（股份代號：6818） 2025年第一季度報告 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的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 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。 中國光大銀行股份有限公司 China Everbright Bank Company Limited （於中華人民共和國註冊成立的股份有限公司） 中國光大銀行股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬公司 截至2025年3月31日止第一季度（「報告期」），根據國際財務報告會計準則編制的未經審計 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13.09條的要求作出。 中國光大銀行股份有限公司 董事會 中國 • 北京 2025年4月25日 於本公告日期，本公司執行董事為郝成先生、齊曄女士及楊兵兵先生；非執行董事為吳 利軍先生、崔勇先生、曲亮先生、朱文輝先生、姚威先生、張銘文先生及李巍先生；以 及獨立非執行董事為邵瑞慶先生、洪永淼先生、李引泉先生、劉世平先生、黃志凌先生 ...

中國光大銀行股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代碼：6818 年度報告 地址：中國北京西城區太平橋大街25號中國光大中心 電話：(86)10-63636363 傳真：(86)10-63639066 郵編：100033 網址：www.cebbank.com 此年報以環保紙印製 中國光大銀行二零二四年年度報告 重要提示 本行董事會、監事會及董事、監事、高級管理人員保證本報告內容的真實、準確、完整，不存在虛假記載、 誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 本行第九屆董事會第二十六次會議於2025年3月28日在北京召開，審議通過了本行《2024年年度報告》。會議 應出席董事15名，其中，親自出席董事13名；委託出席董事2名，楊兵兵、劉世平董事因其他公務書面委託 郝成、邵瑞慶董事代為出席並行使表決權。本行4名監事列席本次會議。 本行按照中國會計準則和國際財務報告會計準則編製的2024年度財務報告已經畢馬威華振會計師事務所（特 殊普通合夥）和畢馬威會計師事務所分別根據中國註冊會計師審計準則和國際審計準則進行審計，並出具標 準無保留意見的審計報告。 本行董事長吳利軍，行長郝成，副行長 ...

Dividend and Financial Reporting - The company announced a final cash dividend of RMB 0.85 per share (tax included) for every 10 shares, totaling RMB 5.022 billion based on the total issued share capital of 59.086 billion shares[6]. - The total cash dividend for the 2024 fiscal year, including the interim dividend, amounts to RMB 1.89 per share (tax included) for every 10 shares[11]. - The annual report for 2024 will be published on the company's website and the Hong Kong Stock Exchange's disclosure platform by April 2025[3]. - The board of directors confirmed that the financial report for 2024 has been audited and received standard unqualified opinions from KPMG[10]. - The company plans to hold its 2024 annual general meeting to approve the dividend distribution and other matters[6]. - The company will provide further announcements regarding the dividend payment schedule and related information[6]. - The financial report is prepared in accordance with both Chinese accounting standards and international financial reporting standards[10]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements and plans[11]. - The company is committed to ensuring the accuracy and completeness of the financial report, with legal responsibilities for any misstatements[10]. - The bank is committed to strengthening risk management and ensuring no systemic risks occur, enhancing its ability to manage various risks effectively[36]. - The bank's risk management framework has been strengthened to effectively mitigate financial risks and ensure stability[61]. - The company is committed to risk management and compliance, focusing on preventing new non-performing loans[68]. - The company is focusing on digital transformation in risk management, utilizing big data for intelligent risk analysis[198]. - Strict asset risk classification is implemented to dynamically reflect risk status, alongside a prudent provisioning policy[200]. Financial Performance and Metrics - Total assets reached RMB 6.96 trillion, an increase of 2.75% compared to the previous year[43]. - Net profit attributable to shareholders was RMB 41.70 billion, a year-on-year growth of 2.22%[45]. - Loans and advances totaled RMB 3.93 trillion, reflecting a growth of 3.88% year-on-year[45]. - The bank's capital adequacy ratio improved to 14.13%, with a Tier 1 capital ratio of 11.98%[43]. - The non-performing loan ratio remained stable at 1.25%, unchanged from the end of the previous year[42]. - The liquidity coverage ratio improved to 151.17% as of December 31, 2024, up from 132.34% in Q1 2024[53]. - The total net capital as of December 31, 2024, was RMB 687.077 billion, an increase from RMB 651.382 billion in 2022[52]. - The net profit for the period was RMB 419.11 billion, an increase of 2.03% year-on-year[75]. - The total liabilities amounted to RMB 6,368.79 billion, an increase of RMB 150.78 billion or 2.42% from the previous year, primarily due to an increase in bonds payable[102]. Business Expansion and Strategy - The bank has established 1,321 branches domestically, achieving full coverage of provincial administrative regions and serving 150 major economic cities[24]. - The bank's international expansion includes the opening of branches in Hong Kong, Seoul, Luxembourg, Sydney, and Melbourne, among others, in line with the "Belt and Road" initiative[24]. - The bank plans to enhance its core competitiveness by focusing on six key business areas, including "Sunshine Technology Innovation" and "Sunshine Wealth Management" in 2025[36]. - The bank's strategy focuses on enhancing digital, green, and inclusive finance, aiming to support the real economy and improve financial service quality[61]. - The company aims to enhance customer segmentation and management, focusing on "inclusive credit+" and potential customer acquisition[65]. - The company has established a strong overseas network with nine international institutions, enhancing its global operational capabilities[69]. Awards and Recognition - The bank has received multiple awards, including recognition as a "2024 Financial High-Quality Development Case" by the People's Daily[27]. - The bank has been recognized as a "2024 Outstanding Brand in Pension Finance" by Xinhua News[27]. - The bank was recognized as one of the "Top 100 Best Employers in China" at the annual employer ceremony, reflecting its strong workplace culture[30]. - The bank's ESG rating improved to AA by MSCI, indicating a strong performance in environmental, social, and governance criteria[29]. - The bank received the "ESG Pioneer" award at the 2024 ESG Forum, highlighting its commitment to sustainable practices[29]. Digital Transformation and Innovation - The company has implemented a digital transformation strategy, including the development of key business areas and the application of large model technology[68]. - The bank's digital payment service, Guangda Cloud Payment, emphasizes convenience and accessibility for