BANK OF CHINA(SH:601988)2025-03-26 11:05Financial Performance - China Bank reported a total revenue of RMB 600 billion for the fiscal year 2024, representing a year-on-year increase of 8%[1]. - The bank's net profit attributable to shareholders reached RMB 200 billion, up 10% compared to the previous year[1]. - The bank reported operating income of RMB 630,090 million for 2023, an increase from RMB 585,367 million in 2022, reflecting a growth of approximately 7.6%[13]. - The bank's net profit for 2023 was RMB 246,371 million, compared to RMB 252,719 million in 2022, indicating a decrease of about 2.0%[26]. - The return on equity (ROE) for 2023 was 9.50%, down from 10.12% in 2022[28]. - The bank proposed a final dividend of RMB 1.216 per 10 shares for 2024, in addition to an interim dividend of RMB 1.208 per 10 shares paid in 2024[10]. - The group achieved a net profit of RMB 252.72 billion in 2024, an increase of RMB 6.35 billion or 2.58% year-on-year[54]. - The average return on total assets decreased to 0.75% from 0.80% in 2023[34]. - The total profit of the overseas business reached USD 9.28 billion in 2024, a year-on-year growth of 14.75%[146]. Digital Banking and User Growth - User data indicates that the number of active digital banking users has grown to 150 million, an increase of 15% year-on-year[1]. - The cumulative number of mobile banking signed customers surpassed 293 million, reflecting a 6.90% increase from the previous year[45]. - The bank's mobile banking active users reached 97.93 million, with a year-on-year increase of 11.59%[114]. Risk Management and Capital Adequacy - The bank aims to enhance its risk management framework, targeting a reduction in non-performing loan ratio to below 1.5% by 2025[1]. - The bank's capital adequacy ratio stands at 14%, above the regulatory requirement of 10.5%[1]. - The non-performing loan coverage ratio for 2023 was 200.60%, up from 191.66% in 2022, indicating improved risk management[32]. - The bank's bad loan ratio was 1.50%, with a provision coverage ratio of 211.19%[53]. International Expansion and Market Presence - China Bank plans to expand its international presence by opening 10 new branches in key markets by the end of 2025[1]. - The group provided CNY 1.91 trillion in credit support to 102,900 technology enterprises by the end of 2024[105]. - The company provided loans exceeding 600 billion yuan to over 40,000 "specialized, refined, unique, and innovative" small and medium-sized enterprises in the technology sector[125]. Green Finance Initiatives - Investment in green finance initiatives has reached RMB 30 billion, with a goal to increase this by 25% in the next fiscal year[1]. - The domestic green credit balance grew by 31.03%, with the group leading in green bond underwriting in the interbank market[45]. - The bank's green financial product management scale is RMB 765.24 billion, with green and ESG public fund products managing approximately RMB 35.15 billion[110]. - The balance of green leasing assets is RMB 321.77 billion, accounting for 48.55% of total leasing assets[110]. Loan and Deposit Growth - The total amount of loans and advances issued by the group was RMB 21.59 trillion, an increase of RMB 1.63 trillion or 8.18% year-on-year[74]. - The total deposits of the group reached RMB 24,202.59 billion by the end of 2024, an increase of RMB 2,295.54 billion, or 10.03%, compared to the end of 2023[86]. - The balance of agricultural loans reached CNY 2.50 trillion, an increase of CNY 5,011.28 billion from the previous year[113]. Operational Efficiency and Cost Management - The cost-to-income ratio for 2023 was 28.50%, slightly improved from 28.77% in 2022[24]. - The cost-to-income ratio of the group was 28.77%, an increase of 0.27 percentage points year-on-year, indicating effective cost management[70]. - The group's business and management expenses reached RMB 181.26 billion, up RMB 3.76 billion or 2.12% compared to 2023[69]. Cross-Border and International Services - The company processed cross-border RMB clearing of CNY 13.14 trillion in 2024, a year-on-year growth of 40.05%, continuing to lead globally in this area[159]. - The company signed up 64,900 customers for the cross-border wealth management scheme in the Guangdong-Hong Kong-Macao Greater Bay Area[154]. - The bank supported over 1,200 corporate credit projects in Belt and Road countries, with cumulative credit support exceeding USD 372 billion[148]. Technological Innovation and Digital Transformation - The bank has established a multi-level organizational system for technology finance, including a central technology finance center and 24 first-level branch centers[107]. - The bank launched a digital RMB visible hard wallet, enhancing features such as transaction amount display and dynamic QR codes, and optimized services for short-term foreign visitors to China[162]. - The bank's digital transformation includes new features in mobile banking, such as the ability to buy and sell certificates of deposit and open precious metal accounts[176].