中国农业银行股份有限公司法兰克福分行： 外汇交易中心关于中国农业银行股份有限公司法兰克福分行成为银行间外币货币市场会员的通知 中汇交发〔2024〕131号 2024-05-13 13:33 中国外汇交易中心 2024年5月6日 特此通知。 你分行符合相关条件，自2024年5月13日起成为银行间外币货币市场会员，可通过中国外汇交易中心从事外币拆 借交易。请你分行严格遵守监管规定及中国外汇交易中心相关业务规则，履行市场义务。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國農業銀行股份有限公司 呈交日期: 2024年5月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 01288 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 增加 / 減少 (-) | | | | 0 | | RMB | | 0 | | 本月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 2. 股份分類 | 普通股 | 股份類別 | A ...

Investment Rating - The report provides a detailed analysis of the company's performance metrics, indicating a stable investment rating with no significant changes noted in the overall revenue structure [2][5]. Core Insights - The company's operating income remains consistent at 100% across various periods, with net interest income showing a slight decline from 84.9% in 2022A to 82.3% in 2023A [2]. - Non-interest income has increased from 15.1% in 2022A to 17.7% in 2023A, indicating a positive trend in diversifying revenue sources [2]. - The report highlights a decrease in net profit margin from 37.3% in 2022A to 38.8% in 2023A, suggesting a need for monitoring profitability [2][5]. Revenue Structure - The total operating income for 2023A is reported at 100.0%, with net interest income contributing 82.3% and non-interest income at 17.7% [2]. - Interest income has shown a gradual increase from 159.6% in 2022A to 176.1% in 2023A, while interest expenses have also risen from 74.7% to 93.8% in the same period [2]. - The report indicates a stable trend in operating expenses, maintaining around 54.5% in 2023A, with a slight increase in management fees from 32.8% in 2022A to 33.9% in 2023A [2][5]. Profitability Metrics - The report notes a decline in the provision for impairment losses, which decreased from 20.9% in 2022A to 19.6% in 2023A, indicating improved asset quality [2]. - The pre-provision profit margin has remained relatively stable, with a slight increase from 65.0% in 2022A to 73.7% in 2023A [2]. - The total profit margin has shown a slight decrease from 44.1% in 2022A to 44.2% in 2023A, reflecting the need for strategic adjustments [2][5]. Balance Sheet Analysis - The report indicates that deposits constitute 81.3% of the total liabilities in 2023H1, showing a slight decrease from 82.4% in 2023Q1 [12]. - The proportion of interbank liabilities has increased from 9.1% in 2023Q1 to 11.3% in 2023A, indicating a shift in funding sources [12]. - The total interest-bearing liabilities have shown a year-on-year growth of 19.1% in 2023A, reflecting the company's strategy to leverage its funding capabilities [12].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company experienced a slight decline in revenue and net profit in Q1 2024, but remains in a relatively strong position among large banks. The Q1 revenue was 186 billion yuan, down 1.76% year-on-year, and the net profit attributable to shareholders was 70.4 billion yuan, down 1.63% year-on-year [13] - The company has a unique advantage in county-level finance, with a focus on expanding credit in manufacturing, green finance, and inclusive finance sectors. The loan balance in county areas reached 9.4 trillion yuan, growing 7.1% year-to-date [13] - The board has decided on a mid-term dividend arrangement for 2024, with the total dividend not exceeding 30% of the net profit attributable to shareholders for the first half of 2024 [13] Financial Forecasts and Key Metrics - Revenue forecast for 2024 is 730.46 billion yuan, with a year-on-year growth of 5.1%. The net profit attributable to shareholders is projected to be 295.19 billion yuan, reflecting a growth rate of 9.6% [3][13] - The diluted earnings per share (EPS) is expected to be 0.84 yuan in 2024, increasing to 0.93 yuan by 2026 [3][13] - The company maintains a stable asset quality with a non-performing