millions of users[24]. - The company has launched innovative financial products, including the first RMB wealth management product in the domestic banking sector[69]. - The company has launched various online credit products, including "Specialized and Innovative Enterprise Loan," which has completed credit approvals for 2,019 enterprises, with a total loan issuance of 22.13 billion yuan and a remaining balance of 10.97 billion yuan[142]. - The company has implemented a fully online financial service model for small and micro enterprises, including the upgrade of products like "Sunshine e-Credit" and "Sunshine e-Collateral Loan" to improve service efficiency[147]. - The company has expanded its digital financial services, focusing on cloud payment and scenario finance, improving service capabilities for the real economy[172]. Customer Base and Retail Banking - The number of corporate clients totaled 997,400, while retail clients reached 158 million, indicating a solid customer base[73]. - The number of retail customers reached 157.6288 million, with high-end customers (monthly average assets over CNY 500,000) increasing by 6.77% year-on-year[159]. - Retail banking revenue was CNY 55.105 billion, a decrease of CNY 9.851 billion or 15.17% year-on-year, accounting for 40.64% of total revenue[157]. - The total assets under management (AUM) reached CNY 29.528 trillion, an increase of 8.36% compared to the end of the previous year[159]. - The company served 2.21 million clients in the pension financial services sector[165]. Social Responsibility and Community Engagement - The bank's commitment to social responsibility includes support for the "Mother Water Cellar" public welfare initiative[24]. - The company has actively supported rural revitalization by increasing credit investment in poverty alleviation areas, ensuring continuous growth in loan balances[149]. - The total amount of wage guarantees for migrant workers reached CNY 13.261 billion, with an increase of CNY 1.630 billion this year, serving 1,524 corporate clients, an addition of 45 clients this year[154]. Asset Management and Investment - The group’s asset management scale reached RMB 1.60 trillion, growing by 21.88%[73]. - The company achieved a total financial product volume (GMV) of CNY 3.35 trillion, driven by a digital and ecosystem strategy[67]. - The company has issued 39 green bonds in 2024, with a total underwriting scale of 12.472 billion yuan, contributing to significant environmental benefits[153]. - The company has signed agreements for equity rights business with over 230 institutions, focusing on "little giant" enterprises and manufacturing champions[181].

Financial Performance - As of September 30, 2024, the total asset scale of China Everbright Bank reached RMB 6.88 trillion, with a net profit of RMB 38.592 billion for the quarter[7]. - Operating revenue for Q3 2024 was RMB 32,620 million, a decrease of 8.69% year-over-year; for the first nine months, it was RMB 102,486 million, down 8.70%[10]. - Net profit for Q3 2024 was RMB 13,982 million, an increase of 2.16% year-over-year; for the first nine months, it was RMB 38,592 million, up 1.81%[10]. - The weighted average return on equity for Q3 2024 was 9.94%, a decrease of 0.46 percentage points year-over-year[10]. - The total comprehensive income for the third quarter of 2024 was RMB 14,041 million, compared to RMB 11,988 million in the same quarter of 2023, reflecting a significant increase[39]. - Net profit for the first nine months was CNY 38.592 billion, up 1.81% year-on-year, while operating income decreased by 8.70% to CNY 102.486 billion[17]. - The bank's credit impairment losses for the nine months ended September 30, 2024, were RMB 24,597 million, a decrease of 30.8% from RMB 35,486 million in the previous year[34]. - The bank's operating expenses for the nine months ended September 30, 2024, were RMB 30,362 million, down 3.1% from RMB 31,335 million in the same period of 2023[34]. Asset and Loan Growth - The loan balance for technology enterprises increased by RMB 91.045 billion, representing a growth of 34.08% compared to the end of the previous year, totaling RMB 358.197 billion[6]. - The balance of green loans reached RMB 418.792 billion, an increase of RMB 105.030 billion, reflecting a growth of 33.47% year-on-year[6]. - The balance of inclusive finance loans was RMB 432.263 billion, up by RMB 53.130 billion, marking a growth of 14.01% from the previous year[6]. - The total amount of comprehensive financing (FPA) reached RMB 5.21 trillion, indicating a balanced development in corporate finance[8]. - The total assets under management (AUM) in retail finance amounted to RMB 2.92 trillion, enhancing customer engagement and value contribution[8]. Capital and Liquidity Ratios - The capital adequacy ratio was 13.89% as of September 30, 2024, compared to 13.50% at the end of 2023[13]. - The liquidity coverage ratio was 132.11% as of September 30, 2024, compared to 149.17% at the end of 2023[15]. - The capital adequacy ratio stood at 13.89%, with a Tier 1 capital adequacy ratio of 11.83%, meeting regulatory requirements[18]. Shareholder Information - As of the end of the reporting period, the total number of H shares held by Hong Kong Central Clearing Limited on behalf of investors is 5,238,398,070 shares[24]. - The largest shareholders include Ocean Fortune Investment Limited with 1,605,286,000 shares (30.63%), China Life Reinsurance Company with 282,684,000 shares (5.39%), and China Everbright Group with 172,965,000 shares (3.30%) of H shares[24]. - The proposed interim cash dividend for 2024 is 1.04 RMB per 10 shares, amounting to a total of 6.145 billion RMB (including tax) based on a total share capital of 5.9086 billion shares[32]. - The controlling shareholder, Everbright Group, has increased its holdings by 64,321,400 A shares, representing 0.11% of the total share capital, and plans to continue increasing its holdings within the next 12 months[32]. Digital Transformation and Customer Engagement - The bank is focusing on optimizing its asset-liability structure and exploring