CM BANK(03968)2024-04-29 09:29Financial Performance - Net profit attributable to shareholders for Q1 2024 was RMB 38,077 million, a decrease of 1.96% from RMB 38,839 million in Q1 2023[10]. - Operating income for Q1 2024 was RMB 86,420 million, down 4.64% from RMB 90,625 million in the same period last year[10]. - The basic earnings per share for ordinary shareholders was RMB 1.51, a decrease of 1.95% from RMB 1.54 in Q1 2023[10]. - The annualized return on average equity for ordinary shareholders was 16.08%, down from 18.43% in the previous year[10]. - For Q1 2024, the group achieved operating net income of CNY 86.42 billion, a year-on-year decrease of 4.64%[50]. - Net profit attributable to shareholders was CNY 38.08 billion, down 1.96% year-on-year[50]. - Net interest income for the quarter was CNY 52.00 billion, a decline of 6.15% year-on-year, accounting for 60.17% of total operating income[53]. - Non-interest income was CNY 34.42 billion, down 2.26% year-on-year, with net fees and commissions decreasing by 19.44% to CNY 20.20 billion[55]. Assets and Liabilities - Total assets as of March 31, 2024, reached RMB 11,520,226 million, an increase of 4.46% compared to RMB 11,028,483 million at the end of 2023[10]. - The total liabilities increased to RMB 10,394,735 million as of March 31, 2024, compared to RMB 9,942,754 million at the end of 2023[5]. - The equity attributable to shareholders rose to RMB 1,118,965 million, reflecting a 3.96% increase from RMB 1,076,370 million[10]. - Customer deposits totaled CNY 8,440.100 billion, marking a 3.49% increase compared to the end of last year[26]. - Total liabilities stood at CNY 10,394.735 billion, which is a 4.55% increase from the previous year-end[26]. - The total amount of loans and advances reached CNY 6,815.827 billion, reflecting a growth of 4.72% year-on-year[26]. Cash Flow and Liquidity - Cash flow from operating activities showed a significant improvement, with a net cash outflow of RMB (1,208) million compared to RMB (12,618) million in the same period last year, indicating a 90.43% increase[10]. - The net cash flow from investing activities was RMB 1.119 billion, a significant improvement from a net outflow of RMB 91.875 billion in the same period last year[110]. - The net cash flow from financing activities was RMB 129.954 billion, compared to RMB 43.944 billion in Q1 2023[110]. - The company reported a net increase in cash and cash equivalents of RMB 129.865 billion during the quarter, compared to a decrease of RMB 60.549 billion in the same period last year[110]. - The average liquidity coverage ratio for Q1 2024 was 160.96%, an increase of 1.14 percentage points from the previous quarter[119]. Risk Management and Asset Quality - The non-performing loan ratio for corporate loans was 1.15%, while the ratio for retail loans was 0.91%[41]. - The company plans to enhance risk management mechanisms and focus on key risk areas, particularly in the real estate sector, to ensure asset quality stability[70]. - The company disposed of non-performing loans amounting to RMB 15,288 million during the reporting period, including regular write-offs of RMB 7,072 million and recoveries of RMB 2,125 million[69]. - The non-performing loan (NPL) ratio remained stable at 0.91% as of March 31, 2024, with a non-performing loan balance of CNY 58.288 billion[89]. - The company generated new non-performing loans of CNY 16.265 billion in Q1 2024, with an annualized NPL generation rate of 1.03%[90]. Capital Adequacy - The core tier 1 capital ratio improved to 14.07%, an increase of 0.34 percentage points from the previous year-end, while the total capital adequacy ratio rose to 18.20%[72]. - The tier 1 capital adequacy ratio under the advanced approach is 16.47%, up 0.77 percentage points from 15.70% at the end of 2023[74]. - The company maintained a leverage ratio of 8.11%, a slight decrease of 0.15 percentage points from the previous period[72]. - The loan loss provision balance was RMB 264,762 million, an increase of RMB 3,360 million from the previous year-end, with a provision coverage ratio of 454.23%[69]. Strategic Goals and Business Development - The strategic goal of the company is to build a "value bank," focusing on balanced development in quality, efficiency, and scale[25]. - The company plans to continue focusing on enhancing customer deposits and interbank placements to improve liquidity and operational efficiency[10]. - The company will continue to invest in financial technology and promote the application of artificial intelligence to enhance operational efficiency[32]. - The company’s retail loans accounted for 53.38% of the total loan and advance balance, with a non-performing loan balance of RMB 31,112 million[64].