Financial Performance - The bank achieved a net profit of RMB 269.82 billion for the year 2023, reflecting its strong financial performance[3]. - Net profit for 2023 was RMB 295.45 billion, a rise from RMB 266.20 billion in 2022, representing a growth of approximately 11%[11]. - In 2023, the company achieved a net profit of 269.82 billion RMB, an increase of 10.95 billion RMB, or 4.2% year-on-year[32]. - Operating income for the year was RMB 695.5 billion, maintaining positive growth, while net profit reached RMB 269.8 billion, an increase of 4.2% year-on-year[17]. - The company’s operating income for 2023 was 695.47 billion RMB, a slight increase of 185 million RMB, or 0.03% year-on-year[32]. Asset and Loan Growth - As of the end of 2023, Agricultural Bank of China reported total assets of RMB 39,872.99 billion, with total customer loans and advances amounting to RMB 22,614.62 billion and total deposits of RMB 28,898.47 billion[3]. - Total assets reached RMB 30.49 trillion in 2023, an increase from RMB 28.90 trillion in 2022, reflecting a growth rate of approximately 5.5%[10]. - Total assets increased to RMB 39,872,989 million in 2023, up from RMB 33,927,533 million in 2022, representing a growth of 17.5%[12]. - Customer loans and advances totaled RMB 22,614,621 million in 2023, up from RMB 19,765,745 million in 2022, an increase of 14.8%[12]. - The balance of loans in rural areas reached RMB 8.78 trillion, with an annual increase of RMB 1.45 trillion, accounting for over 50% of total loan growth[18]. Credit Quality and Risk Management - The non-performing loan ratio improved to 1.60% in 2023, down from 1.90% in 2022, showcasing enhanced asset quality[11]. - The provision coverage ratio increased to 303.87% in 2023, compared to 269.82% in 2022, indicating stronger risk management[10]. - The non-performing loan ratio improved to 1.33% in 2023, down from 1.37% in 2022, indicating enhanced asset quality[14]. - The bank's non-performing loan ratio is decreasing, indicating improved asset quality[24]. - The bank has strengthened its risk management across liquidity, interest rates, and exchange rates to enhance the matching of liabilities and assets[79]. Capital and Liquidity - The capital adequacy ratio stood at 17.14%, indicating a solid capital position[3]. - The bank's liquidity ratio for RMB was 75.42%, significantly above the regulatory standard of 25%[84]. - The bank's total liabilities reached RMB 36,976,122 million in 2023, up from RMB 31,253,082 million in 2022, reflecting a growth of 18.5%[12]. - The company's total liabilities amounted to RMB 36,976.12 billion, an increase of RMB 57,243.94 billion or 18.3% compared to the previous year[73]. Customer Base and Market Position - The total number of personal customers reached 867 million, maintaining the industry-leading position[22]. - The bank operates a total of 22,843 domestic branches and 13 overseas branches, showcasing its extensive distribution network[4]. - The bank has been included in the list of global systemically important banks for ten consecutive years since 2014, underscoring its importance in the financial system[4]. - The bank's S&P long/short-term issuer credit rating is A/A-1, and Moody's long/short-term bank deposit rating is A1/P-1, reflecting its strong creditworthiness[4]. Strategic Initiatives - The bank emphasizes its role as a leading bank in serving rural revitalization and the real economy, aligning with its strategic focus[3]. - The bank is committed to implementing three major strategies: inclusive finance for agriculture, green finance, and digital operations[3]. - The company plans to enhance its services in technology finance, green finance, inclusive finance, pension finance, and digital finance in 2024[28]. - The company launched over 281 credit products for agriculture and rural areas, including the "Grain and Agriculture e-loan" and a digital rural platform covering over 2,400 counties[19]. Digital Transformation and Technology - The bank is focusing on digital transformation, establishing a data-driven business model to improve operational efficiency[23]. - The company established 19 technology finance service centers to support high-level technological self-reliance and innovation[91]. - The application of big data technology reduced the time for aggregating calculations of billions of data from 20 minutes to 3 seconds[134]. - The peak daily transaction volume of the core system reached 1.984 billion transactions, while mobile banking peaked at 1.202 billion transactions, both setting historical highs[136]. Environmental, Social, and Governance (ESG) - The company actively implemented ESG standards and was awarded as one of the top ten "China ESG Model" enterprises, enhancing its green banking brand[20]. - The balance of green credit reached 405 billion RMB by the end of 2023, an increase of 135 billion RMB, or 50.1% year-over-year[30]. - Agricultural Bank International participated in underwriting 26 green and sustainable bonds with a total issuance scale of approximately USD 8.4 billion during the year[126]. Employee and Organizational Structure - The total number of employees as of the end of 2023 was 451,003, with 26.1% located in the western region of China[140][141]. - The proportion of employees with a bachelor's degree or higher accounted for 71.5% of the total workforce[141]. - The company has implemented a "Rural Revitalization Special Recruitment Plan" to enhance talent acquisition in rural areas, with over 3,500 personnel deployed to local governments[149].
农业银行(01288) - 2023 - 年度业绩