1 2024. The company has managed to maintain a certain level of resilience in its interest margin despite downward pressure on loan and investment yields due to LPR cuts and declining market interest rates [3][12]. Credit and Asset Quality - As of the end of September 2024, the total loan amount increased by 6.1% compared to the end of the previous year. Corporate loans grew by 6.84%, maintaining a stable proportion of over 65%, while personal loans increased by 6.33%. The company’s non-performing loan (NPL) ratio is 1.32%, down 1 basis point from the end of the previous year, while the proportion of attention-class loans increased by 7 basis points to 1.58% [6][33]. Non-Interest Income - For the first nine months of 2024, the company reported non-interest income of 69.33 billion yuan, a year-on-year decrease of 7.27%, with the decline narrowing by 4.88 percentage points compared to the first half of the year. The intermediary business income was 29.35 billion yuan, down 13.96% year-on-year, primarily due to the impact of insurance fee policies and reduced fees for fund sales. Other non-interest income was 39.97 billion yuan, down 1.66% year-on-year, with investment income contributing 20.50 billion yuan, a decrease of 2.92% [5][22]. Capital Adequacy - The company’s core Tier 1 capital adequacy ratio is 10.29%, up 0.06 percentage points from the end of the previous year. The provision coverage ratio is 203.87%, an increase of 8.66 percentage points from the end of the previous year. The state plans to issue special government bonds to supplement the core Tier 1 capital of major banks, which is expected to enhance the company's capital adequacy and credit issuance capacity [6][33].

股票代码：601328 股票简称：交通银行 编号：临 2024-042 交通银行股份有限公司 外部监事辞任公告 交通银行股份有限公司（以下简称"交通银行"或"本公司"）监事会及全体监事保证 本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 本公司外部监事李曜先生期满退任，自2024年10月31日起不再担任本公司外 部监事、监事会提名委员会主任委员、监事会财务与内控监督委员会委员。李曜 先生确认与本公司监事会无不同意见，也无任何与退任有关的事项需要通知本公 司股东和债权人。 李曜先生担任本公司外部监事期间，恪尽职守、勤勉敬业，在完善监事会监 督体系、强化重点领域监督、提升公司治理水平等方面做出了重要贡献。监事会 谨此向李曜先生表示衷心感谢！ 特此公告 交通银行股份有限公司监事会 2024 年 10 月 31 日 1 ...

Investment Rating - The report assigns a 2024E P/B of 0.5x and a 2024E P/E of 6.0x, with a TTM dividend yield of 5.2%, compared to industry averages of 0.6x, 5.4x, and 4.8% respectively [1][4]. Core Insights - The Bank of Communications reported a Q3 2024 revenue increase of 3.3% year-on-year, with pre-provision profit also rising by 3.3% year-on-year, and net profit attributable to the parent company growing by 1.2% year-on-year [1][4]. - For the first three quarters of 2024, revenue decreased by 1.4% year-on-year, pre-provision profit fell by 3.5%, and net profit attributable to the parent company decreased by 0.7%, indicating improvements in year-on-year growth rates compared to mid-year [1][4]. - The annualized ROA for Q1-Q3 2024 decreased by 0.04 percentage points to 0.65%, while the annualized ROE decreased by 0.77 percentage points to 9.06% [1][4]. - The core Tier 1 capital adequacy ratio increased by 0.31 percentage points year-on-year to 10.29% [1][4]. Summary by Sections Revenue and Profitability - Q1-Q3 2024 net interest income increased by 2.2% year-on-year, consistent with Q2's performance, while Q3 net interest income rose by 2.0% year-on-year [2][5]. - The net interest margin for Q1-Q3 2024 was 1.28%, showing a decline of 1 basis point compared to the first half of 2024 [2][5]. - The cost-to-income ratio for Q1-Q3 2024 was 30.4%, an increase of 0.2 percentage points year-on-year [3][5]. Asset Quality - The non-performing loan ratio remained stable quarter-on-quarter at 1.32%, with both the attention rate and overdue rate declining [3][5]. - The provision coverage ratio slightly decreased to 203.9% [3][5]. - Corporate loans became the main driver of loan growth, contributing 47% to the incremental loan growth in Q3 [2][5]. Fee and Commission Income - Net fee and commission income for Q1-Q3 2024 decreased by 14.0% year-on-year, showing slight improvement from a decline of 14.6% at mid-year [3][5]. - Other net income increased due to fair value changes, rising by 800 million [3][5].