loan ratio of 1.32% as of the end of the reporting period, down 1 basis point from the beginning of the year [13]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company reported a slight decline in revenue and net profit in Q1 2024, but remains in a relatively strong position among large banks [12] - The company has a unique advantage in county-level financial services, with a focus on manufacturing, green finance, and inclusive finance [12] - The board has decided on a mid-term dividend arrangement for 2024, indicating a commitment to returning value to shareholders [12] Financial Forecasts and Key Metrics - Revenue (in million yuan) is projected to be 730,460 in 2024, with a growth rate of 5.1% [3] - Net profit attributable to shareholders is expected to reach 295,190 million yuan in 2024, reflecting a year-on-year increase of 9.6% [3] - The diluted earnings per share (EPS) is forecasted to be 0.84 yuan in 2024, increasing to 0.93 yuan by 2026 [3] - The return on equity (ROE) is projected to be 11.8% in 2024, slightly improving in subsequent years [3] - The dividend payout ratio for the mid-term dividend is expected to be no more than 30% of the net profit attributable to shareholders for the first half of 2024 [12] Financial Performance Indicators - The company reported total assets of 42.2 trillion yuan at the end of Q1 2024, with a loan balance of 23.9 trillion yuan [12] - The non-performing loan ratio stands at 1.32%, indicating stable asset quality [12] - The capital adequacy ratio is deemed reasonable, with a core Tier 1 capital ratio of 11.37% [12]

Investment Rating - The investment rating for Agricultural Bank of China is "Accumulate" [1]. Core Views - The report highlights that while revenue and profit growth have declined, the performance remains better than comparable peers. In Q1 2024, the bank's net profit attributable to shareholders decreased by 1.63% year-on-year, and operating income fell by 1.76% year-on-year, compared to a 3.91% and 0.03% increase in 2023 respectively [1][3]. - The decline in profit is primarily attributed to the pressure on net interest margin, while the expansion in scale has positively contributed to performance. The net interest margin for Q1 2024 was 1.44%, down 26 basis points year-on-year, but the decline has narrowed compared to previous periods [1][3]. - The bank has increased its focus on county-level financial services, with significant growth in loans and advances in rural areas, which rose by 16.78% year-on-year, surpassing the overall loan growth rate of 12.92% [1][3]. - Asset quality indicators are improving, with a non-performing loan ratio of 1.32% at the end of Q1 2024, down 5 basis points year-on-year, and a provision coverage ratio of 303.22%, indicating strong risk resilience [1][3]. Summary by Sections Financial Performance - In Q1 2024, the bank's net interest income was 5,718 million, with a year-on-year growth rate of -1.76%. The net profit attributable to shareholders was 2,694 million, reflecting a growth rate of 3.94% [1][6]. - The report forecasts a slight recovery in profit growth, with expected net profit growth rates of 1.88%, 4.12%, and 5.26% for the years 2024E, 2025E, and 2026E respectively [1][6]. Capital Adequacy - As of Q1 2024, the core Tier 1 capital adequacy ratio was 11.37%, indicating a reasonable level of capital adequacy. The bank is actively working on enhancing its capital base through the issuance of subordinated bonds and perpetual bonds [1][3]. Loan and Deposit Growth - Total loans and deposits have shown robust growth, with total loans increasing by 12.92% year-on-year and total deposits by 12.25% year-on-year as of Q1 2024 [1][3]. Strategic Focus - The bank is strategically focusing on expanding its services in rural finance and key sectors, aiming to become a leading bank in supporting rural revitalization and serving the real economy [1][3].

