Dividends and Profit Distribution - The company declared a cash dividend of RMB 2.364 per 10 shares for the fiscal year 2023, totaling approximately RMB 69.593 billion before tax[6]. - The board proposed an interim dividend of RMB 1.208 per 10 shares for the fiscal year 2024, subject to shareholder approval[6]. - The company approved a profit distribution plan for 2023, allocating approximately RMB 20.824 billion to statutory surplus reserves and RMB 40.468 billion to general reserves, with a cash dividend of RMB 2.364 per 10 shares for ordinary shareholders, totaling about RMB 69.593 billion before tax[185]. - The board proposed a mid-term cash dividend of RMB 1.208 per 10 shares for 2024, pending shareholder approval, with expected payment dates for A-shares on January 23, 2025, and H-shares on February 19, 2025[185]. - The company approved a total dividend of approximately USD 10.15 million for the second phase of overseas preferred shares, with a dividend rate of 3.60% after tax, to be paid on March 4, 2024[185]. - The third phase of domestic preferred shares will have a total dividend of RMB 3.285 billion before tax, with a dividend rate of 4.50%, to be paid on June 27, 2024, and the fourth phase will have a total dividend of RMB 1.1745 billion before tax, with a dividend rate of 4.35%, to be paid on August 29, 2024[185]. Financial Performance - Net interest income for the first half of 2024 was RMB 226,760 million, a decrease of 3.5% compared to RMB 233,992 million in the same period of 2023[9]. - Total operating income for the first half of 2024 was RMB 317,929 million, slightly down from RMB 319,707 million in the first half of 2023[9]. - The bank's net profit attributable to shareholders for the first half of 2024 was RMB 118,601 million, compared to RMB 120,095 million in the same period of 2023, reflecting a decrease of 1.2%[9]. - The group achieved operating income of CNY 317.929 billion and net profit after tax of CNY 126.536 billion in the first half of the year[13]. - In the first half of 2024, the group achieved a net profit of RMB 126.54 billion, a decrease of 0.90% year-on-year[20]. - The group's total revenue for the first half of 2024 was RMB 317,929 million, slightly down from RMB 319,707 million in the same period of 2023[46]. Asset and Loan Management - The total assets of the bank reached RMB 33,907,267 million as of June 30, 2024, an increase of 4.5% from RMB 32,432,166 million at the end of 2023[9]. - Customer loans totaled RMB 21,142,830 million, up 5.9% from RMB 19,961,779 million at the end of 2023[9]. - The non-performing loan ratio remained stable at 1.24% as of June 30, 2024, unchanged from the end of 2023[9]. - The bank's core tier 1 capital adequacy ratio improved to 12.03% as of June 30, 2024, compared to 11.63% at the end of 2023[9]. - The total amount of loans in mainland China (RMB) was RMB 11,717.93 billion, representing 55.42% of total loans, up from 53.38% at the end of 2023[36]. - The total loan amount reached RMB 21,088,978 million, with a non-performing loan amount of RMB 261,267 million, resulting in a non-performing loan ratio of 1.24%[119]. Risk Management - The company is actively managing various risks, including credit risk from borrowers and market price fluctuations, while ensuring compliance with regulatory requirements[6]. - The company faced risks from macroeconomic conditions and political-economic changes in different countries and regions[6]. - The non-performing loan coverage ratio stood at 201.69%, demonstrating strong risk management capabilities[17]. - The company is focusing on optimizing credit structure and enhancing credit risk management policies to improve asset quality and risk management effectiveness[114]. - The company has established a comprehensive credit risk management system to enhance the identification, warning, exposure, and resolution of potential risks[114]. - The bank has established a comprehensive liquidity risk management system to ensure timely liquidity needs are met at reasonable costs[126]. Digital Transformation and Innovation - The number of active users of the personal mobile banking app grew by 9.98% year-on-year, showcasing the success of digital financial services[14]. - The bank's digital transformation in transaction banking has led to the launch of a new generation of bill pool systems, enhancing service capabilities[65]. - The bank has implemented 39 technology strategic projects, achieving significant progress in technology infrastructure and enhancing cybersecurity measures, with no major incidents reported in the first half of the year[111]. - The bank's online banking services have been upgraded with new features, including T+1/T+2 foreign exchange settlement and various financial management tools[108]. - The bank is enhancing its digital financial services by leveraging big data and AI technologies to improve operational efficiency and customer experience[57]. Corporate Governance - The company continues to enhance corporate governance mechanisms, aligning with capital market regulations and industry standards[176]. - The company emphasizes the protection of shareholders' rights to information, participation, and decision-making[177]. - The company has implemented a comprehensive review of its governance system, including articles of association and authorization systems[176]. - The company’s external supervisors actively participated in all supervisory board meetings and contributed to improving corporate governance and management levels[181]. - The bank's board includes a chairman and several non-executive and independent directors, ensuring diverse governance[168]. Sustainable Finance and Green Initiatives - The balance of green credit increased by 39.77% year-on-year, reflecting the company's commitment to sustainable finance[14]. - The company ranked first among Chinese banks in underwriting domestic green bond issuance, with a total of 98.37 billion yuan in the first half of the year[52]. - The bank has developed a green finance policy system to support national carbon neutrality goals, with specific measures for various sectors[143]. - The domestic green credit balance showed a year-on-year growth of 39.77%[146]. - The bank has not provided financing for new coal mining and coal power projects outside of China since Q4 2021, with no new financing for such projects as of June 2024[146]. Shareholder Information - As of June 30, 2024, the total number of ordinary shares is 294,387,791,241, consisting of 210,765,514,846 A-shares (71.59%) and 83,622,276,395 H-shares (28.41%)[156]. - The largest shareholder, Central Huijin Investment Ltd., holds 188,791,906,533 A-shares, representing 64.13% of the total A-shares issued[163]. - The top ten ordinary shareholders hold a significant portion of the shares, with the largest three shareholders collectively owning 90.43% of the total A-shares issued[163]. - The company is actively monitoring shareholder activities and potential increases in shareholdings by major stakeholders[162]. - The company has a total of 190,601,931,033 shares held by Central Huijin Investment Ltd., including controlled entities, representing 64.74% of the total ordinary shares issued[163]. Compliance and Legal Matters - The company did not engage in any significant asset acquisitions or disposals during the reporting period[187]. - There were no major related party transactions reported during the period[188]. - The company has not faced any significant legal disputes or arbitration matters that would materially impact its financial condition or operating results[187]. - The company has disclosed other significant matters as required by regulatory authorities on its official websites[198].
中国银行(03988) - 2024 - 中期财报