AGRICULTURAL BANK OF CHINA(601288)2025-03-28 16:35Financial Performance - The bank achieved a net profit of RMB 282.671 billion for the year 2024, reflecting its strong financial performance[3]. - Net profit for 2023 was RMB 282,671 million, compared to RMB 258,866 million in 2022, reflecting a growth of approximately 9.5%[25]. - The bank achieved a net profit of CNY 282.7 billion in 2024, representing a year-on-year growth of 4.8%[35]. - The bank's net profit for 2024 reached CNY 282.67 billion, an increase of CNY 12.85 billion, representing a growth of 4.8% compared to the previous year[63]. - The bank's operating income for 2024 totaled RMB 710,555 million, up from RMB 694,828 million in 2023, marking a growth of 2.6%[30]. - Total operating income reached CNY 710.6 billion, with a year-on-year increase of 2.3%, and net interest income was CNY 580.7 billion, up by 1.6%[35]. Assets and Liabilities - As of the end of 2024, the total assets of Agricultural Bank of China reached RMB 43,238.135 billion, with total loans and advances amounting to RMB 24,906.187 billion and total deposits of RMB 30,305.357 billion[3]. - Total assets reached RMB 33,925,488 million in 2023, an increase from RMB 30,305,357 million in 2022[17]. - Total assets increased to RMB 43,238,135 million in 2024, up from RMB 39,872,989 million in 2023, representing a growth of 5.4%[30]. - The bank's total liabilities reached RMB 40,140,862 million in 2024, up from RMB 36,976,122 million in 2023, indicating a growth of 5.9%[30]. - As of December 31, 2024, total liabilities amounted to RMB 40,140.86 billion, an increase of RMB 3,164.74 billion, or 8.6% from the previous year[111]. Capital Adequacy and Risk Management - The capital adequacy ratio stood at 18.19%, indicating a solid capital position[3]. - The capital adequacy ratio stood at 303.87% in 2023, slightly down from 302.60% in 2022[26]. - The capital adequacy ratio increased to 18.19% in 2024, compared to 17.14% in 2023, reflecting a stronger capital position[31]. - The bank is committed to risk management, addressing various risks including credit, market, liquidity, and operational risks[10]. Dividends and Shareholder Returns - The bank's board proposed a final dividend of RMB 1.255 per 10 shares, totaling RMB 43.923 billion, with a total annual dividend of RMB 2.419 per 10 shares amounting to RMB 84.661 billion[7]. - The bank's net asset value per share increased by RMB 0.52 to RMB 7.40 as of December 31, 2024[118]. Loan and Deposit Growth - Total deposits amounted to RMB 39,872,989 million in 2023, up from RMB 28,898,468 million in 2022[20]. - The balance of loans in rural areas reached CNY 9.85 trillion, with a loan growth rate of 14.7% in key rural revitalization counties[36]. - The balance of loans to private enterprises was CNY 653 billion, with an annual increase of CNY 108 billion, leading the industry[37]. - The bank's personal loan balance reached CNY 8.81 trillion, with an annual increase of CNY 754.3 billion, marking the highest growth rate among peers[37]. - Customer deposits increased by RMB 1,406.89 billion, growing 4.9%, with personal deposits rising to 62.8% of total deposits, up 2.6 percentage points year-over-year[112]. Digital Banking and Technology - The bank's mobile banking monthly active users reached 250 million, maintaining a leading position in the industry[38]. - The bank has launched a new version of the corporate mobile banking app, enhancing functionality across HarmonyOS, Android, and iOS systems[173]. - The bank's digital financing services are set to improve, with the launch of a cross-border financial service platform that integrates various functions[176]. - The bank's network security defense capabilities have significantly improved, with a comprehensive enhancement of the security management system[199]. Green Finance and Sustainable Development - New product development initiatives are underway, focusing on green finance and sustainable investment solutions[16]. - The bank provided financing exceeding CNY 410 billion for green industries and clients in 2024, focusing on clean energy and pollution prevention[163]. - The balance of green credit business reached CNY 4.97 trillion, with a year-on-year increase of 22.9%[58]. Regulatory Compliance and Consumer Protection - The bank plans to enhance consumer protection mechanisms and conduct annual audits to strengthen compliance and risk management[183]. - The bank aims to enhance its consumer rights protection mechanisms, ensuring fair treatment of consumers throughout the business process[180]. International Operations - The international settlement business volume of domestic branches is projected to reach 131.5 billion[175]. - The cross-border RMB settlement volume is anticipated to be 35.1 trillion yuan in 2024, with a 6% increase in the volume under current and direct investment[177].