Financial Performance - For the year ended December 31, 2024, the net profit decreased by 12.6% to RMB 1,749.5 million compared to RMB 2,000.6 million in 2023[8]. - The bank's operating profit fell by 11.4% to RMB 1,792.0 million from RMB 2,021.8 million in the previous year[7]. - The diluted earnings per share decreased to RMB 0.30 from RMB 0.34 in 2023, reflecting an 11.8% decline[8]. - The company's pre-tax profit decreased by 10.6% to RMB 1,818.2 million from RMB 2,033.9 million in 2023[24]. - The company's revenue for the year ended December 31, 2024, was RMB 5,791.1 million, slightly down from RMB 5,802.2 million in 2023[127]. Assets and Liabilities - Total assets increased by 4.2% to RMB 376,305.5 million from RMB 361,305.0 million in the previous year[9]. - The bank's total liabilities rose by 3.5% to RMB 348,277.2 million, with customer deposits increasing by 7.7% to RMB 310,327.9 million[9]. - The total amount of loans and advances issued was RMB 201,414.1 million, up from RMB 191,436.1 million in the previous year[101]. - The total amount of corporate loans as of December 31, 2024, was RMB 127,307.5 million, an increase of 5.8% compared to December 31, 2023[150]. Income and Expenses - The net interest income declined by 1.1% to RMB 4,189.3 million, down from RMB 4,236.2 million in 2023[7]. - The net fee and commission income dropped by 10.8% to RMB 626.7 million compared to RMB 702.9 million in 2023[7]. - Interest expenses rose by 1.9% to RMB 7,515.7 million for the year ended December 31, 2024, due to a 7.6% increase in average interest-bearing liabilities to RMB 326,436.4 million[37]. - Operating expenses decreased by 2.2% from RMB 2,348.4 million for the year ending December 31, 2023, to RMB 2,296.3 million for the year ending December 31, 2024[52]. Risk Management - The company has strengthened its risk management framework, focusing on proactive and forward-looking measures to enhance overall risk management capabilities[20]. - The bank has established a comprehensive credit risk management system to identify, measure, monitor, and control credit risks[135]. - The company maintained a strong focus on risk management, dynamically adjusting provisions based on macroeconomic conditions and default probabilities[123]. Capital Adequacy - The bank's capital adequacy ratio decreased to 12.84% from 13.17% in the previous year[10]. - The Tier 1 capital ratio is 10.97%, down 0.17 percentage points compared to the end of 2023[132]. - The Common Equity Tier 1 capital ratio is 10.18%, a decline of 0.96 percentage points from the end of 2023[132]. - The total amount of Common Equity Tier 1 capital is 26,025.5 million, an increase from 24,802.6 million[131]. Loan Performance - The non-performing loan ratio slightly improved to 1.77% from 1.78% in 2023[10]. - The total amount of non-performing loans reached RMB 2,784.5 million as of December 31, 2024, compared to RMB 2,602.7 million in the previous year, with an overall NPL ratio of 2.19%[113]. - The personal loan NPL ratio decreased from 2.54% as of December 31, 2023, to 2.28% as of December 31, 2024, while the NPL balance fell from RMB 809.6 million to RMB 781.2 million[114]. Corporate Governance - The company has established a comprehensive corporate governance structure in compliance with the Hong Kong Listing Rules[169]. - The board has formed six specialized committees to provide advice on decision-making[169]. - The company is committed to maintaining high standards of corporate governance and will continue to review and enhance its governance practices[169]. Digital Transformation and Innovation - The company launched the "Code Loan" service, allowing users to apply for loans via QR code, enhancing its digital service offerings[19]. - The company is focusing on digital transformation and enhancing its product offerings to improve customer experience and meet market demands[73]. Market and Economic Context - The GDP for 2024 was RMB 13,490.84 billion, representing a 5.0% growth compared to the previous year[12]. - The total retail sales of consumer goods reached RMB 487,895 billion, marking a 3.5% increase year-on-year[12]. - The total import and export value for 2024 was RMB 438,468 billion, reflecting a 5.0% increase year-on-year[14].
晋商银行(02558) - 2024 - 年度业绩