2024-08-28 11:41Financial Overview - The bank's financial report for the first half of 2024 was reviewed and approved by all 14 attending directors at the board meeting held on August 28, 2024[3]. - The report period covers from January 1, 2024, to June 30, 2024[11]. - The financial data and indicators in the report are prepared according to Chinese accounting standards and represent consolidated financial statements[17]. - The bank's financial report has been reviewed by KPMG Huazhen and KPMG according to Chinese and international review standards[3]. - The bank's management has confirmed the accuracy and completeness of the financial report[3]. Profit and Income - Net interest income for the first half of 2024 reached RMB 4,778,993 thousand, an increase of 5.98% compared to RMB 4,509,411 thousand in the same period of 2023[18]. - Non-interest income increased by 26.58% to RMB 2,349,092 thousand from RMB 1,855,867 thousand year-over-year[18]. - Total operating income rose by 11.98% to RMB 7,128,085 thousand compared to RMB 6,365,278 thousand in the first half of 2023[18]. - Net profit attributable to shareholders of the parent company increased by 13.07% to RMB 2,640,917 thousand from RMB 2,335,704 thousand in the same period last year[18]. - The diluted earnings per share for the first half of 2024 was RMB 0.45, a 12.50% increase from RMB 0.40 in the same period of 2023[18]. Assets and Liabilities - The total assets as of June 30, 2024, amounted to RMB 654,024,373 thousand, reflecting a growth of 7.57% from RMB 607,985,372 thousand at the end of 2023[20]. - Customer loans totaled RMB 324,394,232 thousand, an increase of 8.10% compared to RMB 300,089,541 thousand at the end of 2023[20]. - Customer deposits reached RMB 411,588,446 thousand, up 6.61% from RMB 386,062,259 thousand at the end of 2023[20]. - The company's total liabilities reached CNY 611.17 billion, reflecting a growth of 7.59% compared to the end of 2023[96]. - The company's total capital net worth reached CNY 52,854,097 thousand as of June 30, 2024, compared to CNY 49,247,594 thousand at the end of 2023, indicating an increase of 5.3%[148]. Capital Adequacy and Risk Management - The core tier 1 capital adequacy ratio increased to 9.07% from 8.42% at the end of 2023[22]. - The bank's capital adequacy ratio was 13.44%, with a core Tier 1 capital ratio of 9.07%, both up by 0.65 percentage points from the previous year[39]. - The company reported a capital adequacy ratio of 13.44% and a core tier 1 capital adequacy ratio of 9.07%, both up by 0.65 percentage points from the previous year[147]. - The non-performing loan ratio improved slightly to 1.17% from 1.18% at the end of 2023[22]. - The company has adopted a forward-looking approach to credit risk management, regularly reviewing key parameters and assumptions in the expected credit loss model[136]. Customer and Retail Banking - Retail deposits reached RMB 202.68 billion, growing by RMB 14.24 billion, or 7.56% year-on-year[42]. - The retail customer base reached 8.4633 million, with a new customer effectiveness rate improvement of 3.86%[186]. - The company expanded its customer base by over 20,000 corporate clients during the reporting period[43]. - Personal housing mortgage loan balance reached CNY 46.75 billion, a decrease of CNY 0.19 billion or 0.41% from the end of last year[192]. - Credit card issuance increased by 182,600 cards, totaling 4.29 million cards, a growth of 4.45% year-over-year[193]. Investment and Financial Performance - The company's investment income was 778.28 million RMB, an increase of 14.27% year-on-year[76]. - The fair value changes in profit and loss increased by 101.16% to CNY 519.74 million in the first half of 2024, compared to CNY 258.37 million in the same period of 2023[174]. - The company's other comprehensive income after tax increased by 65.10% to CNY 1,185.37 million as of June 30, 2024, compared to CNY 717.98 million at the end of 2023[174]. - The company reported other non-interest income of 1.42 billion RMB, a significant increase of 54.83% year-on-year[74]. - The company achieved net commission and fee income of RMB 372 million, a year-on-year increase of 46.40%[42]. Dividends and Shareholder Returns - The bank plans to propose a cash dividend for the first half of 2024, with no stock dividends or capital increases from reserves[3]. - The company issued dividends totaling RMB 931 million to common shareholders during the reporting period[105]. Operational Efficiency - The average return on total assets was 0.86%, a slight decrease of 0.02 percentage points year-on-year[39]. - The average cost of retail deposits decreased by 0.14 percentage points compared to the same period last year[42]. - The average yield on interest-earning assets was 4.07%, while the average cost of interest-bearing liabilities was 2.13%[50]. - The average balance of interest-earning assets increased by RMB 51.05 billion year-on-year, a growth of 10.38%[53]. - The average balance of deposits increased by RMB 39.673 billion, a growth of 11.31%, leading to a rise in interest expense on deposits to RMB 4.137 billion, up 5.63% year-on-year[63].