ICBC(01398)2024-04-29 09:40Financial Performance - Operating income for Q1 2024 was RMB 210,165 million, a decrease of 3.80% compared to RMB 218,461 million in Q1 2023[3] - Net profit attributable to shareholders for Q1 2024 was RMB 87,653 million, down 2.78% from RMB 90,164 million in Q1 2023[3] - In Q1 2024, the company achieved a net profit of RMB 88.06 billion, a decrease of 2.98% year-on-year[17] - Total operating income for Q1 2024 was RMB 210.17 billion, down 3.80% compared to the same period last year[17] - The bank's pre-tax profit for the first quarter of 2024 was RMB 102,455 million, slightly down from RMB 106,586 million in the first quarter of 2023, a decrease of about 3.3%[26] - The annualized net interest margin (NIM) stood at 1.48%, with net interest income of RMB 161.40 billion, a decline of 4.16% year-on-year[17] - The cost-to-income ratio was 21.79%, with operating expenses (excluding taxes) increasing by 0.78% to RMB 45.79 billion[17] - The company reported a basic earnings per share of RMB 0.24 for Q1 2024, down from RMB 0.25 in Q1 2023[22] Assets and Liabilities - Total assets as of March 31, 2024, reached RMB 47,600,027 million, reflecting a 6.49% increase from RMB 44,697,079 million at the end of 2023[3] - As of March 31, 2024, total liabilities increased to RMB 43,723,412 million from RMB 40,920,491 million as of December 31, 2023, representing a growth of approximately 6.7%[25] - Customer deposits rose to RMB 35,035,080 million, up from RMB 33,521,174 million, indicating an increase of about 4.5%[25] - The bank's total assets as of March 31, 2024, amounted to RMB 47,600,027 million, up from RMB 44,697,079 million as of December 31, 2023, representing an increase of approximately 6.7%[25] Shareholder Information - As of March 31, 2024, the total number of ordinary shareholders was 613,660, with H-share shareholders numbering 107,656 and A-share shareholders 506,004[5] - Central Huijin Investment Ltd. held 34.79% of the total shares, while the Ministry of Finance of the People's Republic of China held 31.14%[6] - Central Huijin Investment Ltd. has cumulatively increased its A-share holdings by 286,807,989 shares, representing 0.08% of the total share capital[9] Cash Flow - Net cash flow from operating activities increased by 23.66% to RMB 1,367,252 million, compared to RMB 1,105,614 million in the same period last year[3] - The bank's cash and cash equivalents at the end of the first quarter of 2024 reached RMB 3,994,583 million, up from RMB 2,878,441 million at the end of the first quarter of 2023, an increase of about 39%[28] - The bank's net increase in cash and cash equivalents for the first quarter of 2024 was RMB 1,233,225 million, compared to RMB 960,899 million in the first quarter of 2023, an increase of about 28.3%[28] - The net cash flow from investing activities for the first quarter of 2024 was RMB (199,921) million, compared to RMB 318,788 million in the same period of 2023, indicating a significant decline[28] Capital Adequacy and Ratios - The core tier 1 capital adequacy ratio was reported at 13.78%, meeting regulatory requirements[18] - Core Tier 1 capital stood at RMB 3,492,517 million, with a capital adequacy ratio of 19.21%[31] - The leverage ratio was reported at 7.68%, with adjusted on-balance and off-balance sheet assets amounting to RMB 50,111,419 million[32] - The liquidity coverage ratio reached 126.61%, indicating strong liquidity position with qualifying liquid assets of RMB 7,636,915 million[32] - The net stable funding ratio was 129.46%, with available stable funding totaling RMB 32,738,107 million[32] Loan and Credit Quality - Customer loans and advances reached RMB 27,370.16 billion, up 4.92% year-on-year, with domestic RMB loans increasing by 5.06%[17] - The non-performing loan (NPL) ratio remained stable at 1.36%, with a non-performing loan balance of RMB 370.89 billion, an increase of RMB 17.39 billion from the previous year[17] Future Plans - The company plans to issue up to RMB 60 billion in total loss-absorbing capacity non-capital debt instruments, pending regulatory approval[19]