Investment Rating - The investment rating for the company is "Outperform the Market" [3][20]. Core Views - The company achieved a revenue of 366.8 billion yuan in the first half of 2024, a year-on-year increase of 0.3%, with a net profit attributable to shareholders of 135.9 billion yuan, up 2.0% year-on-year. The performance improved in the second quarter after a decline in the first quarter [1]. - The net interest margin stabilized, with a slight increase of 1 basis point quarter-on-quarter, resulting in a net interest income growth of 0.1% year-on-year. The net interest margin for the first half of the year was reported at 1.45%, down 21 basis points year-on-year [1]. - The company maintained a strong loan growth, with total loans reaching 24.3 trillion yuan, a 7.8% increase from the beginning of the year. However, the deposit scale decreased by 5.2% in the second quarter due to the ban on manual interest compensation [1]. - The asset quality remained robust, with a non-performing loan ratio of 1.32%, stable compared to the end of March and down 1 basis point from the beginning of the year. The provision coverage ratio stood at 304% [1]. Summary by Relevant Sections Financial Performance - Revenue for 2024 is forecasted at 712.7 billion yuan, with a year-on-year growth of 2.6%. The net profit attributable to shareholders is projected to be 279.5 billion yuan, reflecting a growth of 3.8% [11]. - The company’s total assets reached 42.0 trillion yuan, with a loan-to-asset ratio of 55.8%, an increase of 1.4 percentage points from the beginning of the year [1]. Loan and Deposit Growth - The company’s total loans increased by 7.8% year-to-date, with corporate loans and personal loans growing by 12.1% and 7.3%, respectively. However, the personal mortgage loans decreased by 1.9% [1]. - The total deposits reached 29.5 trillion yuan, a 1.9% increase from the beginning of the year, although there was a decline in the second quarter [1]. Asset Quality and Risk Management - The company reported a non-performing loan generation rate of 0.52%, indicating a low level of new non-performing loans. The overdue loan ratio was stable at 1.07% [1]. - The provision coverage ratio of 304% indicates a strong buffer against potential loan losses [1].

Financial Data and Key Indicators Changes - The net profit for the first half of the year was RMB 136.5 billion, a 2% increase year-on-year [2] - Operating income reached RMB 3,075 billion, up by 4% [2] - Interest income was RMB 290 billion, reflecting a 1% increase [2] - The net interest margin (NIM) stabilized at 1.45%, with a 1 basis point increase compared to the first quarter [3] - The non-performing loan (NPL) ratio was 1.32%, down by 0.01% from the end of the previous year [4] Business Line Data and Key Indicators Changes - Total loans amounted to RMB 24.4 trillion, with an increase of RMB 1.77 trillion, representing a growth of 7.8% [3] - Client deposits reached RMB 34.1 trillion, an increase of RMB 1.5 trillion [3] - Individual clients numbered approximately 870 million, leading among peers [5] - Agricultural-related loans increased by 94.5%, with significant growth in various innovative loan types [7] Market Data and Key Indicators Changes - The domestic corporate balance was about RMB 11.9 trillion [4] - The balance of green credit exceeded RMB 4.8 trillion, with green M&A loans and bonds exceeding RMB 200 billion, marking a 30% increase [8] - Inclusive finance loans reached RMB 450 million, ranking first in terms of amount and growth [8] Company Strategy and Development Direction - The company aims to serve the three agricultures and promote rural revitalization, focusing on integrating urban and rural development [6] - Emphasis on digital transformation and enhancing financial services for agriculture and rural areas [10] - Plans to maintain stability and optimize credit structure while supporting the real economy [12] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in maintaining stable growth and improving operational quality in the second half of the year [15] - The focus will be on optimizing the credit structure and enhancing risk control measures [20] - The management highlighted the resilience of the Chinese economy and the potential for continued growth [11] Other Important Information - The company has developed a multi-level pension scheme and optimized elderly support financial services [9] - Digital financial services have seen significant innovations, with a mobile active user base of 223 million [10] Q&A Session All Questions and Answers Question: What are the drivers for the good performance in the first half of the year? - The management attributed the performance to effective strategies and initiatives, with a focus on serving the real economy and maintaining a balance between speed and quality [15] Question: What will be the future top priority areas for loans to serve the real economy? - The focus will be on key areas such as rural revitalization, inclusive finance, and green transformation, with a balanced credit structure [31] Question: How does the company plan to address credit risks in inclusive finance? - The management emphasized the importance of optimizing credit structure and expanding coverage while maintaining low risk levels [65] Question: What are the development priorities for retail banking? - The company aims to enhance services for personal clients, focusing on inclusive finance and supporting new citizens and the elderly [70]

