Financial Performance - Bank of China reported audited financial results for the year ending December 31, 2024[4]. - The bank reported a total operating income of RMB 632,771 million for 2024, showing a growth compared to previous years[18]. - Basic earnings per share for 2024 were RMB 1.216, reflecting a consistent dividend policy with a total cash dividend of RMB 2.424 per 10 shares for the year[14]. - The net interest margin for 2024 was recorded at 1.75%, indicating a slight decrease from previous years[18]. - The non-performing loan ratio stood at 1.40% for 2024, demonstrating effective risk management strategies[18]. - The bank achieved a return on average total assets of 1.32% in 2024, maintaining a stable performance[18]. - The cost-to-income ratio was reported at 28.77% for 2024, reflecting operational efficiency[18]. - The bank's provision coverage ratio for non-performing loans was 177.84%, indicating strong risk mitigation measures[18]. - The group achieved a net profit of RMB 252.72 billion in 2024, an increase of RMB 6.35 billion, representing a growth of 2.58% year-on-year[40]. - The group's net interest income for 2024 was RMB 448.93 billion, a decrease of RMB 17.61 billion, or 3.77% year-on-year[41]. - The group's non-interest income increased by 16.65% year-on-year, reaching RMB 183.84 billion in 2024[41]. - The group's operating income for 2024 was RMB 632.77 billion, reflecting a slight increase of 1.38% from the previous year[41]. - The group's net profit before tax for 2024 was RMB 294.95 billion, slightly down from RMB 295.61 billion in 2023, indicating a decrease of 0.22%[88]. Awards and Recognition - The bank has received multiple awards, including the Best Bank in China and the Best ESG Bank by Euromoney[8]. - Bank of China has been recognized as a global systemically important bank for 14 consecutive years, reflecting its international competitiveness[5]. - The bank's commitment to social responsibility is highlighted through various awards and recognitions for its contributions to society[8]. - The bank has been recognized with multiple awards for its contributions to the bond market and risk management capabilities in 2024[138]. Strategic Focus and Initiatives - The bank aims to enhance its global layout capabilities and focus on technology finance, green finance, inclusive finance, pension finance, and digital finance[5]. - The bank plans to continue expanding its market presence and enhancing its product offerings in the coming years[16]. - The bank's management discussion and analysis section provides insights into its financial performance and strategic direction for future growth[9]. - The bank plans to enhance its digital transformation and improve the efficiency of its financial services[36]. - The bank aims to provide personal pension account management services to over 10 million customers by the end of 2024, with a focus on comprehensive pension solutions[126]. Risk Management - The bank emphasizes risk control and aims to support the real economy while adhering to the new development philosophy[7]. - The bank has faced risks from macroeconomic conditions and is actively managing various operational risks[16]. - The bank's risk management framework was enhanced, with a focus on early identification and response to risks, maintaining stable asset quality[35]. Customer and Market Engagement - The bank's mobile banking registered customers reached 293 million, a year-on-year increase of 6.90%[33]. - The bank's personal financial business achieved operating income of ¥232.10 billion in 2024, with the total number of personal customers reaching nearly 540 million, a growth of 2.75% year-on-year[125]. - The bank's digital financial services are continuously enhanced, with a focus on data governance and integration to support precise marketing and risk control[108]. - The bank's cross-border e-commerce settlement scale grew by approximately 40% year-on-year, reflecting its strong market position[118]. Green Finance and Social Responsibility - The bank's domestic green credit balance reached RMB 4,070.75 billion, an increase of 31.03% compared to the end of the previous year[101]. - The bank issued USD 700 million in offshore green financial bonds and RMB 10 billion in domestic non-capital green bonds, leading the domestic market in green bond underwriting with a total of RMB 261.84 billion[101]. - The bank participated in poverty alleviation and education assistance, issuing over 370 billion yuan in special loans across 177,000 cases in 2024[34]. - The bank's green bond investment scale exceeded RMB 100 billion, ranking first among investors in green debt financing tools in China[101]. International Operations - The bank has established 543 overseas branches covering 64 countries and regions, including 45 "Belt and Road" co-construction countries[142]. - The overseas personal financial services cover over 30 countries and regions, serving more than 7.5 million customers as of the end of 2024[149]. - The bank's loans to over 40,000 "specialized, refined, and innovative" SMEs exceeded ¥600 billion, supporting technological innovation and new production capacity[121]. - The bank's international settlement volume of domestic institutions exceeded USD 4 trillion, with a growth rate exceeding 20%[28]. Digital Transformation - The bank's digital transformation initiatives, including the "BOC Digital Letter" and "BOC Cross-Border Remittance Express," have significantly improved customer experience and processing times[119]. - The bank launched a digital version of the EMV card to meet the online cross-border transaction needs of students studying abroad[150]. - The upgraded overseas personal mobile banking service has significantly improved customer experience with a comprehensive redesign[150]. - The bank's "Hui Ru Yuan" APP won the "Innovation Achievement Award" at the 6th China Digital Inclusive Finance Conference, showcasing its commitment to enhancing service quality[121].
中国银行(03988) - 2024 - 年度业绩