Financial Performance - Total operating income for Q1 2024 was RMB 186,021 million, a decrease of 1.76% compared to the same period last year[18]. - Net profit attributable to shareholders of the parent company was RMB 70,386 million, down 1.63% year-on-year[18]. - Basic earnings per share were RMB 0.19, representing a decrease of 5.00% year-on-year[18]. - The group reported a net profit of 70.839 billion RMB for the period, a decrease of 1.77% year-on-year[46]. - Net interest income was 144.535 billion RMB, down 0.74% year-on-year, with a net interest margin of 1.44%[29]. - Net fee and commission income decreased by 10.79% year-on-year to 29.037 billion RMB[29]. - The group's investment income for the first quarter of 2024 was RMB 3,664 million, compared to RMB 4,607 million in the same period of 2023, indicating a decline of approximately 20.4%[71]. - The group's fee and commission income was RMB 32,505 million for the first quarter of 2024, down from RMB 35,930 million in the same period last year, reflecting a decrease of about 9.5%[71]. - The group reported a total comprehensive income of RMB 66,038 million for the first quarter of 2024, compared to RMB 60,103 million for the same period in 2023, representing an increase of about 9.8%[73]. Cash Flow and Liquidity - Net cash flow from operating activities was RMB 783,563 million, reflecting a decline of 13.50% compared to the previous year[18]. - The group's cash inflow from operating activities for the three months ended March 31, 2024, was RMB 2,619,025 million, a decrease of 16.9% compared to RMB 3,151,941 million for the same period in 2023[75]. - The net cash outflow from investing activities was RMB 1,187,549 million for the three months ended March 31, 2024, compared to RMB 222,880 million for the same period in 2023, indicating a significant increase in investment expenditures[79]. - Cash inflow from financing activities amounted to RMB 869,401 million for the three months ended March 31, 2024, up from RMB 623,968 million in the same period of 2023, reflecting increased debt issuance[79]. - The net cash flow from financing activities was RMB 63,340 million for the three months ended March 31, 2024, compared to a net outflow of RMB 16,034 million for the same period in 2023, showing a positive shift in financing[79]. - The group received RMB 739,677 million from the recovery of investments during the three months ended March 31, 2024, an increase from RMB 512,320 million in the same period of 2023[79]. - The cash received from investment income was RMB 85,267 million for the three months ended March 31, 2024, compared to RMB 70,318 million for the same period in 2023, reflecting growth in investment returns[79]. Assets and Liabilities - Total assets at the end of the reporting period reached RMB 42,157,279 million, an increase of 5.73% from the end of the previous year[18]. - Total liabilities reached RMB 39,158.06 billion, an increase of RMB 21,819.34 billion or 5.90% compared to the end of the previous year[49]. - The total assets of the group as of March 31, 2024, reached RMB 42,157,279 million, an increase from RMB 39,872,989 million as of December 31, 2023, representing a growth of approximately 5.7%[69]. - The total liabilities of the group as of March 31, 2024, were RMB 39,872,989 million, an increase from RMB 37,000,000 million as of December 31, 2023, reflecting a growth of approximately 7.8%[69]. - The total amount of loans and advances was 23,863.600 billion RMB, up 5.52% from the end of the previous year[29]. - The balance of manufacturing loans was RMB 33,256 billion, reflecting a growth of RMB 3,737 billion or 12.66%[52]. - The balance of green credit business reached RMB 48,154 billion, an increase of RMB 7,667 billion or 18.94%[52]. Shareholder Information - The company reported a decrease in the number of ordinary shareholders, with the top ten shareholders holding significant stakes[9][10]. - Cash dividends of RMB 4.84 per share were distributed to shareholders, totaling RMB 19.36 billion[54]. - The group's earnings per share for the first quarter of 2024 were RMB 0.25, compared to RMB 0.26 for the same period in 2023, indicating a decrease of approximately 3.8%[73]. Capital and Ratios - The capital adequacy ratio, tier 1 capital adequacy ratio, and core tier 1 capital adequacy ratio were 18.40%, 13.77%, and 11.37% respectively as of March 31, 2024[52]. - The average liquidity coverage ratio for the first quarter of 2024 was 131.17%[52]. - The weighted average return on net assets (annualized) was 11.39%, a decrease of 1.21 percentage points[18]. - The annualized average return on total assets was 0.69%, down 0.13 percentage points year-on-year[46]. - The annualized weighted average return on equity was 11.39%, a decrease of 1.21 percentage points year-on-year[47].