Financial Performance - The bank's net profit for the first half of 2024 was RMB 2.02 per share, compared to RMB 1.66 per share in the same period of 2023, reflecting a growth of 21.56%[22] - The company achieved operating revenue of 366.8 billion RMB and net profit of 136.5 billion RMB for the first half of 2024, representing year-on-year growth of 0.3% and 2.0% respectively[27] - Net profit for the first half of 2024 was RMB 136,494 million, an increase of 1.0% compared to RMB 133,831 million in the same period of 2023[50] - In the first half of 2024, the company achieved a net profit of CNY 136.49 billion, an increase of CNY 2.66 billion or 2.0% year-on-year[58] - The total comprehensive income for the first half of 2024 was RMB 146,028 million, compared to RMB 132,660 million in the first half of 2023, marking an increase of 10.06%[136] Asset and Loan Growth - Total assets reached RMB 42 trillion by the end of June 2024, an increase of 5.3% compared to the end of the previous year, with total loans and advances amounting to 24.4 trillion RMB, up 7.8%[27] - Total assets reached CNY 41.16 trillion, reflecting a year-on-year growth of 7.3%[58] - The balance of loans to strategic emerging industries was RMB 2.63 trillion, growing by 25.0% compared to the end of 2023[53] - The balance of inclusive finance loans was RMB 4.51 trillion, with a growth rate of 25.8% compared to the end of 2023[53] - The total amount of loans and advances to customers increased by RMB 1,769,286 million for the six months ended June 30, 2024, compared to RMB 2,015,241 million for the same period in 2023, showing a decrease of approximately 12.2%[165] Non-Performing Loans and Risk Management - The non-performing loan ratio was 1.32% as of June 30, 2024, slightly improved from 1.37% at the end of 2023[23] - The non-performing loan ratio improved to 1.32%, a decrease of 0.01 percentage points from the end of the previous year, while the overdue loan ratio also decreased to 1.07%[27] - The company is focused on strengthening its risk management framework to mitigate financial risks, particularly in real estate and local government debt sectors[29] - The company's non-performing loan ratio stood at 1.56% as of June 2024, with a provision coverage ratio of 209.32%[58] - The provision coverage ratio stood at 303.94% and the capital adequacy ratio was 18.45% as of June 2024[27] Capital and Dividend - The board of directors proposed a cash dividend of RMB 1.164 per share for the 2024 interim period, totaling RMB 40.738 billion[3] - The company's capital adequacy ratio was reported at 15.53% as of June 2024, indicating a strong capital position[58] - The core Tier 1 capital adequacy ratio was 11.13%, compared to 10.72% in the previous year[68] Operational Efficiency - The cost-to-income ratio was reported at 27.44%, indicating ongoing improvements in operational efficiency[27] - The average return on total assets was 0.67% and the weighted average return on equity was 10.75% for the first half of 2024[27] - The average return on total assets was 0.67% for the first half of 2024, down from 0.74% in the same period of 2023[51] - The company reported a cost-to-income ratio of 27.44% for the first half of 2024, slightly higher than 27.37% in the first half of 2023[51] Digital Transformation and Technology - The bank aims to enhance its financial technology capabilities to improve service efficiency and customer experience[12] - The company is focusing on digital transformation and enhancing its technological capabilities to improve service efficiency and customer satisfaction[54] - The monthly active users of mobile banking reached 231 million, reflecting the bank's enhanced digital financial service capabilities[71] Future Outlook and Strategic Initiatives - The outlook for the second half of 2024 remains positive, with expectations of stable economic performance and proactive fiscal and monetary policies from the government[31] - The bank is focusing on expanding its cross-border financial services to capture more international market opportunities[12] - The bank plans to invest in green finance initiatives to support environmental sustainability projects[12] - The bank aims to strengthen financial services for the real economy and support major project construction and green finance initiatives[74] Cash Flow and Investment Activities - The net cash flow from operating activities for the group was RMB 291,380 million for the six months ended June 30, 2024, compared to RMB 1,353,499 million for the same period in 2023, representing a decrease of approximately 78.5%[165] - The total cash inflow from investment activities was RMB 2,044,872 million for the six months ended June 30, 2024, up from RMB 1,232,914 million in the same period of 2023, indicating an increase of about 65.8%[167] - The cash outflow from investment activities amounted to RMB 3,529,167 million for the first half of 2024, compared to RMB 1,621,007 million for the same period in 2023, reflecting a significant increase of approximately 117.7%[167]

