Shang Hai Zheng Quan Bao·2025-03-25 18:31Core Viewpoint - The report highlights the steady growth and resilience of Bank of Communications (BoCom), emphasizing its commitment to serving national strategies and supporting the real economy while maintaining strong asset quality and profitability [4][5]. Financial Performance - BoCom's total assets exceeded 14.90 trillion yuan, a year-on-year increase of 5.98% [4] - The net profit attributable to shareholders reached 93.586 billion yuan, with operating income of 259.826 billion yuan, both showing positive growth [4] - The cash dividend ratio for 2024 is set at 32.68%, marking the 13th consecutive year of maintaining a dividend ratio above 30% [4][13] Lending and Investment Growth - Customer loan balance and bond investment balance grew by 7.52% and 6.59% respectively compared to the previous year [5] - Long-term loans to the manufacturing sector and strategic emerging industries increased by 11.93% and 9.05% respectively [5] - Personal loan balance reached 27.524 trillion yuan, with significant growth in personal consumption loans and credit card loans of 90.44% and 9.94% respectively [5] Retail and Wealth Management - The AUM (Assets Under Management) for personal financial assets reached 5.49 trillion yuan [6] - BoCom has introduced innovative products in wealth management, including commercial pension insurance and family service trusts [6] Regional Development and Strategic Focus - BoCom is actively supporting the integration of the Yangtze River Delta, with loan balances in this region growing by 7.85% [6] - The bank is focusing on enhancing its "Shanghai main stage" competitive advantage, contributing to regional economic integration [10] Innovation and Financial Services - BoCom is committed to five key areas: technology, green finance, inclusive finance, pension finance, and digital finance, achieving significant results in each [7][8] - The number of technology finance clients increased by 45.37%, with loans to specialized small and medium enterprises growing significantly [8] Shareholder Returns and Future Plans - BoCom emphasizes shareholder returns, planning to maintain a cash dividend ratio of at least 30% over the next three years [12][13] - The bank has introduced an action plan for valuation enhancement, aiming for multiple dividends within a year [13]