Financial Reporting - The unaudited interim results for Bank of Chongqing for the six months ending June 30, 2024, were announced, complying with the Hong Kong Stock Exchange's requirements[1]. - The board of directors confirmed the accuracy and completeness of the interim report, with no false statements or significant omissions[5]. - The bank will not distribute profits or convert capital reserves into share capital for the 2024 interim period[5]. - The report indicates that the financial statements are prepared in Renminbi, with no significant non-operational fund occupation by controlling shareholders[5]. - The bank's financial report for the interim period is unaudited, ensuring transparency in financial reporting[5]. - The bank's chairman and senior management have guaranteed the truthfulness and accuracy of the financial report[5]. - The interim report is available on the bank's website and the Shanghai Stock Exchange website[2]. - The board meeting held on August 30, 2024, was attended by 14 directors, with 12 present in person[5]. Financial Performance - The total assets of the company reached CNY 805.968 billion, with total deposits of CNY 450 billion and total loans of CNY 419.897 billion, achieving a non-performing loan ratio of 1.25% and a provision coverage ratio of 249.59%[7]. - Net interest income for the first half of 2024 was RMB 5,224,044 thousand, a decrease of 3.01% compared to RMB 5,386,427 thousand in the same period of 2023[11]. - The net profit for the first half of 2024 was RMB 3,210,267 thousand, representing a 5.17% increase from RMB 3,052,330 thousand in the same period of 2023[11]. - Basic earnings per share for the first half of 2024 were RMB 0.87, up 3.57% from RMB 0.84 in the same period of 2023[11]. - Operating income for the first half of 2024 was RMB 6.95 billion, reflecting a growth of 3.31% year-on-year[22]. - The group achieved a net profit of RMB 3.21 billion, an increase of 5.17% year-on-year[19]. Asset and Loan Management - The total customer loans and advances reached RMB 1,898,801,000, an increase of RMB 447,817,000 or 30.86% compared to the same period last year[48]. - The non-performing loan ratio improved to 1.25% as of June 30, 2024, down from 1.34% at the end of 2023[14]. - The total amount of customer loans and advances as of June 30, 2024, was RMB 419,896,747,000, an increase of RMB 269,620,000,000 or 6.86% from the end of the previous year[53]. - The loan loss provision balance as of June 30, 2024, was RMB 12.99 billion, an increase of RMB 0.849 billion from the end of the previous year, with a non-performing loan coverage ratio of 249.59%, up by 15.41 percentage points[89]. - The total amount of overdue loans amounted to RMB 7.90 billion, an increase of RMB 0.282 billion compared to the end of the previous year, with an overdue loan ratio of 1.91%, a decrease of 0.04 percentage points[83]. Risk Management - The report includes a section on risk management, highlighting major risks faced by the group and the measures to be taken[5]. - The bank has established a comprehensive risk management system to ensure that returns are aligned with the risks undertaken, aiming to maximize shareholder value[119]. - Credit risk management is prioritized, with a focus on supporting key sectors such as small and micro enterprises, green development, and technological innovation[120]. - The bank has implemented a dynamic management approach for non-performing assets, utilizing modern and digital methods to enhance asset recovery[121]. - Interest rate risk is managed through regular assessments of interest-sensitive assets and liabilities, with a focus on maintaining stability in net interest income[123]. Digital Transformation and Innovation - The company has been selected as a pilot bank for financial technology innovation by the People's Bank of China, highlighting its commitment to digital transformation and technology-driven growth[7]. - The bank's digital capabilities were enhanced through the development of online service channels, improving operational efficiency in inclusive finance[99]. - The bank's digital transformation strategy includes 65 key projects for 2024, aimed at improving operational efficiency and customer experience through data integration and sharing systems[108]. - The bank has implemented intelligent processing for nearly 70% of its total business volume, significantly improving efficiency compared to manual operations[112]. - The bank's mobile banking app has introduced three new application scenarios, including a senior-friendly version and a points mall to support elderly financial services[108]. Shareholder Commitments and Regulations - The company has committed to a 36-month lock-up period for its shares following the IPO, effective from February 5, 2021[155]. - The company will adjust the share issuance price in case of dividend distributions or capital increases during the lock-up period[158]. - The company guarantees strict compliance with relevant regulations and will exercise shareholder rights equally with other shareholders[168]. - The company will take measures to stabilize its stock price in accordance with applicable laws and regulations[170]. - The commitment to stabilize the stock price is effective for 36 months following the IPO[169]. Market Position and Strategy - The company ranked 209th in the global banking sector according to The Banker magazine, improving by 8 positions from the previous year, and has maintained an investment-grade rating from S&P for 7 consecutive years[7]. - The company aims to enhance its service capabilities by focusing on reform, structural adjustment, transformation, and quality improvement to better serve local economies and small and micro enterprises[7]. - The bank's strategy focuses on serving local economies, small and micro enterprises, and rural residents, emphasizing high-quality development and continuous improvement in operational efficiency[116]. - The bank is actively embracing financial technology, emphasizing data and intelligence to improve financial supply capabilities[149]. - The bank's commitment to serving the real economy remains a core mission, with ongoing efforts to optimize credit structures[149].
重庆银行(01963) - 2024 - 中期业绩