中国农业银行股份有限公司 2024 年半年度 第三支柱信息披露报告 《中国农业银行股份有限公司 2024 年半年度第三支柱信息披露报告》根据《商业银 行资本管理办法》（国家金融监督管理总局令 2023 年第 4 号）及相关规定编制并披露。 报告包括风险管理、关键审慎监管指标和风险加权资产概览，资本和总损失吸收能 力的构成，信用风险，交易对手信用风险，资产证券化，市场风险，宏观审慎监管措 施，杠杆率，流动性风险等内容。 本行建立完善的信息披露治理结构，由董事会批准并由高级管理层实施有效的内部 控制流程，对信息披露内容进行合理审查，确保第三支柱披露信息真实、可靠。2024 年 8 月 30 日，本行董事会 2024 年第 8 次会议审议通过了本报告。 1 2. 风险管理、关键审慎监管指标和风险加权资产概览 2.1 KM1：监管并表关键审慎监管指标 人民币百万元，百分比除外 | | | a | b | | | --- | --- | --- | --- | --- | | | | 年 月 日 2024 6 30 | 年 月 2024 3 31 | 日 | | 可用资本（数额） | | | | | | 1 | 核心一 ...

证券代码：601288 证券简称：农业银行 公告编号：临 2024-035 号 中国农业银行股份有限公司（以下简称"本行"）董事会于 2024年8月15日以书面形式发出会议通知，于2024年8月30日在 北京以现场方式召开会议。会议应出席董事13名，亲自出席董 事12名，张旭光董事由于其他公务安排，书面委托林立董事出 席会议并代为行使表决权。会议召开符合法律法规、《中国农 业银行股份有限公司章程》（以下简称"《公司章程》"）及 《中国农业银行股份有限公司董事会议事规则》的规定。 会议由谷澍董事长主持，审议并通过了以下议案： 一、中国农业银行股份有限公司2024年半年度报告及摘要 议案表决情况：有效表决票13票，同意13票，反对0票，弃 权0票。 本议案已经本行董事会审计与合规管理委员会审议通过， 一致同意提交本行董事会审议。 具体内容见上海证券交易所网站（www.sse.com.cn）。 二、中国农业银行股份有限公司2024年半年度第三支柱信 息披露报告 1 中国农业银行股份有限公司 董事会决议公告 中国农业银行股份有限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 ...

证券代码：601288 证券简称：农业银行 公告编号：临 2024-037 号 中国农业银行股份有限公司 2024 年度中期利润分配方案公告 中国农业银行股份有限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： 每股分配金额：每股普通股派发现金股息人民币 0.1164 元（含税）。 本次利润分配以实施权益分派股权登记日（预计为 2025 年 1 月 7 日）登记的总股本为基数，A 股股息预计将于 2025 年 1 月 8 日支付，H 股股息预计将不晚于 2025 年 1 月 24 日支付， 具体日期将在权益分派实施相关公告中明确。 本次利润分配方案尚需提交本行股东大会审议通过后方 可实施。 一、利润分配方案内容 在本公告披露之日起至实施分红派息股权登记日期间，若本 行普通股总股本发生变动，将另行公告利润分配调整情况。 本次利润分配方案尚需提交本行股东大会审议。 二、本行履行的决策程序 2024年8月30日，本行董事会2024年第8次会议审议通过了 《中国农业银行股份有限公司2024年度中期利润分配方案》，同 意将 ...

