平安银行(000001) - 2024 Q2 - 季度财报

Financial Performance - Revenue for the first half of 2024 decreased by 13.0% to RMB 77,132 million compared to RMB 88,610 million in the same period of 2023[24] - Net profit attributable to shareholders increased by 1.9% to RMB 25,879 million in the first half of 2024, up from RMB 25,387 million in the same period of 2023[24] - The cost-to-income ratio rose by 0.92 percentage points to 27.37% in the first half of 2024[24] - Net interest margin (annualized) decreased by 0.59 percentage points to 1.96% in the first half of 2024[24] - Non-interest income as a percentage of total income increased by 7.05 percentage points to 36.36% in the first half of 2024[24] - Total deposits increased by 4.8% to RMB 3,570,812 million as of June 30, 2024, compared to RMB 3,407,295 million at the end of 2023[24] - The non-performing loan ratio slightly increased by 0.01 percentage points to 1.07% as of June 30, 2024[24] - Provision coverage ratio decreased by 13.37 percentage points to 264.26% as of June 30, 2024[24] - Core tier 1 capital adequacy ratio improved by 0.11 percentage points to 9.33% as of June 30, 2024[24] - Total assets grew by 3.0% to RMB 5,754,033 million as of June 30, 2024, compared to RMB 5,587,116 million at the end of 2023[25] - Revenue decreased by 13.0% year-on-year to RMB 77.132 billion, with net interest income down 21.6% to RMB 49.086 billion, while non-interest income increased by 8.0% to RMB 28.046 billion[47][48] - Net profit grew by 1.9% year-on-year to RMB 25.879 billion, driven by digital transformation and cost efficiency improvements[45] - Total assets increased by 3.0% to RMB 5,754.033 billion, with loans and advances growing by 0.2% to RMB 3,413.474 billion, while corporate loans rose by 11.4% and personal loans declined by 7.9%[45] - Deposits grew by 4.8% to RMB 3,570.812 billion, with total liabilities increasing by 3.1% to RMB 5,272.164 billion[45] - Non-performing loan (NPL) ratio slightly increased to 1.07%, while provision coverage remained strong at 264.26%[45] - Core tier 1 capital adequacy ratio improved to 9.33%, meeting regulatory requirements[46] - Net interest margin (NIM) declined to 1.96%, compared to 2.55% in the same period last year, due to lower market interest rates and loan repricing[50] - Daily average balance of loans and advances increased by 1.2% to RMB 3,420.025 billion, with an average yield of 4.79%, down from 5.65% in the previous year[50] - Other non-interest income surged by 56.7% to RMB 15.049 billion, contributing significantly to overall revenue growth[48] - The average yield of loans and advances issued in the first half of 2024 was 4.79%, a decrease of 86 basis points compared to the same period last year, with corporate loans at 3.70% (down 35 basis points) and personal loans at 5.90% (down 101 basis points)[53][54] - The average interest-bearing rate of deposits in the first half of 2024 was 2.18%, a decrease of 2 basis points year-on-year, with RMB deposit rates down by 4 basis points[55] - Net interest income for Q2 2024 was RMB 23.929 billion, compared to RMB 25.157 billion in Q1 2024[52] - Non-interest net income for the first half of 2024 was RMB 28.046 billion, an increase of 8.0% year-on-year[56] - Net fee and commission income for the first half of 2024 was RMB 12.997 billion, a decrease of 20.6% year-on-year, with declines in settlement fees (1.0%), agency and entrusted fees (40.6%), and bank card fees (23.3%)[57][58] - Other non-interest net income for the first half of 2024 was RMB 15.049 billion, an increase of 56.7% year-on-year, driven by bond investment and other business opportunities[59] - The net interest margin (NIM) for Q2 2024 was 1.91%, compared to 2.01% in Q1 2024[52] - The average daily balance of loans and advances issued in Q2 2024 was RMB 3,427.113 billion, with interest income of RMB 39.615 billion and an average yield of 4.65%[52] - The average daily balance of deposits in Q2 2024 was RMB 3,430.443 billion, with interest expenses of RMB 18.305 billion and an average interest-bearing rate of 2.15%[52][55] - Corporate loans accounted for RMB 1,340.626 billion of the average daily balance in the first half of 2024, with interest income of RMB 24.660 billion and an average yield of 3.70%[53] - Investment income increased by 68.0% to RMB 12,239 million in the first half of 2024 compared to the same period in 2023[60] - Fair value change gains surged by 138.8% to RMB 2,424 million in the first half of 2024[60] - Business and management expenses decreased by 9.9% to RMB 21.109 billion in the first half of 2024[61] - Credit and other asset impairment losses dropped by 28.5% to RMB 23.153 billion in the first half of 2024[62][63] - Income tax expenses fell by 6.8% to RMB 6.098 billion in the first half of 2024, with the effective tax rate decreasing by 1.43 percentage points to 19.07%[64][65] - Investment financial assets increased by 8.8% to RMB 1,558.007 