new business avenues to strengthen its financial position[7]. - The bank has implemented a customer management system to enhance customer engagement and service quality[8]. - The bank's strategy includes a strong emphasis on digital transformation to drive high-quality business development[7]. - Retail banking efforts are centered on digital transformation and expanding customer acquisition through various channels[20]. - The company is actively advancing digital transformation and enhancing risk management to improve customer value and operational efficiency[9]. Cash Flow and Financial Activities - The net cash flow from operating activities for the first nine months of 2024 was RMB (35,524) million, indicating increased cash outflow due to reduced deposit absorption[16]. - Cash flow from financing activities for the nine months ended September 30, 2024, showed a net outflow of RMB 59,817 million, compared to a net inflow of RMB 139,870 million in the same period of 2023[47]. - The bank's cash flow from investment activities generated a net inflow of RMB 92,068 million for the nine months ended September 30, 2024, compared to a net outflow of RMB 252,953 million in the same period of 2023[46]. - Cash and cash equivalents decreased by RMB 3,737 million during the nine months ended September 30, 2024, compared to a decrease of RMB 33,805 million in the same period of 2023[47].

Financial Performance - Operating income reached RMB 69.87 billion, with a pre-tax profit of RMB 29.82 billion and a net profit of RMB 24.61 billion[3]. - The net profit attributable to ordinary shareholders for the first half of 2024 was RMB 24,487 million, a decrease of 1.72% from RMB 24,072 million in the same period of 2023[18]. - The net interest income for the first half of 2024 was RMB 48,111 million, down 12.10% from RMB 54,733 million in the first half of 2023[18]. - Total operating income for the first half of 2024 was RMB 69,866 million, a decline of 8.91% from RMB 76,531 million in the first half of 2023[100]. - The group achieved a significant increase in investment securities net income, reaching RMB 8.488 billion, an increase of RMB 3.260 billion year-on-year[42]. Assets and Liabilities - The total assets amounted to RMB 679.67 billion, while total liabilities were RMB 622.58 billion[3]. - As of June 30, 2024, total assets amounted to RMB 6,796,694 million, reflecting a 0.35% increase from RMB 6,772,796 million at the end of 2023[15]. - The total liabilities of the group amounted to RMB 6,225.829 billion, an increase of RMB 7.818 billion or 0.13% compared to the end of the previous year[73]. - The total amount of investment securities and other financial assets was RMB 2,228.455 billion, a decrease of RMB 26.331 billion or 1.17% year-on-year[67]. Loan and Deposit Information - The total loan amount was RMB 389.34 billion, and total deposits reached RMB 391.98 billion[3]. - The total loan and advance principal increased by 2.81% to RMB 3,893,444 million compared to RMB 3,786,954 million at the end of 2023[15]. - As of June 30, 2024, customer deposits amounted to RMB 3,919,764 million, a decrease of RMB 1,747.64 million or 4.27% compared to the end of 2023[74]. - The loan balance in the manufacturing sector increased to RMB 507,612 million, accounting for 22.40% of total loans, up from 20.55% at the end of 2023[80]. Asset Quality and Risk Management - The non-performing loan ratio stood at 1.25%, with a loan provision coverage ratio of 172.45%[3]. - The non-performing loan ratio remained stable at 1.25% as of June 30, 2024, unchanged from the end of 2023[21]. - The provision coverage ratio decreased to 172.45% from 181.27% at the end of 2023[21]. - The bank's non-performing asset management efforts led to improved asset quality stability[34]. Wealth Management and Customer Services - The bank plans to enhance wealth management services to meet diverse client needs[5]. - The total amount of assets under management (AUM) reached 2.87 trillion yuan, enhancing customer engagement and product holding[39]. - The number of personal pension customers increased by 69.48% compared to the end of last year[32]. - The company aims to enhance its wealth management services, focusing on a comprehensive financial ecosystem centered around "one customer, one Everbright, integrated services"[36]. Digital Transformation and Innovation - The company is focusing on digital transformation and enhancing customer service through various financial products and services[118]. - The company is developing a "Wealth+" open platform centered on mobile banking and cloud payment, aiming to create a comprehensive wealth management ecosystem[37]. - The bank's total technology investment reached 2.108 billion yuan, with a workforce of 3,721 technology personnel, representing an increase of 36 from the previous year, accounting for 8.08% of total employees[136]. - The bank introduced 150 external data sources, enhancing data application in various scenarios such as credit risk assessment and fraud detection[137]. Green Finance and ESG Initiatives - The bank is focusing on developing green finance and digital financial products[5]. - Green loan balance reached 403.405 billion yuan, an increase of 89.643 billion yuan, or 28.57% year-over-year[39]. - The bank actively underwrote green bonds, supporting 13 market entities in issuing 14 green bonds, with a total underwriting amount of CNY 4.048 billion[152]. - The bank has implemented a comprehensive ESG risk management policy, integrating ESG risks into overall risk management systems[156]. Corporate Governance and Shareholder Information - The company distributed a cash dividend of 1.73 RMB per 10 shares, totaling 10.222 billion RMB, which has been fully paid out[169]. - The total number of shareholders at the end of the reporting period was 180,011 for A-shares and 825 for H-shares[171]. - China Everbright Group holds 41.11% of the company's A shares, totaling 24,292,134,841 shares[173]. - The company has not experienced any significant legal disputes or bankruptcy restructuring during the reporting period[161].

