ICBC(01398)2024-03-27 12:10Financial Performance - Net interest income for 2023 was RMB 655,013 million, a decrease of 5.6% from RMB 693,687 million in 2022[4]. - Net fee and commission income for 2023 was RMB 119,357 million, down 7.6% from RMB 129,265 million in 2022[4]. - Total operating income for 2023 was RMB 806,458 million, a decline of 4.2% compared to RMB 841,441 million in 2022[4]. - Operating profit for 2023 was RMB 416,944 million, slightly down from RMB 418,138 million in 2022[4]. - Net profit attributable to shareholders for 2023 was RMB 363,993 million, an increase of 1.4% from RMB 360,483 million in 2022[4]. - The company's net profit increased to RMB 365.1 billion, with total assets, deposits, and loans all growing by over 10%[11]. - Operating income for the year was CNY 806.458 billion, a decrease of 4.3%, with net interest income at CNY 655.013 billion, down 5.3%[15][16]. - The company achieved a net profit of CNY 365.116 billion, an increase of CNY 3.006 billion, representing a growth of 0.8%[15]. - The average return on assets (ROA) was 0.87%, and the weighted average return on equity (ROE) was 10.66%[11]. - The pre-tax profit for 2023 was RMB 421,966 million, slightly down from RMB 424,720 million in 2022[35]. Assets and Liabilities - Total assets as of the end of 2023 reached RMB 44,697,079 million, up from RMB 39,609,657 million at the end of 2022, representing an increase of 12.5%[4]. - Total liabilities increased to RMB 40,920,491 million, up from RMB 36,095,831 million in 2022, reflecting a growth of 13.5%[4]. - Total customer loans and advances amounted to RMB 26,086,482 million, an increase of 12.1% from RMB 23,212,312 million in 2022[4]. - The bank's core tier 1 capital net amount was RMB 3,381,941 million, an increase of 8.4% from RMB 3,121,080 million in 2022[4]. - Total assets reached CNY 42.409 trillion, up from CNY 37.947 trillion in the previous year[17]. - The bank's total liabilities were RMB 40,920.491 billion, reflecting an increase of RMB 48,257.64 billion, or 13.4%, year-over-year[59]. - The total equity attributable to shareholders was RMB 37,568.87 billion, up by RMB 2,607.78 billion, or 7.5%, from the previous year[65]. Loan and Credit Quality - The non-performing loan ratio decreased by 2 basis points to 1.36%, while the provision coverage ratio rose to 213.97%[11]. - The company issued RMB 2.88 trillion in new loans, representing a growth of 12.4%[11]. - The company maintained a loan-to-deposit ratio of 56.8% for net customer loans at the end of 2023[39]. - The normal loans reached RMB 25,250,275 million, accounting for 96.79% of total loans, an increase of RMB 2,812,697 million year-over-year[43]. - The NPLs increased to RMB 353,502 million, with a slight decrease in the NPL ratio by 0.02 percentage points compared to the previous year[43]. - Corporate loans constituted 61.9% of total loans, with a corporate NPL ratio of 1.81%, down 0.15 percentage points from the previous year[44]. - Personal loans accounted for 33.2% of total loans, with an NPL ratio of 0.70%, which increased by 0.10 percentage points year-over-year[44]. Income and Expenses - Non-interest income for 2023 was RMB 151.45 billion, a slight increase of RMB 1.08 billion or 0.7%, accounting for 18.8% of total operating income[29]. - Total operating expenses slightly decreased to RMB 238.70 billion, down RMB 0.65 billion or 0.3%[32]. - The company recorded an asset impairment loss of RMB 150.82 billion, a decrease of RMB 31.86 billion or 17.4% compared to the previous year[33]. - The company’s financial investments generated a net loss of RMB 23,510 million in 2023, compared to a loss of RMB 22,743 million in 2022[147]. - The income tax expense for 2023 was RMB 56,850 million, down from RMB 62,610 million in 2022, representing a decrease of about 9.0%[159]. Capital and Funding - The capital adequacy ratio stood at 19.10%, maintaining a high level of capital strength[11]. - The bank's total loss-absorbing capacity non-capital debt instruments issuance plan includes a proposal to issue up to RMB 60 billion, subject to regulatory approval[70]. - The bank's issued debt securities increased to RMB 1,369.777 billion, a rise of 51.2% compared to the previous year, mainly due to the increase in the issuance of interbank certificates and subordinated bonds[64]. - The bank plans to issue up to RMB 240 billion in secondary capital instruments, pending regulatory approval[69]. - The company has allocated RMB 2,343 million to general reserves, reflecting a commitment to strengthening its financial position[144]. Customer Growth and Digital Transformation - The company added nearly 20 million personal customers and surpassed 12 million corporate customers for the first time[12]. - Monthly active users of the mobile banking platform reached 229 million, maintaining industry leadership[15]. - The company constructed a large-scale AI model technology system, becoming a leader in the industry in digital banking capabilities[15]. - The company launched a new version of its mobile banking app, achieving a monthly active user count of 22.9 million, which is the highest in the industry[95]. - The company has deployed over 70,000 digital operation strategies in 2023, significantly boosting online sales of funds, insurance, and wealth management products to over 540 billion yuan[96]. Shareholder Information - The top 10 shareholders include the Ministry of Finance, holding 34.79% of A shares, and Hong Kong Central Clearing Limited, holding 24.17% of H shares[100]. - The company declared a cash dividend of RMB 3.064 per 10 shares for the fiscal year 2023, totaling approximately RMB 109.203 billion, maintaining a cash dividend payout ratio of 31.3%[120][121]. - The company has not conducted any share placements or issued convertible bonds during the reporting period[98]. - The company has maintained a consistent preferred share dividend rate of 4.58% for "工行优 1" and 4.20% for "工行优 2" over the past three years[115]. Risk Management - The company has implemented a comprehensive risk management system covering all institutions, customers, and products[86]. - The company is advancing the construction of an enterprise-level intelligent risk control platform to improve early risk identification and management capabilities[90]. - The bank's interest rate risk sensitivity analysis shows a net income impact of RMB (16,673) million if interest rates rise by 100 basis points[133]. - The company continues to enhance risk management in various industries, focusing on improving the quality of asset disposal and preventing risks in key areas[46].