Financial Performance - The operating income for the first quarter of 2024 was RMB 186,147 million, representing a decrease of 1.70% compared to the same period last year[5]. - The net profit attributable to shareholders of the parent company was RMB 70,386 million, down by 1.63% year-on-year[5]. - For the three months ended March 31, 2024, the group achieved a net profit of RMB 70.839 billion, a decrease of 1.77% year-on-year[13]. - The net profit for the three months ended March 31, 2024, was RMB 70,839 million, compared to RMB 72,115 million for the same period in 2023[23]. - The bank's net profit before tax for the first quarter of 2024 was RMB 79,439 million, down from RMB 83,027 million in the same period of 2023, indicating a decrease of about 4.8%[27]. Earnings and Returns - The basic earnings per share were RMB 0.19, a decrease of 5.00% from the same period last year[5]. - The annualized weighted average return on net assets was 11.39%, a decrease of 1.21 percentage points year-on-year[5]. - The annualized average return on total assets was 0.69%, a decrease of 0.13 percentage points year-on-year[13]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 42,157,279 million, an increase of 5.73% from the end of the previous year[5]. - Total assets as of March 31, 2024, amounted to RMB 42,157.279 billion, an increase of RMB 228.429 billion or 5.73% compared to the end of the previous year[14]. - Total liabilities reached RMB 39,158.056 billion, an increase of RMB 218.193 billion or 5.90% compared to the end of the previous year[14]. - Total liabilities amounted to RMB 39,158,056 million, up from RMB 36,976,122 million, indicating an increase of approximately 5.3%[26]. Cash Flow - The net cash flow from operating activities was RMB 783,563 million, reflecting a decline of 13.50% compared to the previous year[5]. - The bank's net cash flow from operating activities for the first quarter of 2024 was RMB 783,563 million, compared to RMB 905,857 million in the same period of 2023, showing a decrease of about 13.5%[27]. - The bank's investment activities resulted in a net cash outflow of RMB 1,187,549 million for the first quarter of 2024, compared to RMB 222,880 million in the same period of 2023[28]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 418,187, with 397,782 being A-share shareholders and 20,405 being H-share shareholders[6]. - Central Huijin Investment Ltd. held 40.14% of the shares, while the Ministry of Finance held 35.29%[6]. - Central Huijin Investment Ltd. plans to continue increasing its stake in the company over the next six months[8]. - A cash dividend of RMB 4.84 per share was distributed to shareholders, totaling RMB 1,936 million (including tax) on March 11, 2024[20]. Customer Loans and Deposits - Customer loans and advances totaled RMB 23,863.600 billion, increasing by RMB 124.897 billion or 5.52% from the end of the previous year[14]. - Customer loans and advances increased to RMB 22,921,347 million from RMB 21,731,766 million, reflecting a growth of about 5.5%[25]. - Customer deposits amounted to RMB 31,060.509 billion, up RMB 216.204 billion or 7.48% from the end of the previous year[14]. - The bank's total deposits increased to RMB 31,060,509 million from RMB 28,898,468 million, reflecting a growth of approximately 7.5%[25]. Non-Performing Loans - The non-performing loan balance was RMB 315.325 billion, with a non-performing loan ratio of 1.32%, a decrease of 0.01 percentage points from the end of the previous year[15]. - The provision coverage ratio stood at 303.22%, a decrease of 0.65 percentage points from the end of the previous year[15]. Capital and Liquidity - The capital adequacy ratio, Tier 1 capital adequacy ratio, and core Tier 1 capital adequacy ratio were 18.40%, 13.77%, and 11.37%, respectively, as of March 31, 2024[18]. - The average liquidity coverage ratio for the first quarter of 2024 was 131.17%[18]. - The bank issued RMB 40 billion of non-fixed-term capital bonds in the interbank bond market in March 2024[19]. Sector-Specific Loans - The balance of loans in the manufacturing sector was RMB 3,325.60 billion, up by RMB 373.70 billion, or 12.66% year-on-year[17]. - The balance of green credit business reached RMB 4,815.40 billion, an increase of RMB 766.70 billion, or 18.94% compared to the previous year[17]. - The balance of inclusive finance loans was RMB 4,392.50 billion, increasing by RMB 809.80 billion, or 22.60% year-on-year[17]. Equity - The equity attributable to shareholders of the parent company was RMB 2,991,892 million, up by 3.55% compared to the end of the previous year[5]. - The bank's equity totalled RMB 2,999,223 million as of March 31, 2024, an increase from RMB 2,896,867 million at the end of 2023, representing a growth of approximately 3.5%[26]. - The bank issued other equity instruments, raising RMB 40,000 million during the first quarter of 2024[28].