Financial Performance - China Everbright Bank reported its unaudited interim results for the six months ended June 30, 2024[1]. - Net interest income for the first half of 2024 was RMB 48,111 million, a decrease of 12.10% compared to RMB 54,733 million in the same period of 2023[9]. - Total operating income decreased by 8.71% to RMB 69,866 million in the first half of 2024 from RMB 76,531 million in the same period of 2023[9]. - The net profit attributable to shareholders increased by 1.72% to RMB 24,487 million in the first half of 2024, compared to RMB 24,072 million in the same period of 2023[9]. - The total comprehensive income for the six months ended June 30, 2024, was RMB 28,917 million, an increase of 5.0% from RMB 27,530 million in the same period of 2023[187]. - The bank's basic earnings per share for the period was RMB 0.37, slightly down from RMB 0.38 in the previous year[183]. - The bank's total interest income for the six months was RMB 119,516 million, compared to RMB 125,016 million in the same period last year, reflecting a decrease of 4.0%[182]. - The bank's total operating expenses decreased to RMB 19,763 million from RMB 20,543 million, a reduction of 3.8% year-on-year[183]. - Credit impairment losses for the period were RMB 20,255 million, down 23.9% from RMB 26,595 million in the same period of 2023[183]. Asset and Liability Management - Total assets as of June 30, 2024, reached RMB 6,796,694 million, reflecting a 0.35% increase from RMB 6,772,796 million at the end of 2023[9]. - Total liabilities at the end of the reporting period amounted to RMB 6,225.83 billion, an increase of RMB 7.82 billion or 0.13% compared to the end of the previous year[53]. - The bank's loans and advances to customers reached RMB 3,821,301 million, an increase from RMB 3,712,925 million, representing a growth of 2.9%[188]. - The bank's total deposits decreased by 4.27% to RMB 3,919,764 million as of June 30, 2024, from RMB 4,094,528 million at the end of 2023[9]. - The bank's cash and deposits with the central bank decreased to RMB 325,267 million from RMB 349,184 million, a decline of 6.9%[188]. Risk Management - The report includes detailed descriptions of major risks and the measures to be taken to address them[4]. - The non-performing loan ratio remained stable at 1.25% as of June 30, 2024, unchanged from the end of 2023[10]. - The company aims to enhance risk management and asset quality stability while focusing on financial risk prevention[22]. - The bank emphasizes the importance of credit risk management, implementing a unified credit management system and optimizing asset portfolio structure to mitigate risks[119]. - The bank maintains a prudent liquidity risk management strategy, ensuring sufficient liquidity levels and conducting regular stress tests[120]. Capital and Equity - The bank's equity attributable to shareholders increased to RMB 568,391 million from RMB 552,391 million, reflecting a growth of 2.9%[190]. - The bank's capital adequacy ratio stood at 13.87%, with a Tier 1 capital ratio of 11.79%[21]. - The bank's retained earnings as of June 30, 2024, were RMB 210,828 million, up from RMB 189,422 million as of June 30, 2023, representing an increase of about 11.3%[193]. - The bank's total net capital reached RMB 663.79 billion, an increase from RMB 651.38 billion at the end of the previous year[15]. Corporate Governance - The bank's board of directors confirmed the accuracy and completeness of the report, with 14 directors present at the meeting[4]. - The interim financial report was reviewed by KPMG in accordance with international financial reporting standards and Hong Kong listing rules[138]. - The company has engaged in 19 related party transactions totaling approximately 88.518 billion yuan during the reporting period[144]. - The independent non-executive directors accounted for over one-third of the board members, ensuring compliance with corporate governance standards[170]. Customer Engagement and Services - The company maintained a total customer base of 991,400 as of the reporting period, reflecting its ongoing efforts in customer engagement[82]. - The company aims to enhance its wealth management capabilities by focusing on diversified financial products and services, achieving double-digit growth in AUM for four consecutive years[92]. - The company is committed to improving customer service experience through digital platforms and innovative financial solutions[93]. - The company has established partnerships with 85 leading enterprises in logistics, facilitating transactions worth 115.783 billion yuan, a year-on-year increase of 17.23%[101]. Digital Transformation and Innovation - The company is actively expanding its digital transformation and enhancing risk management capabilities to support the development of the real economy[95]. - The company has established a comprehensive ESG governance structure, integrating ESG management into its development strategy and operational management[133]. - The company reported a significant achievement in technology innovation, obtaining 11 patents in areas such as blockchain and data management during the reporting period[111]. - The company has integrated 150 external data sources, enhancing applications in credit risk assessment, fraud detection, and operational optimization, significantly improving financial service levels and risk management capabilities[112].

