Bank of Chengdu (601838) H1 2024 earnings summary

Executive summary

• Net profit attributable to shareholders reached ¥6.17 billion for H1 2024, up 10.60% year-over-year.

• Operating income was ¥11.59 billion, a 4.28% increase compared to the same period last year.

• Total assets grew to ¥1.20 trillion, up 9.99% from the end of 2023.

• Non-performing loan (NPL) ratio declined to 0.66%, with provision coverage at 496.02%.

• The bank maintained a strong capital adequacy ratio of 13.21% and a leverage ratio of 5.94%.

Financial highlights

• Net profit attributable to shareholders: ¥6.17 billion, up 10.60% year-over-year.

• Operating income: ¥11.59 billion, up 4.28% year-over-year.

• Basic EPS: ¥1.62, up 8.72% year-over-year; diluted EPS: ¥1.48.

• Total assets: ¥1.20 trillion, up 9.99% from end-2023; total loans: ¥707.75 billion, up 13.11%.

• Net cash outflow from operating activities: -¥3.53 billion, a significant improvement from -¥34.40 billion in H1 2023.

Outlook and guidance

• The bank will focus on high-quality growth, emphasizing technology, green, inclusive, pension, and digital finance.

• Plans to further strengthen corporate, SME, and retail banking, and expand green and digital financial products.

• Will continue to optimize risk management, enhance customer service, and pursue innovation in financial markets and asset management.