Financial Performance - The bank achieved a net profit of RMB 269.82 billion for the year 2023, reflecting its strong financial performance[2]. - The company achieved an operating income of RMB 695.5 billion in 2023, maintaining positive growth, and a net profit of RMB 269.8 billion, an increase of 4.2% year-on-year[13]. - Net profit attributable to shareholders was RMB 269,356 million in 2022, compared to RMB 259,140 million in 2021, reflecting a growth of 4.7%[9]. - The net profit for 2023 reached RMB 269.82 billion, an increase of RMB 10.95 billion or 4.2% from the previous year[25]. - The pre-tax profit increased by 16.2% to RMB 152,549 million in 2023, up from RMB 131,317 million in 2022[145]. Asset and Liability Management - As of the end of 2023, Agricultural Bank of China's total assets reached RMB 39,872.99 billion, with customer loans and advances totaling RMB 22,614.62 billion and deposits amounting to RMB 28,898.47 billion[2]. - Total assets reached RMB 39,872,989 million as of December 31, 2023, up from RMB 33,927,533 million in 2022, representing a growth of 17.5%[8]. - Total liabilities amounted to RMB 36,976,122 million, an increase of 18.5% from RMB 31,253,082 million in 2022[8]. - Total liabilities reached RMB 36,976.12 billion as of December 31, 2023, an increase of RMB 57,243.94 billion or 18.3% year-over-year[63]. Credit Quality - The bank's non-performing loan ratio was reported at 1.5% as of December 31, 2023, consistent with the previous year[8]. - The non-performing loan ratio improved to 1.33%, a decrease of 0.04 percentage points from the previous year, with a provision coverage ratio of 303.87%[11]. - The total non-performing loans (NPLs) reached RMB 300,760 million as of December 31, 2023, with a non-performing loan ratio of 1.33%[166]. - The company continues to maintain a strong asset quality in its credit card business, positioning itself among the industry leaders[155]. Capital Adequacy - The capital adequacy ratio stood at 17.14%, indicating a solid capital position[2]. - The bank's capital adequacy ratio stood at 14.5%, indicating a strong capital position to support future growth[8]. - The bank's capital adequacy ratio and leverage ratio details can be found in the 2023 Capital Adequacy Report published on the Shanghai and Hong Kong Stock Exchanges[199]. Digital Transformation and Innovation - The bank's digital transformation framework has been established, enhancing data-driven business operations and marketing effectiveness[16]. - The digital loan product "Agricultural Bank e-loan" surpassed 4 trillion yuan by the end of 2023, reflecting the company's commitment to digital transformation[22]. - The company has completed the migration of over 800 million personal customers and 1.8 billion personal accounts to a distributed architecture, marking the largest system migration in the industry[121]. Customer Base and Market Position - The total number of personal customers reached 867 million, maintaining the first position in the industry[15]. - The total number of personal customers reached 867 million, maintaining the industry lead, with financial assets amounting to 20.29 trillion yuan[82]. - The domestic personal deposit balance was 17.11 trillion yuan, an increase of 2.13 trillion yuan compared to the end of the previous year, continuing to lead the industry[83]. Strategic Focus and Initiatives - The bank emphasizes its role as a leading bank in serving rural revitalization and the real economy, focusing on inclusive finance, green finance, and digital operations[2]. - The bank plans to expand its market presence through strategic partnerships and technological advancements in the coming year[8]. - The company plans to enhance its focus on technology finance, green finance, and digital finance as part of its strategic initiatives for 2024[21]. Risk Management - The company is enhancing its comprehensive risk management system to better identify and control risks in key economic sectors[147]. - The company is focusing on optimizing credit risk management, particularly in the real estate sector, to mitigate potential risks[153]. - The liquidity risk management framework includes a decision-making system, execution system, and supervision system to ensure timely fulfillment of liquidity needs[182]. ESG and Sustainability - The bank aims to integrate sustainable development concepts into its management, focusing on ESG (Environmental, Social, and Governance) management systems[200]. - In 2023, the bank was recognized as one of the top ten "China ESG Model" enterprises and received multiple awards for its ESG practices[200]. - The bank's MSCI ESG rating has improved to "AA" in 2023[200].

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 年二级资本债券（第二期）"（以下简 称"本期债券"），于 2024 年 4 月 25 日发行完毕。 证券代码：601288 证券简称：农业银行 公告编号：临 2024-016 号 中国农业银行股份有限公司 关于 2024 年二级资本债券（第二期） 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。 二〇二四年四月二十五日 1 本期债券发行总规模为人民币 600 亿元，分为两个品种， 其中品种一为 10 年期固定利率债券，发行规模为 300 亿元， 票面利率为 2.32%，在第 5 年末附有前提条件的发行人赎回 权；品种二为 15 年期固定利率债券，发行规模为 300 亿元， 票面利率为 2.49%，在第 10 年末附有前提条件的发行人赎回 权。 本期债券募集的资金将依据适用法律和监管部门的批准， 补充本行的二级资本。 特此公告。 中国农业银行股份有限公司董事会 ...