billion as of June 2024, with trading financial assets rising by 27.5% to RMB 574.021 billion[67][70] - Cash and deposits with central banks grew by 11.4% to RMB 305.998 billion as of June 2024[67] - Other assets surged by 68.5% to RMB 84.642 billion as of June 2024[67] - The company held financial bonds worth RMB 247.465 billion as of June 2024, with the top two bonds being policy bank bonds[71][72] - Total liabilities of the group reached RMB 5,272.164 billion as of June 30, 2024, an increase of 3.1% compared to the end of the previous year[80] - The group's total deposits amounted to RMB 3,570.812 billion, a 4.8% increase from the end of 2023, with personal deposits growing by 6.9% and corporate deposits by 3.7%[82] - The fair value change of derivative financial instruments during the reporting period was RMB 6,034 million, with foreign exchange derivatives accounting for RMB 4,950 million of the total[75] - The group's goodwill balance as of June 30, 2024, was RMB 7.568 billion, unchanged from the previous reporting period[77][78] - The net value of foreclosed assets increased by 1,575.7% to RMB 3.452 billion, primarily due to a significant increase in land, buildings, and structures[79] - The group's shareholder equity reached RMB 481.869 billion, a 2.0% increase from the end of 2023, with retained earnings growing by 4.4% to RMB 230.986 billion[84] - The group's deposit distribution showed the highest growth in the headquarters region, increasing by 93.1% to RMB 161.240 billion[83] - The group's trading financial liabilities increased by 280.5% to RMB 120.297 billion, reflecting significant changes in financial market activities[81] - The group's other liabilities surged by 168.4% to RMB 65.154 billion, mainly due to increased clearing payables and accrued expenses[81] - The group's borrowing from the central bank decreased by 39.5% to RMB 126.298 billion, indicating reduced reliance on central bank funding[81] - Shareholder equity increased to RMB 481.869 billion, up from RMB 472.328 billion at the beginning of the period, with a net increase of RMB 26.061 billion[85] - Buyback financial assets decreased by 55.4% to RMB 49.461 billion, primarily due to a reduction in bond buyback scale[86] - Operating cash flow increased by RMB 694.81 billion to RMB 1,137.22 billion, driven by increased cash inflows from deposit absorption and bond lending[87] - Non-performing loan (NPL) ratio rose slightly to 1.07%, up by 0.01 percentage points from the end of the previous year[91] - Provision coverage ratio stood at 264.26%, a decrease of 13.37 percentage points from the previous year[93] - Total loans and advances increased by 0.2% to RMB 3,413.474 billion, with normal loans accounting for 97.08% of the total[92] - The bank wrote off RMB 30.456 billion in loans, a decrease of 6.3% year-on-year, and recovered RMB 16.303 billion in non-performing assets[91] - Trading financial liabilities surged by 280.5% to RMB 120.297 billion, mainly due to an increase in bond lending business scale[86] - Investment income increased by 68.0% to RMB 12.239 billion, primarily driven by higher bond investment returns[86] - Fair value change gains surged by 138.8% to RMB 2.424 billion, mainly due to increased gains from trading financial instruments[86] - Corporate loan balance increased to RMB 1,592,139 million, accounting for 46.6% of total loans, with a non-performing loan (NPL) ratio of 0.66%, up by 0.03 percentage points year-on-year[94][95] - Personal loan balance decreased to RMB 1,821,335 million, accounting for 53.4% of total loans, with an NPL ratio of 1.42%, up by 0.05 percentage points year-on-year[94][96] - Manufacturing sector NPL ratio increased by 0.35 percentage points to 0.67%, while real estate sector NPL ratio rose by 0.40 percentage points to 1.26%[97][98] - Total loan and advances balance reached RMB 3,413,474 million, with an overall NPL ratio of 1.07%, up by 0.01 percentage points year-on-year[94][97][99] - Restructured loans decreased by 33.0% to RMB 21,445 million, accounting for 0.63% of total loans[100] - Overdue loans ratio decreased by 0.03 percentage points to 1.39%[101] - Loans in the Southern region had an NPL ratio of 1.38%, up by 0.36 percentage points year-on-year[99] - Loans in the Western region had an NPL ratio of 0.66%, down by 0.10 percentage points year-on-year[99] - Loans in the Northern region had an NPL ratio of 0.52%, up by 0.07 percentage points year-on-year[99] - Loans in the headquarters region had an NPL ratio of 1.69%, down by 0.23 percentage points year-on-year[99] - The company's provision for credit impairment losses on loans and advances was RMB 23.775 billion in the first half of 2024[102] - The top ten loan customers accounted for RMB 68.899 billion, representing 2.02% of the total loans and advances[105][106] - Personal loan balance decreased by 7.9% to RMB 1,821.335 billion as of June 30, 2024, compared to the end of the previous