2024-08-30 11:25Financial Performance - The bank's operating income for the first half of 2024 was RMB 176,789 million, a slight decrease of 0.11% compared to RMB 176,976 million in the same period of 2023[35]. - Total profit for the first half of 2024 was RMB 53,414 million, down 2.4% from RMB 54,731 million in the same period last year[35]. - Net profit attributable to the bank's shareholders was RMB 48,815 million, a decrease from RMB 49,564 million in the first half of 2023, representing a decline of 1.5%[35]. - The bank's first half 2024 basic and diluted earnings per share were both RMB 0.44, unchanged from the same period in 2023[35]. - The bank's total operating income was RMB 176.789 billion, showing a slight decrease of RMB 187 million or 0.11% compared to the same period in 2023[53]. - The net profit for the period was 488.85 billion RMB, a decrease of 1.52% compared to the previous year[52]. Asset Quality and Risk Management - The bank maintains excellent asset quality and significant growth potential, positioning itself as a leading large retail bank in China[18]. - The bank has not identified any major risks that could adversely affect its future development strategy and operational goals[8]. - The non-performing loan ratio remained stable at 0.84% as of June 30, 2024, unchanged from the previous year[39]. - The bank's credit impairment losses amounted to RMB 16.12 billion, a decrease of RMB 3.196 billion or 16.55% year-on-year, indicating stable asset quality[77]. - The bank actively manages various risks and has taken measures to mitigate potential impacts[8]. - The bank's non-performing loan ratio for small loans was 1.88%, remaining stable[188]. Customer Base and Service Expansion - The bank serves over 660 million personal customers through nearly 40,000 service outlets, focusing on "agriculture, rural areas, and farmers" as well as small and medium-sized enterprises[18]. - The retail VIP customer base grew to 25.5 million, an increase of 6.84% year-on-year[1]. - The company added 160,100 new customers during the reporting period, with a significant growth of 48.08% in main bank customers[1]. - The total number of corporate clients increased by 6.42% compared to the end of the previous year[149]. - The number of main bank clients grew by 48.08% year-on-year[149]. Capital and Liquidity - The capital adequacy ratio was 14.15% as of June 30, 2024, slightly down from 14.23% at the end of 2023[39]. - The bank's liquidity ratio improved to 97.67%, significantly higher than the regulatory requirement of 25%[40]. - The bank maintained a strong credit rating with Fitch and Moody's both assigning A+ and A1 ratings respectively, consistent with China's sovereign rating[20]. - The bank's total equity stood at CNY 1,006.80 billion, reflecting a growth of CNY 50.18 billion or 5.25% from the previous year, primarily driven by the issuance of perpetual bonds and net profit[106]. Loans and Deposits - Customer loans reached RMB 8,658,762 million, an increase of 6.3% from RMB 8,148,893 million in December 2023[36]. - Total customer deposits increased to RMB 14,865,060 million, up from RMB 13,955,963 million in December 2023, reflecting a growth of 6.5%[36]. - The balance of personal consumer loans stood at 2.93 trillion yuan, while personal housing loans reached 2.36 trillion yuan, with a net increase of 236.18 billion yuan[128]. - The balance of agricultural loans was 2.22 trillion yuan, an increase of 180.9 billion yuan year-on-year, representing about one-quarter of the total customer loans[180]. - The balance of inclusive small and micro enterprise loans was 1.59 trillion yuan, ranking among the top state-owned banks[177]. Digital Transformation and Innovation - The bank is transitioning towards a data-driven, channel-coordinated, and efficient new retail banking model[18]. - The bank's digital transformation efforts led to a 76.86% share of self-developed systems, an increase of 17 percentage points year-on-year[43]. - The company launched a new mobile banking feature for 24-hour trading of financial products, enhancing customer investment experience[122]. - The company has launched the "Kechuang e-loan" product, focusing on new industries such as 5G, AI, and biomedicine, leveraging patent data and expert analysis to create a technology industry map[192]. - The company has developed a comprehensive intelligent risk control system with over 5,000 feature indicators and more than 400 automated approval strategies deployed before loan issuance[194]. Strategic Focus Areas - The bank aims to enhance its service capabilities in five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance[20]. - The bank's strategy includes a focus on digital finance and ecological finance, aiming for a transformation in business models and risk management systems[23]. - The bank's "5+1" strategic path emphasizes risk compliance and aims to create differentiated growth in various financial sectors[20]. - The bank's financial health is supported by a diverse funding structure, ensuring liquidity and profitability balance[100]. Dividend Policy - The bank distributed cash dividends totaling approximately RMB 25.881 billion, with a payout of RMB 2.610 per 10 shares[8]. - The bank plans to implement a mid-term dividend distribution not exceeding 30% of the net profit attributable to shareholders for the first half of 2024[8]. - The bank's mid-term dividend total is subject to approval and will be based on the consolidated financial statements for the first half of 2024[8].