ICBC(01398)2024-08-30 08:30Financial Performance - For the first half of 2024, net interest income decreased to RMB 313,950 million, down 6.8% from RMB 336,987 million in the same period of 2023[4] - Net fee and commission income was RMB 67,405 million, a decline of 8.8% compared to RMB 73,465 million in the first half of 2023[4] - Total operating income for the first half of 2024 was RMB 401,999 million, representing a decrease of 6.3% from RMB 428,906 million in the first half of 2023[4] - Net profit attributable to shareholders was RMB 170,467 million, down 1.5% from RMB 173,744 million in the same period of 2023[4] - The diluted earnings per share for the first half of 2024 was RMB 0.47, unchanged from the same period in 2023[4] - The company achieved operating revenue of CNY 401.999 billion and net profit of CNY 171.296 billion for the first half of 2024, with annualized average total asset return (ROA) at 0.75% and annualized weighted average equity return (ROE) at 9.53%[8] - The company reported a pre-tax profit of RMB 197.18 billion for the first half of 2024, down from RMB 203.66 billion in the same period of 2023, indicating a decline of 3.4%[29] - The company reported a net profit of CNY 171.30 billion in the first half of 2024, a decrease of 2.0% year-on-year, with an annualized return on total assets of 0.75% and a return on equity of 9.53%[11] Assets and Liabilities - Total assets as of June 30, 2024, reached RMB 47,116,536 million, an increase of 5.9% from RMB 44,697,079 million at the end of 2023[5] - The bank's total liabilities reached RMB 43,252,035 million, an increase of 5.4% from RMB 40,920,491 million at the end of 2023[5] - The bank's total liabilities increased to RMB 43,252,035 million from RMB 40,920,491 million, reflecting a rise of approximately 5.7%[100] - Total equity as of June 30 was CNY 38,645.01 billion, an increase of CNY 879.13 billion or 2.3% from the end of last year[59] Customer Loans and Advances - Customer loans and advances totaled RMB 27,837,550 million, up 6.7% from RMB 26,086,482 million at the end of 2023[5] - The average balance of customer loans and advances was CNY 27.18 trillion, with interest income from these loans at CNY 476.20 billion, reflecting a decrease in average yield by 43 basis points[16] - Corporate loans increased by CNY 13,704.63 billion, a growth of 8.5% year-over-year[35] - Personal loans rose by CNY 1,809.22 billion, marking a 2.1% increase from the previous year[36] - The balance of loans to the manufacturing sector was nearly RMB 4.4 trillion, with an increase of over RMB 500 billion since the beginning of the year, also leading the industry[68] Risk Management - The non-performing loan ratio improved to 1.35%, a decrease of 0.01 percentage points from the beginning of the year, while the provision coverage ratio increased to 218.43%, up by 4.46 percentage points[8] - The company enhanced its risk management framework, focusing on early identification and proactive control of risks, particularly in real estate and local government debt sectors[9] - The bank's loan impairment provision balance is RMB 81,857.30 million, with a coverage ratio of 218.43%, an increase of 4.46 percentage points from the previous year[42] - The overall NPL ratio for the bank's loans is stable, with a total NPL of RMB 375.35 million as of June 2024, compared to RMB 353.50 million at the end of December 2023[41] Capital and Dividends - The company plans to implement a mid-term cash dividend of CNY 51.109 billion, with a dividend payout ratio of 30.0%[8] - The company distributed a total cash dividend of RMB 109.2 billion for 2023, with a cash dividend per share of RMB 3.064, resulting in dividend yields of 6.51% for A-shares and 8.54% for H-shares[70] - The bank declared a cash dividend of RMB 3.064 per 10 shares for the fiscal year 2023, totaling approximately RMB 109.203 billion[93] - The board proposed an interim cash dividend of RMB 1.434 per 10 shares for the fiscal year 2024, amounting to approximately RMB 51.109 billion, pending shareholder approval[93] Digital Transformation and Innovation - The company emphasized digital transformation and modernization in its operations, aiming for a diversified structure and ecological foundation[8] - The bank is advancing its "Digital ICBC" initiative, with the release of the mobile banking version 9.0 and the application of large model technology across various business scenarios[10] - The bank's digital transformation efforts have been recognized, winning the "China Annual Digital Bank" award from "Finance" magazine[76] Customer Base Expansion - The company added 7.88 million corporate clients, 8.93 million personal clients, and 0.463 million inclusive finance clients, enhancing its customer base significantly[10] - The company aims to enhance support for key sectors such as advanced manufacturing and green finance to drive high-quality development[34] Investment and Financial Instruments - Investment interest income increased by 7.9% year-on-year to CNY 178.91 billion, driven by a 13.1% growth in average investment balance[18] - The total investment reached RMB 12,988.92 billion, a growth of 9.6% from the end of the previous year, with bonds accounting for RMB 12,471.82 billion, an increase of 9.8%[49] - The nominal amount of currency derivatives held by the company as of June 30, 2024, was RMB 9,474,752 million, with a fair value asset of RMB 122,781 million[121] Regulatory Compliance and Ratings - The bank maintained a credit rating of A from S&P and A1 from Moody's, consistent with previous ratings[5] - The core tier 1 capital ratio stood at 13.84%, while the total capital adequacy ratio was 19.16%, both meeting regulatory requirements[60] Shareholder Information - The total number of ordinary shareholders reached 613,766, with 106,884 H-share shareholders and 506,882 A-share shareholders[80] - Central Huijin Investment Co., Ltd. holds 124,004,660,940 A-shares, accounting for 34.79% of total shares[81]