2024-08-30 10:53Financial Performance - The bank's net profit for the first half of 2024 was RMB 2.02 per share, compared to RMB 1.66 per share in the same period of 2023, reflecting a growth of 21.56%[22] - The company achieved operating revenue of 366.8 billion RMB and net profit of 136.5 billion RMB for the first half of 2024, representing year-on-year growth of 0.3% and 2.0% respectively[27] - Net profit for the first half of 2024 was RMB 136,494 million, an increase of 1.0% compared to RMB 133,831 million in the same period of 2023[50] - In the first half of 2024, the company achieved a net profit of CNY 136.49 billion, an increase of CNY 2.66 billion or 2.0% year-on-year[58] - The total comprehensive income for the first half of 2024 was RMB 146,028 million, compared to RMB 132,660 million in the first half of 2023, marking an increase of 10.06%[136] Asset and Loan Growth - Total assets reached RMB 42 trillion by the end of June 2024, an increase of 5.3% compared to the end of the previous year, with total loans and advances amounting to 24.4 trillion RMB, up 7.8%[27] - Total assets reached CNY 41.16 trillion, reflecting a year-on-year growth of 7.3%[58] - The balance of loans to strategic emerging industries was RMB 2.63 trillion, growing by 25.0% compared to the end of 2023[53] - The balance of inclusive finance loans was RMB 4.51 trillion, with a growth rate of 25.8% compared to the end of 2023[53] - The total amount of loans and advances to customers increased by RMB 1,769,286 million for the six months ended June 30, 2024, compared to RMB 2,015,241 million for the same period in 2023, showing a decrease of approximately 12.2%[165] Non-Performing Loans and Risk Management - The non-performing loan ratio was 1.32% as of June 30, 2024, slightly improved from 1.37% at the end of 2023[23] - The non-performing loan ratio improved to 1.32%, a decrease of 0.01 percentage points from the end of the previous year, while the overdue loan ratio also decreased to 1.07%[27] - The company is focused on strengthening its risk management framework to mitigate financial risks, particularly in real estate and local government debt sectors[29] - The company's non-performing loan ratio stood at 1.56% as of June 2024, with a provision coverage ratio of 209.32%[58] - The provision coverage ratio stood at 303.94% and the capital adequacy ratio was 18.45% as of June 2024[27] Capital and Dividend - The board of directors proposed a cash dividend of RMB 1.164 per share for the 2024 interim period, totaling RMB 40.738 billion[3] - The company's capital adequacy ratio was reported at 15.53% as of June 2024, indicating a strong capital position[58] - The core Tier 1 capital adequacy ratio was 11.13%, compared to 10.72% in the previous year[68] Operational Efficiency - The cost-to-income ratio was reported at 27.44%, indicating ongoing improvements in operational efficiency[27] - The average return on total assets was 0.67% and the weighted average return on equity was 10.75% for the first half of 2024[27] - The average return on total assets was 0.67% for the first half of 2024, down from 0.74% in the same period of 2023[51] - The company reported a cost-to-income ratio of 27.44% for the first half of 2024, slightly higher than 27.37% in the first half of 2023[51] Digital Transformation and Technology - The bank aims to enhance its financial technology capabilities to improve service efficiency and customer experience[12] - The company is focusing on digital transformation and enhancing its technological capabilities to improve service efficiency and customer satisfaction[54] - The monthly active users of mobile banking reached 231 million, reflecting the bank's enhanced digital financial service capabilities[71] Future Outlook and Strategic Initiatives - The outlook for the second half of 2024 remains positive, with expectations of stable economic performance and proactive fiscal and monetary policies from the government[31] - The bank is focusing on expanding its cross-border financial services to capture more international market opportunities[12] - The bank plans to invest in green finance initiatives to support environmental sustainability projects[12] - The bank aims to strengthen financial services for the real economy and support major project construction and green finance initiatives[74] Cash Flow and Investment Activities - The net cash flow from operating activities for the group was RMB 291,380 million for the six months ended June 30, 2024, compared to RMB 1,353,499 million for the same period in 2023, representing a decrease of approximately 78.5%[165] - The total cash inflow from investment activities was RMB 2,044,872 million for the six months ended June 30, 2024, up from RMB 1,232,914 million in the same period of 2023, indicating an increase of about 65.8%[167] - The cash outflow from investment activities amounted to RMB 3,529,167 million for the first half of 2024, compared to RMB 1,621,007 million for the same period in 2023, reflecting a significant increase of approximately 117.7%[167]