Investment Rating - The investment rating for China Everbright Bank is not explicitly stated in the provided documents, but the analysis indicates a steady growth in business scale and operating efficiency, suggesting a positive outlook for the bank's performance. Core Insights - In Q1 2024, the net profit attributable to the parent company grew by 0.39% year-on-year, while revenues declined by 9.61%. The total assets reached RMB 6.90 trillion, an increase of 1.84% from the end of 2023. The balance of loans to technology-based enterprises and green loans increased by 23.90% and 18.97%, respectively, from the end of 2023 [2][5][6]. Summary by Relevant Sections Business Scale and Performance - As of Q1 2024, the total assets of China Everbright Bank amounted to RMB 6,897.528 billion, reflecting a growth of 1.84% from the end of 2023. The total principal amount of loans and advances was RMB 3,906.197 billion, up 3.15% from the end of 2023. Total liabilities reached RMB 6,329.733 billion, increasing by 1.80%, with a deposit balance of RMB 4,124.619 billion, which grew by 0.73% [2][5]. Key Performance Indicators - The bank's retail finance business focuses on Assets Under Management (AUM), with retail AUM reaching RMB 2.80 trillion as of Q1 2024. The corporate finance business, guided by the Financial Product Amount (FPA), totaled RMB 5.04 trillion, while the interbank financial turnover (GMV) amounted to RMB 749.6 billion [6][7]. Financial Technology and Support - China Everbright Bank has enhanced its financial technology service capabilities, focusing on strategic emerging industries such as new energy and advanced manufacturing. The balance of loans to technology-based enterprises was RMB 331.013 billion, marking a growth of 23.90% from the end of 2023 [7][8]. Green and Inclusive Finance - The bank has developed a comprehensive service system for green finance, with green loans totaling RMB 373.290 billion, an increase of 18.97% from the end of 2023. In terms of inclusive finance, the balance of inclusive loans reached RMB 412.506 billion, growing by 8.80% [8].

Financial Performance - As of March 31, 2024, the total asset scale of China Everbright Bank reached RMB 6.90 trillion, with a net profit of RMB 12.495 billion for the first quarter[5]. - Operating income for Q1 2024 was RMB 34,494 million, a decrease of 9.61% compared to RMB 38,162 million in Q1 2023[7]. - Net profit for Q1 2024 was RMB 12,495 million, showing a slight increase of 0.33% from RMB 12,454 million in Q1 2023[7]. - The weighted average return on equity decreased by 1.00 percentage point to 9.45% in Q1 2024 from 10.45% in Q1 2023[7]. - The company reported a net cash flow from operating activities of RMB (158,530) million, a significant decline of 858.29% compared to RMB (16,543) million in the previous year[13]. - Operating expenses decreased by 5.48% to CNY 9.451 billion, while credit impairment losses decreased by 21.46% to CNY 10.060 billion[14]. - Net interest income decreased to RMB 24,192 million, down 11.0% from RMB 27,403 million year-over-year[35]. - The bank's basic earnings per share for Q1 2024 was RMB 0.18, compared to RMB 0.19 in Q1 2023, indicating a decrease of 5.3%[35]. - The bank's net fee and commission income decreased to RMB 5,498 million, down 24.8% from RMB 7,311 million in the previous year[35]. - Other comprehensive income after tax for Q1 2024 was RMB 2,195 million, compared to RMB 652 million in Q1 2023, showing a significant increase[36]. Asset and Loan Growth - The balance of loans to technology enterprises was RMB 331.013 billion, an increase of RMB 63.861 billion, representing a growth of 23.90% compared to the end of the previous year[4]. - The balance of green loans was RMB 373.290 billion, increasing by RMB 59.528 billion, which is a growth of 18.97% year-on-year[4]. - The balance of inclusive loans reached RMB 412.506 billion, up by RMB 33.373 billion, marking an 8.80% increase from the previous year[4]. - The total amount of FPA (comprehensive financing scale) was RMB 5.04 trillion, indicating a focus on enhancing financing capabilities[5]. - The total AUM (Assets Under Management) was RMB 2.80 trillion, reflecting the bank's strategy to strengthen wealth management services[5]. Digital Transformation and Customer Service - The bank is committed to digital transformation, focusing on online, mobile, and intelligent service enhancements to drive business growth[5]. - The retail banking segment is advancing a digital transformation strategy, emphasizing customer-centric operations and expanding service capabilities[16]. - The bank launched 24 new retirement strategy financial products, enhancing its offerings in retirement finance[4]. - The number of customers served in the retirement finance sector reached 1.6389 million, indicating a growing customer base[4]. - The group is implementing a "thousand-person training program" for customer managers to enhance the quality and efficiency of corporate financial services[15]. Risk Management and Financial Stability - The non-performing loan balance was CNY 48.68 billion, with a non-performing loan ratio of 1.25%, remaining stable compared to the end of the previous year[14]. - The capital adequacy ratio stood at 13.70%, with a Tier 1 capital adequacy ratio of 11.54% and a core Tier 1 capital adequacy ratio of 9.38%, all meeting regulatory requirements[14]. - The liquidity coverage ratio decreased to 132.34% as of March 31, 2024, down from 149.17% at the end of 2023[12]. - The company is focusing on digital transformation and enhancing risk management capabilities to mitigate financial risks in key areas such as local government debt and real estate[6]. - Credit impairment losses decreased to RMB 10,060 million from RMB 12,809 million year-over-year, reflecting a reduction of 21.6%[42]. Shareholder Information - As of the reporting period, the total number of H shares held by Hong Kong Central Clearing Limited on behalf of investors is 5,238,240,070 shares[22]. - The top three shareholders of H shares are Ocean Fortune Investment Limited (1,605,286,000 shares), China Life Reinsurance Company Limited (282,684,000 shares), and China Everbright Group Limited (172,965,000 shares)[22]. - The total number of shareholders at the end of the reporting period is 22[23]. - The largest shareholder, Huabao Trust Co., Ltd., holds 32,400,000 shares, representing 16.20% of the total[24]. - China Life Insurance Company holds 84,110,000 shares, accounting for 24.04% of the total in another category[30]. - On March 29, 2024, the controlling shareholder, Everbright Group, increased its A-share holdings by 64,321,400 shares, representing 0.11% of the total share capital[32]. - Everbright Group plans to continue increasing its holdings within 12 months, with a total investment of no less than 400 million yuan and not exceeding 800 million yuan[32]. - The top ten shareholders did not participate in margin financing or securities lending activities[22]. - The report indicates no voting rights recovery for preferred shareholders[32]. Cash Flow and Financial Position - Total assets increased by 1.84% to RMB 6,897,528 million as of March 31, 2024, compared to RMB 6,772,796 million at the end of 2023[7]. - Total liabilities increased to RMB 6,329,733 million, up from RMB 6,218,011 million, reflecting a growth of 1.8%[38]. - Cash flow from investing activities generated a net inflow of RMB 89,992 million, compared to a net outflow of RMB (67,557) million in the previous year[43]. - Cash flow from financing activities resulted in a net inflow of RMB 45,009 million, down from RMB 55,250 million in the same period of 2023[44]. - The net decrease in cash and cash equivalents was RMB (23,578) million, an improvement from RMB (29,342) million year-over-year[44]. - As of March 31, 2024, cash and cash equivalents stood at RMB 100,323 million, down from RMB 107,322 million at the end of the same period in 2023[44].