year[109][110] - Credit card outstanding accounts decreased by 4.1% to 51.6558 million as of June 30, 2024[109] - Auto finance loan balance reached RMB 282.216 billion, with new personal new energy vehicle loans increasing by 38.4% to RMB 22.889 billion in the first half of 2024[113] - Retail customer assets under management (AUM) increased by 2.2% to RMB 4,120.630 billion as of June 30, 2024[114] - Personal deposit balance grew by 6.9% to RMB 1,290.345 billion as of June 30, 2024[114][116] - The number of private banking clients increased by 3.7% to 93,500, with AUM growing by 1.5% to RMB 1,944.879 billion[114] - Wealth management fee income decreased to RMB 2.186 billion in H1 2024, with personal insurance, personal wealth management, and personal fund agency incomes at RMB 456 million, RMB 565 million, and RMB 1.004 billion respectively[118] - Private banking clients reached 93,500, a 3.7% increase from the end of the previous year, with AUM of RMB 1.944879 trillion, up 1.5%[118] - Ping An Pocket Bank APP registered users grew to 169.6846 million, a 2.2% increase, with MAU reaching 43.3825 million[121] - Corporate loan balance increased by 11.4% to RMB 1.592139 trillion, while corporate deposit balance rose 3.7% to RMB 2.280467 trillion[123] - New loans issued to four foundational industries (infrastructure, automotive ecosystem, utilities, and real estate) reached RMB 200.54 billion, a 42.1% year-on-year increase[124] - New loans issued to three emerging industries (new manufacturing, new energy, and new lifestyle) totaled RMB 106.142 billion, up 47.1% year-on-year[124] - Corporate clients increased by 48,700 to 802,700, a 6.5% growth from the end of the previous year[125] - Technology enterprise clients reached 24,400, with loan balance growing 10.3% to RMB 131.688 billion[125] - Comprehensive financial contributions accounted for 38.8% of new wealth clients, 61.7% of AUM net increase, 16.8% of auto finance loan issuance, and 10.8% of new credit card accounts[122] - High-end medical services exceeded 63,000 cases, and the "Ping An Leshan" charity service served 107,000 donors by the end of June 2024[118] - Digital treasury platform signed 1,222 group customers, a 27.0% increase compared to the end of the previous year[127] - Supply chain financing volume reached 725.318 billion yuan, a 30.6% year-on-year increase[128] - Bill financing services provided to 24,030 corporate clients, with bill discount financing clients increasing by 12.2% to 16,047[128] - Direct bill discount business volume reached 574.086 billion yuan, a 64.9% year-on-year increase[128] - Cross-border trade financing volume reached 116.937 billion yuan, a 51.1% year-on-year increase[129] - M&A business volume reached 25.326 billion yuan, a 2.7% year-on-year increase[130] - Syndicated loan business volume reached 1,276.69 billion yuan, an 85.3% year-on-year increase[130] - Non-financial bond underwriting business volume reached 107.311 billion yuan[131] - Bond trading market share reached 3.5%, a 0.6 percentage point increase year-on-year[133] - Green bonds, small and micro bonds, rural revitalization bonds, and other sustainable development bonds trading volume reached 36.84 billion yuan[134] - Bond underwriting sales through interbank channels reached 94.6 billion yuan in the first half of 2024[136] - The "Xingetong" platform's asset management product sales reached 287.816 billion yuan, a 43.8% increase from the end of the previous year[136] - The bank's custody scale reached 9.01 trillion yuan, a 3.6% increase from the end of the previous year[137] - Public fund custody and third-party fund sales supervision scale reached 1.97 trillion yuan, a 12.6% increase from the end of the previous year[137] - The number of customers using foreign exchange spot and derivative hedging services reached 11,058, a 12.8% year-on-year increase[138] - The "Digital Pocket" platform registered 21.9852 million business users, a 16.2% increase from the end of the previous year[141] - The "iDeal Structured Inquiry and Quotation" transaction volume exceeded 150 billion yuan in the first half of 2024[141] - The "Xingetong" platform offered 12,403 public fund products, a 1.2% increase from the end of the previous year[141] - The automation rate of standard expense processes reached 86%, with carbon emission reductions exceeding 340 tons[141] - The intelligent rate of anti-money laundering customer due diligence reached 90% by the end of June 2024[147] - The company obtained nearly 300 patent authorizations in the first half of 2024, a year-on-year increase of over 100%, and participated in the development of 4 national standards and 35 industry standards by the end of June 2024[148] - AI outbound calls were applied to approximately 430 scenarios, with a scale of about 300 million calls, and AI quality inspection models exceeded 500, with over 450 million calls in the first half of 2024[148] - The company's key business system