Summary of the Conference Call for Bank of Communications Q3 2024 Performance Company Overview - **Company**: Bank of Communications (交通银行) - **Period**: Q3 2024 Key Financial Performance - **Net Profit**: 68.69 billion CNY, a year-on-year decrease of 0.69%, but the decline narrowed by 0.94 percentage points compared to the first half of the year [2] - **Total Assets**: 14.6 trillion CNY, an increase of 3.8% from the end of the previous year [2] - **Non-Performing Loan Ratio**: 1.32%, a decrease of 0.01 percentage points from the end of the previous year [2] - **Net Interest Income**: 126.8 billion CNY, a year-on-year increase of 2.15% [2] - **Net Interest Margin**: 1.28%, unchanged from the previous year [2] - **Return on Average Assets**: 0.65% [2] - **Return on Average Equity**: 9.06% [2] Business Development Highlights - **Loan Balance**: 8.44 trillion CNY, an increase of 485.1 billion CNY, representing a growth of 6.1% [2] - **Average Loan Yield**: 3.67%, a decrease of 34 basis points year-on-year [2] - **Corporate Loans**: 5.53 trillion CNY in loans to companies [4] - **Retail Loans**: 2.63 trillion CNY in personal loans [4] - **Wealth Management**: Retail AUM reached 5.38 trillion CNY, a growth of 7.52% [8] Strategic Focus Areas - **Support for Key Industries**: Increased lending to strategic sectors, with a 10.8% growth in loans to the manufacturing sector and a 6.98% increase in loans to strategic emerging industries [3] - **Financial Services for SMEs**: Loans to small and micro enterprises increased by 21.87% [8] - **Digital Transformation**: Monthly active users of mobile banking reached 46.84 million, with significant growth in digital service usage [10] Risk Management and Asset Quality - **Non-Performing Loan Disposal**: 43.5 billion CNY in non-performing loans disposed of, including 24.3 billion CNY written off [3] - **Provision Coverage Ratio**: 203.87%, an increase of 8.66 percentage points from the end of the previous year [3] Market Position and Competitive Edge - **Investment Banking**: Underwrote bonds totaling 158.85 billion CNY, providing financing services to technology companies amounting to 30.05 billion CNY [4] - **Private Banking**: 93,100 private banking clients, with managed assets of 1.28 trillion CNY, a growth of 9.32% [5] Future Outlook - **Economic Environment**: The company anticipates a steady recovery in the economy, supported by government policies aimed at stabilizing economic performance [10] - **Strategic Goals**: Focus on enhancing governance capabilities and core competitiveness while ensuring financial stability [11] Additional Insights - **Green Finance**: Green loan balance increased by 5.13%, with clean energy loans growing by 14.48% [8] - **Cross-Border Transactions**: International settlement volume reached 376.72 billion USD, with cross-border RMB settlements at 1.39 trillion CNY [8] This summary encapsulates the key points from the conference call, highlighting the financial performance, strategic initiatives, and future outlook of the Bank of Communications.

股票代码：601328 股票简称：交通银行 编号：临2024-038 交通银行股份有限公司 第十届董事会第十八次会议决议公告 交通银行股份有限公司（以下简称"交通银行"或"本公司"）董事会及全体董事保证 本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 一、董事会会议召开情况 本公司第十届董事会第十八次会议于 2024 年 10 月 30 日以现场和视频相结 合的方式，在上海、香港和北京召开。本公司于 2024 年 10 月 16 日以书面方式 向全体董事和监事发出本次会议通知。张宝江副董事长主持会议。出席会议应到 董事 18 名，亲自出席董事 16 名，委托出席董事两名，任德奇董事长、陈俊奎非 执行董事因其他公务，均书面委托张宝江副董事长出席会议并代为行使表决权。 部分监事及高管列席会议。本次会议的召开符合《中华人民共和国公司法》等法 律法规和《交通银行股份有限公司章程》的规定。 二、董事会会议审议情况 （一）关于 2024 年第三季度报告及业绩公告的决议 会议审议批准了《2024 年第三季度报告及业绩公告》，同意按照有关监管 规定予以公开披露。 6 ...

