2024-04-29 09:27Financial Performance - Net profit attributable to shareholders decreased by 1.96% to RMB 38,077 million in Q1 2024 from RMB 38,839 million in Q1 2023[29]. - Operating income decreased by 4.65% to RMB 86,417 million in Q1 2024 compared to RMB 90,636 million in Q1 2023[29]. - Basic and diluted earnings per share decreased to RMB 1.51 in Q1 2024 from RMB 1.54 in Q1 2023, a decline of 1.95%[29]. - The group’s net profit for the first quarter of 2024 was RMB 492,512 million, an increase from RMB 444,280 million in the same period of 2023[101]. - Net profit for Q1 2024 was 35,693 million RMB, a slight decrease of 0.65% from 35,926 million RMB in Q1 2023[124]. - Total operating income for Q1 2024 was 78,698 million RMB, down 4.3% from 82,414 million RMB in Q1 2023[107]. Asset and Liability Management - As of March 31, 2024, the total assets of the company reached RMB 11,520,226 million, an increase from RMB 11,028,483 million at the end of 2023, representing a growth of 4.45%[3]. - The total liabilities increased to RMB 10,394,735 million from RMB 9,942,754 million, marking a growth of 4.55%[6]. - The total equity attributable to shareholders increased by 3.96% to RMB 1,118,965 million as of March 31, 2024, compared to RMB 1,076,370 million at the end of 2023[33]. - The total loans and advances amounted to CNY 6,815.83 billion, reflecting a growth of 4.72% year-on-year[65]. - The total customer deposits were CNY 8,440.10 billion, representing a year-on-year increase of 3.49%[72]. Capital Adequacy and Risk Management - The core Tier 1 capital adequacy ratio improved to 11.82%, up 0.44 percentage points from 11.38% at the end of 2023[15]. - The company’s capital adequacy ratio stood at 18.20%, with a core Tier 1 capital ratio of 14.07%, meeting regulatory requirements[93]. - The weighted average return on equity decreased by 2.35 percentage points to 16.08% in Q1 2024 from 18.43% in Q1 2023[29]. - The group reported a risk-adjusted return on capital (RAROC) of 26.47% for the first quarter of 2024, maintaining a high level[95]. Customer and Market Growth - The number of retail customers reached 199 million, a growth of 1.02% compared to the end of 2023[17]. - The total assets under management (AUM) for retail customers increased to RMB 138,571.87 billion, up by RMB 5,360.56 billion, or 4.02%[17]. - The number of high-net-worth clients (with average total assets of RMB 500,000 or more) grew to 4.8691 million, an increase of 4.92%[17]. Non-Performing Loans and Credit Quality - The non-performing loan balance was CNY 62.63 billion, with a non-performing loan ratio of 0.92%, down 0.03 percentage points from the previous year[65]. - The total non-performing loan balance was CNY 62.630 billion, an increase of CNY 1.051 billion from the end of the previous year, with an NPL ratio of 0.92%, down 0.03 percentage points[80]. - The overdue loan balance was CNY 89.300 billion, an increase of CNY 7.317 billion from the end of the previous year, with an overdue loan ratio of 1.31%, up 0.05 percentage points[80]. - The loan loss provision balance reached RMB 264.76 billion, an increase of RMB 3.36 billion from the end of the previous year, with a provision coverage ratio of 454.23%[89]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly, with a net outflow of RMB 1,208 million in Q1 2024 compared to RMB 12,618 million in Q1 2023, a 90.43% increase[29][35]. - The total cash and cash equivalents at the end of Q1 2024 reached RMB 729,079 million, up from RMB 504,940 million in Q1 2023, indicating an increase of about 44.5%[126]. - The liquidity coverage ratio for Q1 2024 averaged 160.96%, which is an increase of 1.14 percentage points compared to the previous quarter, primarily due to the growth in high-quality liquid assets[135].