Bank Of Chongqing(SH:601963)2024-04-26 11:47Financial Performance - Net profit for the first quarter of 2024 was RMB 1,619,038 thousand, representing a year-on-year increase of 4.87%[4] - The net profit attributable to shareholders of the bank was RMB 1,542,084 thousand, an increase of 4.04% year-on-year[4] - The bank's basic earnings per share for the first quarter of 2024 was RMB 0.44, reflecting a year-on-year increase of 2.33%[4] - The total profit for Q1 2024 was RMB 1,872,966 thousand, slightly up from RMB 1,808,102 thousand in Q1 2023, representing a growth of 3.6%[29] - The bank's total comprehensive income for Q1 2024 was RMB 2,081,099 thousand, compared to RMB 2,011,683 thousand in Q1 2023, an increase of 3.4%[33] Asset and Liability Management - Total assets as of March 31, 2024, reached RMB 780,803,934 thousand, an increase of 2.75% compared to the end of 2023[3] - Customer loans and advances totaled RMB 407,502,081 thousand, reflecting a growth of 3.71% from December 31, 2023[3] - Customer deposits increased to RMB 439,221,765 thousand, marking a rise of 5.88% compared to the previous year-end[3] - The total liabilities increased to CNY 719,423,393 thousand, up from CNY 700,584,443 thousand, reflecting a growth of 2.4%[23] Income and Revenue Streams - Operating income for the quarter was RMB 3.401 billion, an increase of RMB 167 million, with a growth rate of 5.17% compared to the same period last year[17] - Interest income for Q1 2024 reached RMB 7,057,913 thousand, an increase from RMB 6,826,202 thousand in Q1 2023, representing a growth of 3.4%[27] - Net interest income for Q1 2024 was RMB 2,454,742 thousand, slightly down from RMB 2,546,898 thousand in Q1 2023, a decrease of 3.6%[27] - Fee and commission income surged to RMB 294,937 thousand in Q1 2024, compared to RMB 125,269 thousand in Q1 2023, marking a significant increase of 135.5%[27] - Investment income for Q1 2024 was RMB 807,171 thousand, up from RMB 615,063 thousand in Q1 2023, reflecting a growth of 31.2%[27] Risk Management - The non-performing loan balance was RMB 5.392 billion, with a non-performing loan ratio of 1.33%, a decrease of 0.01 percentage points from the end of the previous year[17] - The coverage ratio for provisions stood at 233.20%, a decrease of 0.98 percentage points compared to the end of the previous year[17] - Non-performing loan ratio remained stable, indicating effective risk management strategies in place[25] Capital Adequacy - The core tier 1 capital adequacy ratio stood at 9.81% as of March 31, 2024, compared to 9.78% at the end of 2023[9] - As of the end of the reporting period, the core Tier 1 capital adequacy ratio was 9.81%, meeting the latest regulatory requirements[18] Cash Flow Analysis - The net cash flow from operating activities for Q1 2024 was a negative RMB 19,281,439 thousand, compared to a positive RMB 4,295,652 thousand in Q1 2023, indicating a significant decline in operational cash flow[39] - The net cash flow from financing activities was negative RMB 9,576,375 thousand, compared to a negative RMB 59,767 thousand in Q1 2023, showing increased cash outflows related to financing[41] - Total cash inflow from investment activities reached RMB 29,943,772 thousand, up from RMB 18,327,749 thousand in the same period last year, reflecting a strong recovery in investment cash flow[40] Future Outlook - The bank plans to expand its market presence through new product offerings and technological advancements in the upcoming quarters[25] - The bank is focusing on enhancing its digital banking capabilities to attract a younger customer demographic[25] - The bank's net profit for the quarter is expected to show a positive trend, driven by increased lending activities and improved asset quality[25]