股票代码：601328 股票简称：交通银行 编号：临 2024-041 交通银行股份有限公司 关于交通银行（香港）有限公司未分配利润 转增股本的公告 交通银行股份有限公司（以下简称"交通银行"或"本公司"）董事会及全体董事保证 本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 重要内容提示： 本公司全资控股子公司交通银行（香港）有限公司（以下简称"香港子 行"）拟将不超过 71 亿港元未分配利润转增股本（不向股东提供现金选择权）。 转增完成后，香港子行股本为 450 亿港元，本公司继续保持对香港子行的全资控 股地位。本次转增事项已经本公司董事会审议批准，无需提交本公司股东大会审 议。 一、香港子行基本情况 （一）公司基本情况。 本次转增不属于本公司关联交易或重大资产重组事项。 本次转增尚待有关监管部门批准。 注册地点：中国香港中环毕打街 20 号 成立时间：2014 年 7 月 29 日 经营范围：主要业务为于香港提供银行服务 董事名单：肖霆先生、孟羽先生、陈清霞女士、单增建先生、陈家乐先生、 邓贵彰先生、林炎南先生 （二）经营情况及主要财务数据。 香港 ...

二、监事会会议审议情况 （一）关于2024年第三季度报告及业绩公告的决议 会议审议通过了关于2024年第三季度报告及业绩公告的议案，会议认为本公 司2024年第三季度报告的编制和审核程序符合法律、行政法规和监管规定，报告 的内容真实、准确、完整地反映本公司的实际情况，同意按照有关监管规定予以 公开披露。 表决情况：同意9票，反对0票，弃权0票 股票代码：601328 股票简称：交通银行 编号：临2024-039 交通银行股份有限公司 第十届监事会第十一次会议决议公告 交通银行股份有限公司（以下简称"交通银行"或"本公司"）监事会及全体监事保证 本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 一、监事会会议召开情况 交通银行股份有限公司第十届监事会第十一次会议于2024年10月30日上午 以现场和视频会议相结合的方式，在上海、新加坡召开。本公司于2024年10月16 日向全体监事发出本次会议通知。会议由徐吉明监事长主持，会议应到9人，实 到9人。部分高管和部门负责人列席会议。本次会议的召开符合《中华人民共和 国公司法》和《交通银行股份有限公司章程》的有关 ...