Financial Performance - Operating income reached 1,457.35 billion yuan, with pre-tax profit at 497.57 billion yuan and net profit at 410.76 billion yuan[3] - Total assets amounted to 67,727.96 billion yuan, with total liabilities at 62,180.11 billion yuan[3] - Total loans stood at 37,869.54 billion yuan, while deposit balance was 40,945.28 billion yuan[3] - Non-performing loan ratio was 1.25%, with a loan provision ratio of 2.27% and a provision coverage ratio of 181.27%[3] - Corporate comprehensive financing (FPA) scale reached 5.09 trillion yuan, and interbank financial (GMV) scale was 3.94 trillion yuan[4] - The board proposed a dividend of 1.73 yuan per 10 shares (pre-tax) for 2023[2] - The bank's three North Star indicators were measured in trillions of yuan, though specific figures were not provided[3] - Total assets reached 6.77 trillion yuan, a year-on-year increase of 7.50%[24] - Total liabilities reached 6.22 trillion yuan, a year-on-year increase of 7.38%[24] - Deposits exceeded 4 trillion yuan[24] - Retail asset management scale (AUM) increased by 12.42% year-on-year[24] - Non-performing loan ratio remained stable at 1.25%[26] - Technology innovation loans increased by 50.64% year-on-year[24] - Manufacturing loans increased by 24.74% year-on-year[24] - Green loans increased by 57.44% year-on-year[24] - Corporate comprehensive financing scale (FPA) exceeded 5 trillion yuan[24] - Pension custody scale increased by 19.60% year-on-year[24] - Net interest income decreased by 5.43% to RMB 107.48 billion in 2023 compared to RMB 113.655 billion in 2022[28] - Net fee and commission income dropped by 11.39% to RMB 23.698 billion in 2023 from RMB 26.744 billion in 2022[28] - Total operating income declined by 4.04% to RMB 145.735 billion in 2023 from RMB 151.865 billion in 2022[28] - Net profit attributable to shareholders decreased by 8.96% to RMB 40.792 billion in 2023 from RMB 44.807 billion in 2022[28] - Total assets increased by 7.50% to RMB 6.772796 trillion in 2023 from RMB 6.30051 trillion in 2022[28] - Total loans and advances grew by 6.01% to RMB 3.786954 trillion in 2023 from RMB 3.572276 trillion in 2022[28] - Non-performing loan ratio remained stable at 1.25% in 2023, unchanged from 2022[28] - Provision coverage ratio decreased by 6.66 percentage points to 181.27% in 2023 from 187.93% in 2022[28] - Loan provision ratio declined by 0.08 percentage points to 2.27% in 2023 from 2.35% in 2022[28] - The company distributed preferred stock dividends of RMB 2.971 billion and perpetual capital bond interest of RMB 1.84 billion in 2023[29] - Total capital net amount increased to RMB 651.382 billion in 2023, up from RMB 593.218 billion in 2022[34] - Core Tier 1 capital adequacy ratio improved to 9.18% in 2023, compared to 8.72% in 2022[34] - Leverage ratio rose to 7.10% as of December 31, 2023, from 6.90% in March 2023[36] - Liquidity coverage ratio surged to 149.17% at the end of 2023, up from 120.72% in March 2023[38] - Net stable funding ratio increased to 109.48% in December 2023, compared to 104.81% in March 2023[39] - Maximum single non-bank customer loan balance as a percentage of net capital rose to 2.24% in 2023, up from 1.63% in 2022[40] - Maximum single non-bank customer risk exposure as a percentage of Tier 1 capital increased to 2.67% in 2023, compared to 1.92% in 2022[40] - Maximum single interbank customer risk exposure as a percentage of Tier 1 capital decreased to 3.58% in 2023, down from 5.36% in 2022[40] - Risk-weighted assets totaled RMB 4.824 trillion in 2023, up from RMB 4.580 trillion in 2022[34] - Adjusted on- and off-balance sheet assets reached RMB 7.726 trillion as of December 31, 2023[36] - Total assets increased by 7.50% to 6,772.796 billion yuan, with loans and advances growing by 6.01% to 3,786.954 billion yuan[56] - Deposit balance rose by 4.53% to 4,094.528 billion yuan[56] - Operating income decreased by 4.04% to 145.735 billion yuan, with net interest income down by 5.43% to 107.480 billion yuan[57] - Net profit declined by 8.80% to 41.076 billion yuan, primarily due to increased provision for asset impairment losses, which grew by 2.96%[57] - Non-performing loan (NPL) ratio remained stable at 1.25%, with NPL balance increasing by 28.02 billion yuan to 474.76 billion yuan[58] - Provision coverage ratio decreased by 6.66 percentage points to 181.27%[58] - Capital adequacy ratio improved by 0.55 percentage points to 13.50%, with core tier 1 capital adequacy ratio increasing by 0.46 percentage points to 9.18%[58] - Successfully converted 16.9 billion yuan of convertible bonds and issued 15 billion yuan of tier 2 capital bonds[58] - Net interest margin (NIM) decreased by 27 basis points to 1.74%, and net interest spread declined by 25 basis points to 1.68%[62] - Interest income from loans and advances decreased to 175.189 billion yuan, with an average yield of 4.75%, down from 4.98% in the previous year[63] - Interest income increased by RMB 9.5 billion, with a growth of 3.94% YoY, primarily driven by investment interest income growth[67] - Loan and advance interest income grew by RMB 2.364 billion, a 1.37% YoY increase, mainly due to loan scale expansion[67][68] - Investment interest income