BANK COMM(03328)2024-04-26 08:30Financial Performance - Net operating income for Q1 2024 was RMB 67,201 million, slightly up by 0.05% compared to RMB 67,169 million in Q1 2023[3] - Pre-tax profit was RMB 27,349 million, a 3.59% increase from RMB 26,402 million year-over-year[3] - Net profit attributable to shareholders was RMB 24,988 million, reflecting a 1.44% increase from RMB 24,633 million in the same period last year[3] - Basic earnings per share were RMB 0.34, up 3.03% from RMB 0.33 in Q1 2023[3] - The company reported a net profit of RMB 25,253 million for the first quarter of 2024, up from RMB 24,951 million in the same quarter of 2023[24] - The total fee and commission income for the first quarter of 2024 was RMB 12,838 million, down from RMB 13,774 million in the same period of 2023[24] - The company’s basic and diluted earnings per share for the first quarter of 2024 were RMB 0.34, slightly up from RMB 0.33 in the same period of 2023[27] Assets and Liabilities - As of March 31, 2024, total assets amounted to RMB 14,238,091 million, reflecting a 1.26% increase from RMB 14,060,472 million as of December 31, 2023[3] - Total liabilities were RMB 13,112,273 million, an increase of 1.17% from RMB 12,961,022 million[3] - The total equity attributable to shareholders increased to RMB 1,114,564 million from RMB 1,088,030 million, marking a rise of about 2.45%[30] Customer Loans and Deposits - Customer loans reached RMB 8,203,223 million, up 3.09% from RMB 7,957,085 million in the previous period[3] - Customer deposits increased to RMB 8,679,901 million, representing a 1.50% growth from RMB 8,551,215 million[3] - Customer loan balance was CNY 8,203.223 billion, an increase of CNY 246.138 billion or 3.09% from the end of the previous year[16] - Customer deposit balance reached CNY 8,679.901 billion, up by CNY 128.686 billion or 1.50% year-on-year[17] Income and Expenses - Net interest income amounted to CNY 41.558 billion, up by CNY 0.910 billion or 2.24% year-on-year[12] - The company’s financial investments received interest income of RMB 23,449 million, up from RMB 19,975 million year-over-year[32] - Net fee and commission income decreased to CNY 11.879 billion, down by CNY 0.806 billion or 6.35% year-on-year[13] Non-Performing Loans and Provisions - Non-performing loan balance increased to CNY 108.377 billion, a rise of CNY 2.689 billion or 2.54% compared to the previous year[18] - The provision coverage ratio improved to 197.05%, an increase of 1.84 percentage points year-on-year[18] - As of March 31, 2024, the total loan balance reached RMB 8,203,223 million, with a non-performing loan (NPL) ratio of 1.32%, slightly improved from 1.33% at the end of 2023[20] - The total amount of overdue loans was RMB 114,397 million, with an overdue loan ratio of 1.39% as of March 31, 2024, compared to 1.38% at the end of 2023[19] Cash Flow - Net cash flow from operating activities showed a significant decrease to RMB (125,760) million for the three months ended March 31, 2024, compared to RMB 132,977 million for the same period in 2023[31] - Cash and cash equivalents decreased to RMB 183,889 million as of March 31, 2024, down from RMB 299,921 million at the end of the previous period[32] - Investment activities generated a net cash inflow of RMB 52,881 million, a recovery from a net outflow of RMB (101,697) million in the same period last year[32] Return on Equity and Assets - The weighted average return on equity (annualized) decreased to 10.79%, down 0.68 percentage points from 11.47%[3] - The annualized average return on assets was 0.71%, a decrease of 0.04 percentage points year-on-year[11] - The capital adequacy ratio stood at 16.09%, with a Tier 1 capital ratio of 12.40% and a core Tier 1 capital ratio of 10.44%, all meeting regulatory requirements[21]