Unidentified Company Representative Investors, Analysts, Media, good afternoon. Welcome to the 2024 Annual Earnings Call of ICBC. I'm Chen Hua from ICBC Strategic Management and Investor Relations Department. The 2024 Annual Report has Annual Announcement has already been released. Thank you for the 880,000 investors for recognition. ICBC has been highly valued the IR and the market value management. We have maintained a frequent and effective contact with investors and media. Today's earnings call will be ...

Financial Data and Key Indicators Changes - In the first three quarters, net income was over RMB 270 billion, up by 0.2% compared to the previous year, indicating a positive growth trend [5] - Operating income was RMB 599.1 billion, showing a decrease, while the non-performing loan (NPL) ratio was 1.35%, down by 1 basis point [5] - The capital adequacy ratio stood at 19.25%, and the provision coverage ratio was maintained above 200% [5] Business Line Data and Key Indicators Changes - Personal customers increased to 755 million, and corporate customers reached 13.5 million, with mobile banking monthly active users exceeding 200 million [6] - RMB loans increased by RMB 2.12 trillion, up by 10.2%, while corporate loans increased by RMB 1.43 trillion, up by 6% to 8% [39] - Inclusive loans amounted to RMB 2.81 trillion, with an increase of 26.3% year-on-year [65] Market Data and Key Indicators Changes - The total assets of the bank reached RMB 48.3 trillion, an increase of RMB 3.7 trillion [6] - Liabilities rose to RMB 44.4 trillion, up by RMB 3.5 trillion, with the deposit deviation recorded at the lowest level in the last five years [6] Company Strategy and Development Direction - The company is focusing on five transformations: intelligent risk control, modern layouts, digital drivers, diversified structure, and ecological foundation [4] - The strategy includes optimizing the asset mix and stabilizing net interest margin while adapting to the low interest rate environment [19] - The bank aims to strengthen asset quality management and enhance risk resilience capabilities [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the economy and the real estate market, which is expected to create more business opportunities for banks [18] - The outlook for net interest margin remains cautious, with expectations of continued downward pressure [31] - Management emphasized the importance of adapting to new policies and maintaining a balance between income and expenses [19] Other Important Information - The bond market performed well, with trading income increasing by 2.5 times compared to the previous term [22] - The bank's fintech investments totaled RMB 27.2 billion, accounting for 3% of total operating income, indicating a strong focus on technology [101] Q&A Session Summary Question: Will the bank increase provisions in Q4? - Management indicated that provisions are determined by multiple factors, and future strategies will focus on balancing income and expenses while managing credit costs [10][11][13] Question: What is the outlook for non-interest income? - Non-interest income showed robust momentum in Q3, driven by better performance in capital markets and foreign exchange [14][15] Question: How will the recent monetary policy impact NIM? - The recent monetary policy is expected to have a small impact on Q4 interest income but a greater impact in 2025, with overall NIM expected to continue declining [29][31] Question: What is the trend of loan growth for the full year? - Loan growth is expected to be around 10%, slightly lower than the previous year, but still above the average for society [36][38] Question: How is the asset quality of real estate-related loans? - The bank's asset quality remains stable, with a slight decrease in the NPL ratio, and management is actively monitoring the real estate sector [43][46] Question: What measures are in place to control risks in personal loans? - The bank plans to strengthen personal loan growth while enhancing digital risk management capabilities [60][58] Question: What is the status of inclusive finance loans? - Inclusive loans have seen significant growth, with a focus on supporting small and medium-sized enterprises [65][66] Question: What is the outlook for bond investments? - The bond market is expected to experience increased fluctuations, but overall risks are still under control, with a focus on optimizing investment strategies [117][118]

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