rose by RMB 4.21 billion, a 7.89% YoY increase, attributed to investment scale growth[69] - Interest income from interbank placements and repurchase agreements surged by RMB 3.459 billion, a 78.20% YoY increase, driven by both scale and yield growth[70] - Interest expenses increased by RMB 15.675 billion, a 12.28% YoY rise, mainly due to higher interbank borrowing and repurchase agreement costs[71][73] - Fee and commission net income decreased by RMB 3.046 billion, an 11.39% YoY decline, primarily due to a reduction in bank card service fees[75][76] - Other income increased by RMB 3.091 billion, largely due to higher investment securities net gains[77] - Operating expenses decreased by RMB 1.318 billion, a 2.91% YoY reduction, with a cost-to-income ratio of 28.95%[78][79] - Asset impairment losses increased by RMB 1.496 billion, a 2.96% YoY rise, reflecting a prudent provisioning policy[80][81] - Total assets grew by RMB 472.286 billion, a 7.50% YoY increase, primarily driven by loan and advance growth[83] - Total loans and advances increased by RMB 214.678 billion (6.01%) to RMB 3,786.954 billion as of December 31, 2023, accounting for 55.91% of total assets, a decrease of 0.79 percentage points compared to the previous year[85] - Corporate loans accounted for 57.19% of total loans and advances, amounting to RMB 2,165.840 billion, while retail loans accounted for 39.94%, totaling RMB 1,512.616 billion[86] - Investment securities and other financial assets increased by RMB 192.444 billion to RMB 2,254.786 billion, representing 33.29% of total assets, an increase of 0.56 percentage points compared to the previous year[87] - Financial bonds held by the company amounted to RMB 673.082 billion, with 66.84% measured at amortized cost[90] - The company's total liabilities increased by RMB 427.514 billion (7.38%) to RMB 6,218.011 billion, primarily due to an increase in customer deposits and bonds payable[94] - Customer deposits accounted for 65.85% of total liabilities, amounting to RMB 4,094.528 billion, while bonds payable accounted for 17.68%, totaling RMB 1,099.326 billion[95] - Customer deposits increased by 177.36 billion RMB, reaching 4,094.53 billion RMB, a growth of 4.53% compared to the previous year[97] - Corporate customer deposits accounted for 59.03% of total deposits, with a balance of 2,417.11 billion RMB[97] - Retail customer deposits grew to 1,194.62 billion RMB, representing 29.17% of total deposits[97] - The company's shareholder equity increased by 44.77 billion RMB to 554.79 billion RMB, driven by profit growth and convertible bond conversions[99][100] - Credit commitments decreased by 41.24 billion RMB to 1,338.18 billion RMB, primarily due to reductions in acceptance bills and letters of credit[101][102] - Manufacturing loans accounted for 20.55% of total corporate loans, with a balance of 444.91 billion RMB[104] - The Yangtze River Delta region had the highest loan distribution, accounting for 23.86% of total loans with a balance of 903.35 billion RMB[105] - Credit loans represented 34.68% of total loans, increasing to 1,313.17 billion RMB[106] - The top 10 loan clients accounted for 1.81% of total loans, with a combined balance of 68.47 billion RMB[107] - Operating cash flow showed a net outflow of 3.61 billion RMB, while financing activities generated a net inflow of 196.02 billion RMB[103] - Total loans and advances amounted to RMB 3,786,954 million, with normal loans accounting for 98.75% (RMB 3,739,478 million) and non-performing loans (NPLs) at 1.25% (RMB 47,476 million)[109] - The migration rate for normal loans increased by 0.44 percentage points to 2.49%, while the migration rate for substandard loans decreased by 8.58 percentage points to 72.10%[110] - Restructured loans and advances increased to RMB 6,551 million, representing 0.17% of total loans, with overdue restructured loans over 90 days at RMB 1,267 million[111] - Overdue loans totaled RMB 73,714 million, with loans overdue for 3 months to 1 year increasing to RMB 26,245 million, accounting for 35.60% of total overdue loans[112] - Corporate loans accounted for 56.55% (RMB 26,849 million) of total NPLs, while retail loans made up 43.45% (RMB 20,627 million)[113] - The Pearl River Delta region had the highest NPL balance at RMB 8,431 million, representing 17.76% of total NPLs[114] - The real estate sector accounted for 18.60% (RMB 8,833 million) of total NPLs, followed by the manufacturing sector at 9.88% (RMB 4,696 million)[117] - Secured loans (mortgage and pledge) accounted for 49.86% (RMB 23,670 million) of total NPLs, while unsecured loans (credit and guarantee) made up 50.14% (RMB 23,806 million)[118] - Foreclosed assets decreased to RMB 314 million, with a net value of RMB 147 million after impairment provisions[119] - The company's total operating income for 2023 was RMB 145.735 billion, a decrease of RMB 6.13 billion (4.04%) compared to 2022[124] - The company's corporate financial business generated operating income of RMB 53.948 billion in 2023, a decrease of RMB 3.671 billion (6.37%) compared to 2022[131] - The company's total FPA (Financing Product Amount) reached RMB 5.09 trillion at the end of 2023, an increase of RMB 244.816 