ICBC(01398)2025-03-28 08:36Financial Performance - Net interest income for 2024 was RMB 637,405 million, a decrease of 2.5% from RMB 655,013 million in 2023[6]. - Total operating income for 2024 was RMB 786,126 million, down 2.1% from RMB 806,458 million in 2023[6]. - Net profit for 2024 reached RMB 366,946 million, slightly up from RMB 365,116 million in 2023, representing a growth of 0.5%[6]. - In 2024, the company achieved operating revenue of RMB 210.165 billion in Q1, a decrease of 3.4% compared to RMB 218.461 billion in Q1 2023[9]. - Net profit attributable to shareholders for Q1 2024 was RMB 87.653 billion, down 2.8% from RMB 90.164 billion in Q1 2023[9]. - The company reported a net cash flow from operating activities of RMB 1.367252 trillion in Q1 2024, compared to RMB 1.105614 trillion in Q1 2023[9]. - The company achieved a net profit of 366.946 billion RMB, an increase of 0.5% year-over-year, with a return on average total assets of 0.78% and a weighted average return on equity of 9.88%[18]. - Operating income for 2024 was 786.126 billion RMB, a decrease of 2.5%, with net interest income at 637.405 billion RMB, down 2.7%[19]. Asset and Loan Growth - Total assets increased to RMB 48,821,746 million in 2024, up 9.5% from RMB 44,697,079 million in 2023[6]. - Customer loans and advances totaled RMB 28,372,229 million, an increase of 8.8% compared to RMB 26,086,482 million in 2023[6]. - The total assets of the company reached 46.885 trillion RMB, an increase from 42.410 trillion RMB in the previous year[20]. - Total customer loans and advances reached RMB 28,372.23 billion by the end of 2024, an increase of RMB 22,857.47 billion or 8.8% compared to the end of 2023[43]. - Corporate loans amounted to RMB 17,482.22 billion, representing 61.6% of total loans, with an increase of RMB 1,337.02 billion or 8.3% year-on-year[45]. - Personal loans increased by RMB 3,040.99 billion, growing by 3.5%, with personal consumption loans rising by 28.3% to RMB 421.20 billion[46]. Non-Performing Loans and Risk Management - The non-performing loan ratio improved to 1.34% in 2024 from 1.36% in 2023[7]. - The non-performing loan ratio at the end of the year was 1.34%, a decrease of 2 basis points year-on-year[12]. - The provision coverage ratio increased to 214.91%, up 0.94 percentage points from the previous year[12]. - The coverage ratio for loan provisions was 214.91%, an increase of 0.94 percentage points from the previous year[51]. - The total overdue loans amounted to RMB 406.74 billion, an increase of RMB 76.31 billion from the previous year[54]. Capital Adequacy and Financial Stability - The core tier 1 capital adequacy ratio increased to 14.10% in 2024, up from 13.72% in 2023[7]. - The capital adequacy ratio rose to 19.39%, maintaining a leading position among global large banks[12]. - The bank's leverage ratio was recorded at 7.75% as of December 31, 2024, indicating compliance with regulatory requirements[163]. - The bank's total loss-absorbing capacity non-capital debt instruments issuance was approved, with 600 billion RMB planned for issuance[167]. Customer Deposits and Funding Sources - Customer deposits totaled 34,836.97 billion RMB at the end of 2024, up 3.9% year-over-year, with individual deposits increasing by 11.9%[70]. - The proportion of customer deposits from companies decreased to 48.4%, while individual deposits accounted for 49.4%[71]. - Interbank and other financial institution deposits and borrowings increased by RMB 12,211.07 billion, a growth of 36.2%[75]. Non-Interest Income and Expenses - Non-interest income for 2024 was CNY 148.721 billion, a decrease of CNY 2.724 billion or 1.8% year-over-year, accounting for 18.9% of total operating income[30]. - Net commission and fee income was CNY 109.397 billion, down CNY 9.960 billion or 8.3% from the previous year, with significant declines in personal wealth management and corporate finance[31]. - Total operating expenses rose to CNY 242.155 billion, an increase of CNY 3.457 billion or 1.4% year-over-year[33]. - Administrative expenses decreased by approximately 8.3%, contributing to a favorable cost-to-income ratio compared to peers[183]. Digital Transformation and Technology Investment - The company invested CNY 28.518 billion in financial technology in 2024, with 36,000 financial technology personnel, accounting for 8.6% of total employees[119]. - The digital banking services achieved a 99% digitalization rate in 2024, with mobile banking customers reaching 588 million and monthly active users exceeding 260 million, maintaining industry leadership[120]. - The AI-driven financial model "工銀智涌" was developed, enabling over 20 major business areas and 200 scenarios, with cumulative usage exceeding 1 billion times[115]. - The company launched the new mobile banking version 10.0 and the native HarmonyOS version, enhancing customer interaction with AI applications[120]. Green Finance and Sustainable Development - The bank's focus on green finance includes increasing support for strategic areas such as technology innovation and low-carbon transformation, enhancing ESG risk management throughout the investment process[97]. - By the end of 2024, the balance of green loans is projected to exceed 6 trillion yuan, supporting the green and low-carbon transformation of industries[83]. - The bank's "green loans" maintained the top position in the industry, while "specialized, refined, unique, and innovative" loans grew by over 54% compared to the beginning of the year[174]. Awards and Recognition - The company was recognized as "China's Best Consumer Credit Bank" and "Star of Wealth Management" by Global Finance[92]. - The company received multiple awards, including "Best Private Bank in China" and "Best Digital Private Bank in Asia," reflecting its strong market position and service quality[94]. - The company has been recognized for five consecutive years as an "Outstanding Member" and "Outstanding Custodian Bank" by the Shanghai Gold Exchange, maintaining the top position in both clearing amount and gold leasing scale[111]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 644,591, with 104,939 H-share shareholders and 539,652 A-share shareholders[195]. - The top shareholder, Central Huijin Investment Ltd., holds 124,004,660,940 shares, representing 34.79% of the total shares[197]. - The Ministry of Finance is the second-largest shareholder, owning 110,984,806,678 shares, which accounts for 31.14% of the total shares[197].