Financial Performance - Net profit attributable to shareholders for Q3 2024 was RMB 23,403 million, a 1.19% increase year-on-year[4] - Operating income for Q3 2024 was RMB 63,776 million, reflecting a year-on-year growth of 3.31%[4] - Basic earnings per share for the first nine months of 2024 was RMB 0.28, unchanged from the previous quarter[4] - The net profit attributable to shareholders was CNY 686.90 billion, a decrease of 0.69% year-on-year[16] - The net profit attributable to shareholders was CNY 23,403 million, slightly up from CNY 23,127 million, representing a growth of 1.19%[35] - Net profit for Q3 2024 was 19,534 million, slightly down from 19,837 million in Q3 2023, with a total net profit of 56,171 million for the first nine months of 2024 compared to 58,276 million in the same period last year[39] - Operating profit for Q3 2024 was 19,184 million, compared to 19,676 million in Q3 2023, with a total operating profit of 55,377 million for the first nine months of 2024, down from 58,884 million in the same period last year[38] Assets and Liabilities - As of September 30, 2024, total assets increased by 3.80% to RMB 14,594,709 million compared to December 31, 2023[4] - Total liabilities increased by 3.81% to RMB 13,454,955 million as of September 30, 2024[4] - The total assets of the group reached CNY 145,947.09 billion, an increase of 3.80% compared to the end of the previous year[16] - The company reported a total asset of 14,594,709 million RMB as of September 30, 2024, compared to 14,060,472 million RMB at the end of 2023[30] - The company’s total liabilities reached 13,454,955 million RMB as of September 30, 2024, up from 12,961,022 million RMB at the end of 2023[30] Customer Loans and Deposits - Customer loans rose by 6.10% to RMB 8,442,157 million from RMB 7,957,085 million as of December 31, 2023[4] - Total customer deposits grew by 2.06% to RMB 8,727,029 million from RMB 8,551,215 million as of December 31, 2023[4] - The group’s customer loan balance was CNY 84,421.57 billion, an increase of 6.10% from the end of the previous year[22] - Customer deposits increased to CNY 87,270.29 billion, reflecting a growth of 2.06% year-on-year[23] - The total loans issued by the company reached 8,238,069 million RMB as of September 30, 2024, an increase from 7,772,060 million RMB at the end of 2023[29] Cash Flow - The net cash flow from operating activities for the first nine months of 2024 was a net outflow of RMB 115,661 million, a significant increase in outflow compared to the previous year[6] - Cash flow from operating activities for the first nine months of 2024 was 988,202 million, down from 1,059,409 million in the same period of 2023[40] - Cash flow from investing activities showed a net outflow of 1,154 million for the first nine months of 2024, compared to a net outflow of 78,905 million in the same period last year[41] - Cash flow from financing activities generated a net inflow of 2,413 million in the first nine months of 2024, compared to an inflow of 12,750 million in the same period of 2023[42] Investment and Income - Net interest income for the first nine months was CNY 1,267.96 billion, an increase of 2.15% year-on-year, accounting for 64.65% of total revenue[17] - The group maintained a stable net interest margin of 1.28%, despite a slight decline of 2 basis points year-on-year[17] - The company reported a significant increase in investment income, reaching 4,567 million in Q3 2024, compared to 2,652 million in Q3 2023, with total investment income for the first nine months of 2024 at 13,732 million, up from 12,534 million[38] - Investment income rose to CNY 6,590 million, up from CNY 5,384 million, showing an increase of 22.3%[34] Equity and Ratios - Shareholders' equity attributable to the parent company increased by 3.67% to RMB 1,127,908 million compared to RMB 1,088,030 million at the end of 2023[4] - The weighted average return on equity for the first nine months of 2024 was 9.60%, a decrease of 0.59 percentage points year-on-year[4] - The average return on assets was 0.65%, a decrease of 0.04 percentage points year-on-year[16] - The capital adequacy ratio at the end of the reporting period was 16.22%, with a Tier 1 capital ratio of 12.20% and a core Tier 1 capital ratio of 10.29%, all meeting regulatory requirements[45] Non-Performing Loans - The non-performing loan balance was CNY 1,115.00 billion, an increase of 5.50% compared to the previous year[25] - The non-performing loan (NPL) ratio decreased to 1.32% from 1.33% year-over-year, indicating improved asset quality[28] - The company’s credit card loans accounted for 6.01% of total loans, with a non-performing loan rate of 2.39% as of September 30, 2024[27] - The overdue loan ratio increased slightly but showed a decrease compared to the previous quarter, indicating a stable trend in loan performance[28]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 | 姓名 | 何兆斌 | | --- | --- | | 聯繫地址 | 上海市浦東新區銀城中路188號 | | 電話 | 86-21-58766688 | | 傳真 | 86-21-58798398 | | 電子信箱 | investor@ bankcomm.com | 1 二、財務摘要 交通銀行股份有限公司 Bank of Communications Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：03328） 2024年三季度業績公告 交通銀行股份有限公司（「本行」）董事會（「董事會」）欣然宣佈本行及其附屬公司 （「本集團」）截至2024年9月30日止九個月（「報告期」）的未經審計業績（「三季度業 績」）。本行董事會及其轄下的審計委員會已審閱並確認此三季度業績。本公告乃 根據《證券及期貨條例》（香港法例第571章）第XIVA部及香港聯合交易所有限公 司證券上市規則第13 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03328） 公告 建議委任非執行董事 艾先生之任期將自金融監管總局核准其任職資格起至第十屆董事會任期屆滿之 日，任期屆滿後有資格重選連任。如獲委任，艾先生將不會從本行領取薪酬。 除上文所披露者外及截至本公告日期，董事會並不知悉任何有關艾先生的委任而 須提請股東注意之事宜，亦無任何其他資料須根據香港上市規則第13.51(2)條第 (h)至(v)項的規定予以披露。 本行將適時舉行股東大會，藉以審議及批准委任艾先生為本行非執行董事。 除上文所披露者外及截至本公告日期，艾先生並無擔任本行或其任何附屬公司之 任何其他職位，亦無於過往三年擔任任何其他上市公司之董事職務，與本行董 事、高級管理人員或持股5%以上的股東概無任何關係。 承董事會命 截至本公告日期，艾先生並無於本行或其任何相聯法團（定義見證券及期貨條例 第XV部）之任何股份、相關股份或債券中擁有或被 ...