billion (5.06%) compared to the end of 2022[131] - The company's corporate financial clients totaled 980,300 at the end of 2023, an increase of 16,400 (1.70%) compared to the end of 2022[131] - The company disposed of non-performing loans totaling RMB 53.714 billion in 2023, an increase of RMB 4.678 billion compared to 2022[122] - The company's retail financial business generated operating income of RMB 64.956 billion in 2023, a decrease of RMB 1.042 billion (1.58%) compared to 2022[125] - The company's financial markets business generated operating income of RMB 27.872 billion in 2023, a decrease of RMB 179 million (0.64%) compared to 2022[125] - The company's net investment securities income increased by 39.12% to RMB 8.926 billion in 2023 compared to 2022[126] - The company's net exchange income increased by 132.44% to RMB 1.125 billion in 2023 compared to 2022[126] - The company's other operating net income increased by 50.04% to RMB 1.784 billion in 2023 compared to 2022[126] - Corporate loans (excluding discounts) increased by 12.14% year-on-year, with manufacturing, strategic emerging industries, green loans, loans to technology-based enterprises, and loans to small and micro businesses growing by 24.74%, 46.71%, 57.44%, 50.64%, and 24.18% respectively[133] - The bank's corporate RMB loan balance (including discounts) in six strategic regions (Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, Yangtze River Economic Belt, Yellow River Basin Ecological Protection, and Hainan Free Trade Zone) reached 1.87 trillion yuan, an increase of over 180 billion yuan from the end of the previous year[136] - Corporate deposits (including corporate portions of margin deposits) reached 2,823.064 billion yuan, an increase of 42.707 billion yuan or 1.54% year-on-year, with core corporate RMB deposits increasing by 87.602 billion yuan or 3.62%[138] - Corporate loans (excluding discounts) amounted to 2,165.840 billion yuan, an increase of 234.390 billion yuan or 12.14% year-on-year[138] - The bank approved over 60 billion yuan in "Specialized and Sophisticated Giant Loans" by the end of the reporting period[138] - The balance of inclusive loans to small and micro businesses reached 379.133 billion yuan, an increase of 73.816 billion yuan or 24.18% year-on-year, exceeding the average loan growth rate of the bank[139] - The number of inclusive customers reached 429,700, showing steady growth year-on-year[139] - The weighted average interest rate for newly issued loans was 3.97%, a decrease of 47 basis points year-on-year[139] - The non-performing loan ratio for inclusive loans to small and micro businesses was 0.85%[139] - The company underwrote 818 non-financial corporate debt financing instruments in the interbank bond market, with a total underwriting amount of 481.418 billion yuan, including innovative products such as green debt financing tools and rural revitalization notes[140] - The company issued 5 credit asset securitization projects with an asset size of 12.724 billion yuan[140] - The company successfully underwrote and issued a 1 billion yuan green medium-term note for a wind power company, the first green innovation note underwritten by the company[140] - The company issued a 300 million yuan green asset-backed commercial paper (carbon neutrality bond) for a transportation holding group, the first of its kind in the market[140] - The company helped 14 market entities issue 21 green bonds, with a cumulative underwriting amount of 8.128 billion yuan[140] - The company's transaction banking business achieved a trade finance balance of 453.952 billion yuan at the end of the reporting period[141] - The company's retail financial business achieved operating income of 64.956 billion yuan, a decrease of 1.58% year-on-year, accounting for 44.57% of the company's total operating income[142] - The company's retail customers reached 152.2373 million, with a year-on-year growth of 3.52%[143] - The company's retail deposits (including retail portion of margin deposits) reached 1.200789 trillion yuan, an increase of 12.60% compared to the end of the previous year[145] - Retail loan balance (excluding credit cards) reached 1,079.069 billion yuan, an increase of 23.679 billion yuan, up 2.24% year-on-year[146] - Personal wealth management fee income was 7.42 billion yuan, accounting for 31.31% of the bank's total fee income, with agency insurance fee income growing 43.66% year-on-year[148] - Private banking clients increased to 63,502, up 12.34% year-on-year, with assets under

Core Viewpoint - Bank of America Securities reaffirms "underperform" rating for China Everbright Bank (06818) and lowers earnings per share forecast for the next two years by 9% to 11%, with the target price reduced from HKD 2.45 to HKD 2.35 [1] Financial Performance - The company's net profit for the previous year decreased by 9% to RMB 40.8 billion, primarily due to increased provisions for handling non-performing assets [1] - Provisions for the fourth quarter and the entire year increased by 68% and 3% year-on-year, respectively [1] - The dividend payout ratio increased by 0.3 percentage points to 28.4%, but the final dividend decreased by 8.9% to RMB 0.173 [1]