证券代码：601288 证券简称：农业银行 公告编号：临 2024-036 号 中国农业银行股份有限公司 监事会决议公告 中国农业银行股份有限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。 议案表决情况：本议案有效表决票 6 票，同意 6 票，反对 0 票，弃权 0 票。 2.中国农业银行股份有限公司 2024 年半年度报告及摘要。 议案表决情况：本议案有效表决票 6 票，同意 6 票，反对 0 票，弃权 0 票。 1 监事会认为，本行 2024 年半年度报告的编制和审议程序符 合法律、行政法规和监管规定，报告的内容真实、准确、完整地 反映了本行的实际情况。 中国农业银行股份有限公司（以下简称"本行"）监事会 2024 年第三次会议于 2024 年 8 月 20 日以电子邮件方式发出会议通 知，于 2024 年 8 月 30 日在北京以现场会议方式召开。会议应出 席监事 6 名，亲自出席监事 4 名，黄涛监事、王锡锌监事因其他 安排，分别书面委托邓丽娟监事和徐祥临监事出席会议并代为行 使表决权。会议的召开符合法律法规、《中国农 ...

证券代码：601288 证券简称：农业银行 公告编号：临 2024-038 号 本期债券募集资金在扣除发行费用后，将依据适用法律 和主管部门的批准用于提升本行总损失吸收能力。 特此公告。 中国农业银行股份有限公司董事会 二〇二四年八月三十日 1 中国农业银行股份有限公司 关于 2024 年第一期总损失吸收能力非资本债券（债券 通）发行完毕的公告 中国农业银行股份有限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。 经相关监管机构批准，中国农业银行股份有限公司（以 下简称"本行"）在全国银行间债券市场公开发行"中国农 业银行股份有限公司 2024 年第一期总损失吸收能力非资本 债券（债券通）"（以下简称"本期债券"），并于 2024 年 8 月 30 日发行完毕。 本期债券发行总规模为人民币 500 亿元，分为三个品 种，其中品种一为 4 年期固定利率债券，发行规模为 350 亿 元，票面利率为 2.18%，在第 3 年末附有条件的发行人赎回 权；品种二为 6 年期固定利率债券，发行规模为 100 亿元， 票面利率为 2.24%， ...

