2024-04-29 09:19Financial Performance - Net profit for Q1 2024 decreased by 1.25% to RMB 25,957 million compared to Q1 2023[3] - Operating income for Q1 2024 increased by 1.44% to RMB 89,430 million compared to Q1 2023[3] - The company achieved operating income of 89.43 billion yuan, an increase of 1.44% year-on-year, and net profit of 25.96 billion yuan, a decrease of 1.25% year-on-year[19] - Net profit attributable to shareholders reached 25.93 billion yuan, with a net interest margin of 1.92%, down 9 basis points from the previous year[13] - The bank's net profit for the first quarter of 2024 was RMB 28,760 million, slightly down from RMB 29,464 million in the first quarter of 2023, showing a decrease of about 2.38%[32] - The net profit for the consolidated entity for Q1 2024 was RMB 25,957 million, a slight decrease of 1.2% compared to RMB 26,285 million in Q1 2023[33] - The total comprehensive income for the consolidated entity reached RMB 27,402 million, up from RMB 26,033 million in the same period last year, reflecting an increase of 5.3%[33] Asset and Liability Management - Total assets increased by 3.85% to RMB 16,331,949 million compared to the end of 2023[2] - Total liabilities increased by 3.75% to RMB 15,323,248 million compared to the end of 2023[2] - The total equity attributable to shareholders increased to RMB 1,006,927 million as of March 31, 2024, compared to RMB 954,873 million at the end of 2023, marking a growth of approximately 5.45%[31] - The bank's loan and advance to customers increased to RMB 8,289,908 million as of March 31, 2024, compared to RMB 7,915,245 million at the end of 2023, reflecting a growth of approximately 4.73%[30] Customer Loans and Deposits - Customer loans rose by 4.58% to RMB 8,522,074 million from the end of 2023[2] - Customer deposits grew by 4.82% to RMB 14,628,047 million from the end of 2023[2] - Agricultural loans amounted to 2.33 trillion yuan, an increase of 176.23 billion yuan compared to the end of the previous year[14] - Inclusive small and micro enterprise loans reached 1.58 trillion yuan, accounting for over 18% of total customer loans, with a growth rate exceeding 30%[15] - The bank served 74,800 technology-based enterprises, with a loan balance growth of 13.97% compared to the end of the previous year[15] Cash Flow and Operating Activities - Net cash flow from operating activities surged by 829.74% to RMB 225,146 million compared to Q1 2023[5] - The cash flow from operating activities generated a net amount of RMB 225,146 million, significantly higher than RMB 24,216 million in Q1 2023[34] - The total cash and cash equivalents at the end of the period amounted to RMB 543,952 million, up from RMB 308,021 million at the end of Q1 2023, indicating a growth of 76.5%[35] Capital Adequacy and Risk Management - Core Tier 1 capital adequacy ratio stood at 9.41% as of March 31, 2024, down from 9.53% at the end of 2023[6] - Total risk-weighted assets amount to RMB 8,523,447 million, with a total capital adequacy ratio of 14.33%[37] - The liquidity coverage ratio stands at 282.57%, indicating strong liquidity position[42] - The leverage ratio is reported at 5.91%, exceeding the minimum requirement of 4.00%[41] - The net stable funding ratio is 165.81%, reflecting a solid funding structure[37] Shareholder Information - China Postal Group holds 62,255,549,280 shares, representing 62.78% of total shares[8] - Hong Kong Central Clearing (Agent) Limited holds 19,843,251,300 shares, accounting for 20.01% of total shares[8] - The top ten shareholders do not participate in margin financing or securities lending, except for Hong Kong Central Clearing (Agent) Limited[11] - The total number of unrestricted shares held by China Postal Group is 56,850,143,875, with 56,769,443,875 in A shares and 80,700,000 in H shares[9] Operational Developments - The company has launched a new "1+N" operational and service system, focusing on differentiated and specialized advantages in customer service[18] - The company has completed the renovation of over 5,100 branches to enhance customer service experience[22] - The bank launched a digital "three rural" platform to enhance service capabilities for rural clients[14] Other Financial Metrics - Fee and commission income for the first quarter of 2024 was RMB 14,541 million, down from RMB 21,473 million in the same quarter of 2023, representing a decline of about 32.36%[32] - The bank's total operating expenses for the first quarter of 2024 were RMB 60,701 million, compared to RMB 58,695 million in the same period of 2023, representing an increase of approximately 3.42%[32] - The bank's other comprehensive income rose to RMB 6,043 million as of March 31, 2024, compared to RMB 5,034 million at the end of 2023, indicating an increase of about 20.05%[31]