2024-04-29 15:20Financial Performance - Operating income for Q1 2024 reached RMB 3,689,255 thousand, an increase of 19.28% compared to RMB 3,093,053 thousand in Q1 2023[3] - Net profit attributable to shareholders of the parent company was RMB 1,080,635 thousand, up 18.74% from RMB 910,066 thousand in the same period last year[3] - Basic earnings per share increased to RMB 0.19, reflecting an 18.75% rise from RMB 0.16 in Q1 2023[3] - Total comprehensive income for Q1 2024 was RMB 1,703,500 thousand, significantly higher than RMB 944,366 thousand in Q1 2023, reflecting a growth of approximately 80%[37] - Operating profit for Q1 2024 reached RMB 1,308,469 thousand, an increase of 25% compared to RMB 1,048,336 thousand in Q1 2023[35] Assets and Liabilities - Total assets as of March 31, 2024, amounted to RMB 623,070,530 thousand, a 2.48% increase from RMB 607,985,372 thousand at the end of 2023[3] - The bank's total liabilities reached RMB 581,427,787 thousand, reflecting a 2.36% increase from RMB 568,046,129 thousand at the end of 2023[3] - As of March 31, 2024, the total assets of the company reached RMB 623.071 billion, an increase of RMB 15.085 billion or 2.48% compared to the end of the previous year[17] - The total liabilities of the company amounted to RMB 581.428 billion, increasing by RMB 13.382 billion or 2.36% from the end of the previous year[17] Capital Adequacy - The bank's capital adequacy ratio improved to 13.46% as of March 31, 2024, compared to 12.79% at the end of 2023[8] - The core Tier 1 capital adequacy ratio was 8.98% as of March 31, 2024, compared to 8.50% at the end of 2023[13] - The Tier 1 capital adequacy ratio was 10.68% as of March 31, 2024, compared to 10.27% at the end of 2023[13] - The total capital adequacy ratio was 13.46% as of March 31, 2024, compared to 13.09% at the end of 2023[13] Loan and Deposit Growth - The total customer loans reached RMB 317.041 billion, up RMB 16.951 billion or 5.65% from the end of the previous year, and increased by RMB 33.854 billion or 11.95% year-on-year[17] - The total customer deposits were RMB 390.109 billion, an increase of RMB 4.047 billion or 1.05% from the end of the previous year, and up RMB 32.382 billion or 9.05% year-on-year[17] - The balance of loans to private enterprises was 78.575 billion yuan, an increase of 6.116 billion yuan, or 8.44% year-on-year[19] - The balance of inclusive small and micro loans reached 37.866 billion yuan, an increase of 4.020 billion yuan, or 11.88% year-on-year[19] Cash Flow and Liquidity - The net cash flow from operating activities was negative at RMB (4,190,388) thousand, a decline of 170.65% from RMB 5,931,055 thousand in Q1 2023[3] - Net cash inflow from operating activities was RMB 28,197,599 thousand, down from RMB 33,410,698 thousand in Q1 2023, indicating a decrease of about 15.6%[40] - Cash flow from investment activities generated a net inflow of RMB 5,410,740 thousand, compared to a net outflow of RMB 503,604 thousand in Q1 2023[42] - Cash flow from financing activities resulted in a net inflow of RMB 1,764,486 thousand, a notable increase from RMB 739,025 thousand in the same period last year[42] - The liquidity coverage ratio increased to 178.14% as of March 31, 2024, up from 158.11% at the end of 2023[15] Interest and Income - Interest income reached 2.367 billion yuan, an increase of 169 million yuan, or 7.70% year-on-year, while non-interest income rose to 1.322 billion yuan, up 427 million yuan, or 47.67% year-on-year[18] - The net interest margin was positively impacted by an increase in interest income from loans, with a significant rise in interest income from the average balance of interest-earning assets[10] - The bank's investment income for Q1 2024 was RMB 356,277 thousand, slightly up from RMB 347,112 thousand in Q1 2023, showing a modest increase of about 2.3%[33] - The bank's other comprehensive income increased to RMB 1,530,874 thousand from RMB 947,211 thousand, indicating a significant rise of approximately 61.6%[30] Loan Quality - The non-performing loan ratio remained stable at 1.18% as of March 31, 2024, unchanged from the end of 2023[8] - The company reported a normal loan migration rate of 1.23% for the quarter, indicating a stable loan quality[2] - The non-performing loan ratio remained stable at 1.18%, unchanged from the end of the previous year, with a provision coverage ratio of 232.35%, up 6.39 percentage points[18] Strategic Initiatives - The company is actively enhancing its capital-intensive development model, with net capital increasing across all levels[19] - The company is focusing on digital transformation and has launched online inclusive loans to support small and micro enterprises[19]