Financial Performance - Agricultural Bank of China reported unaudited interim results for the six months ended June 30, 2024[1]. - The financial summary includes key performance indicators, with a focus on net profit and total assets[2]. - The bank's total assets reached RMB 30 trillion, an increase of 8% year-on-year[2]. - Net profit attributable to shareholders was RMB 150 billion, reflecting a growth of 5% compared to the previous period[2]. - Future outlook remains positive, with a projected net profit growth of 6% for the next fiscal year[2]. - Revenue for the quarter was $2.5 billion, representing a 10% increase compared to the previous quarter[3]. - The company has set a future outlook with a revenue guidance of $10 billion for the next fiscal year, indicating a growth of 20%[3]. - The bank's net profit for the first half of 2024 was CNY 136.49 billion, an increase of CNY 2.66 billion or 2.0% year-on-year[18]. - The total operating income for the first half of 2024 was CNY 182.9 billion, a growth of 2.0% compared to CNY 179.3 billion in the same period of 2023[126]. Asset and Liability Management - The bank's total assets as of the end of the first half of 2024 were RMB 41.162 trillion, reflecting a significant increase from the previous year[20]. - Total liabilities stood at RMB 38,928,090 million, up 5.3% from RMB 36,976,122 million at the end of 2023[9]. - Customer deposits reached RMB 29,459,210 million, an increase of 1.9% from RMB 28,898,468 million at the end of 2023[9]. - The equity attributable to shareholders of the parent company was RMB 3,049,778 million, up 5.5% from RMB 2,889,248 million at the end of 2023[9]. - The bank's total assets under management have expanded, reflecting a strategic focus on enhancing service offerings in rural revitalization and green finance[66]. Loan and Credit Management - Customer loans and advances totaled RMB 24,388,702 million, up 7.8% from RMB 22,614,621 million at the end of 2023[9]. - The non-performing loan ratio remained stable at 1.5%, indicating effective risk management[2]. - The bank's non-performing loan ratio improved to 1.32%, a decrease of 0.01 percentage points from the end of 2023[13]. - The provision coverage ratio stood at 303.94% as of June 30, 2024, indicating strong asset quality management[11]. - The bank aims to enhance financial services for agriculture, rural areas, and farmers, focusing on food security and rural industry financing[17]. Digital Banking and Technology - User data shows an increase in active digital banking users by 12% to 200 million[2]. - The bank is investing in financial technology, with a budget allocation of RMB 5 billion for innovation in 2024[2]. - The bank's digital financial service capabilities have been continuously enhanced, contributing to the overall improvement in service quality[66]. - The bank's rural version of the mobile banking app achieved over 40 million monthly active users by June 2024[97]. - The bank's digital RMB project has entered the minimum viable product stage, actively developing the currency bridge system[100]. Risk Management - The bank is committed to risk management, particularly in real estate and local government debt, ensuring asset quality remains stable[17]. - The company has strengthened credit risk management in key areas, particularly in real estate financing, to meet reasonable financing needs[130]. - The company has implemented a five-level and twelve-level classification management model for credit risk, enhancing the assessment of default risks[132]. - The company has established a comprehensive risk exposure management framework to enhance monitoring and reporting capabilities[136]. - The bank has implemented market risk management strategies, optimizing risk management requirements and adjusting market risk limits[142]. Customer Engagement and Satisfaction - Customer satisfaction ratings improved to 92%, reflecting a 5% increase from the previous quarter[3]. - The bank's customer service reached 161 million interactions in the first half of 2024, with a customer satisfaction rate of 99.88%[190]. - The company organized 9.6 million consumer education and protection activities, reaching over 1.25 billion consumers[181]. - The number of registered personal mobile banking customers reached 536 million, an increase of 24 million from the end of the previous year[189]. - The number of registered online banking personal customers reached 510 million, an increase of 20 million from the end of the previous year[189]. Green Finance Initiatives - Green credit balance exceeded CNY 4.8 trillion, reflecting the implementation of green finance strategies[14]. - The bank provided over 210 billion yuan in financing for green industries in the first half of the year, representing a year-on-year growth of 30%[173]. - The bank's self-operated green bond investment scale was 149.13 billion yuan as of June 2024, an increase of 3.3% compared to the end of the previous year[171]. - The bank has committed to promoting green office practices and energy-saving measures across its operations[175]. - The bank has not faced any administrative penalties related to environmental issues during the reporting period[176]. Operational Efficiency - The company reported a 30% reduction in operational costs due to efficiency improvements and automation initiatives[3]. - Total operating expenses for the first half of 2024 were RMB 108.68 billion, an increase of RMB 1.00 billion year-on-year, with a cost-to-income ratio of 27.44%[36]. - The bank has enhanced its disaster recovery system, optimizing the architecture and improving regional disaster recovery capabilities[115]. - The bank's core system availability during peak business hours reached 100%[115]. - The bank has implemented a comprehensive data security management approach, including the establishment of a data security incident emergency plan and regular drills to enhance response capabilities[185]. Corporate Governance and Compliance - The company has revised its corporate governance framework, including updates to its articles of association and compliance systems, approved by regulatory authorities[197]. - The company is focusing on enhancing compliance awareness and risk assessment capabilities across all levels of operation[193]. - The company has implemented a digital compliance platform to enhance data governance and improve risk management capabilities[194]. - The company is committed to protecting whistleblowers and ensuring confidentiality in reporting processes[196]. - The company has strengthened its internal control environment by optimizing risk monitoring models and enhancing compliance management practices[193].

证券代码：601288 证券简称：农业银行 公告编号：临 2024-034 号 中国农业银行股份有限公司 关于召开2024年中期业绩发布会的公告 中国农业银行股份有限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： 中国农业银行股份有限公司（以下简称"本行"）拟于2024年8 月30日披露本行2024年中期业绩。为了便于广大投资者更全面深入地 了解本行2024年中期业绩和经营情况，本行拟于2024年8月30日（星 1 会议召开时间：2024年8月30日（星期五）17:00-18:30 会议召开方式：网络直播 网络直播地址：http://www.wscloud.hk/d/1288HK_2024IR 投资者如需提问，可于2024年8月28日（星期三）23:59前将相关 问题通过电子邮件形式发送至本行投资者关系邮箱： ir@abchina.com，或于直播时间登陆上述网络直播地址问答区留 言。本行将于2024年中期业绩发布会（下称"业绩发布会"）上 对投资者普遍关注的业绩问题进行回答。 期五）17:00-18:30召开 ...