Bank of China (3988) Q3 2024 earnings summary

Executive summary

• Operating income for Q3 2024 reached RMB161,176 million, up 6.58% year-over-year; nine-month operating income was RMB479,105 million, up 1.74% year-over-year.

• Profit for Q3 2024 was RMB60,953 million, up 3.64% year-over-year; nine-month profit was RMB187,489 million, up 0.53% year-over-year.

• Profit attributable to equity holders for Q3 2024 was RMB57,162 million, up 4.38% year-over-year; nine-month figure was RMB175,763 million, up 0.52% year-over-year.

Financial highlights

• Net interest income for nine months was RMB335,997 million, down 4.81% year-over-year; net interest margin was 1.41%.

• Non-interest income for nine months was RMB143,108 million, up 21.32% year-over-year, representing 29.87% of total operating income.

• Operating expenses for nine months were RMB172,702 million, up 10.13% year-over-year; cost-to-income ratio was 26.80%.

• Impairment losses on assets for nine months were RMB85,840 million, down 5.78% year-over-year.

• Total assets as of 30 September 2024 were RMB34,068,988 million, up 5.05% from year-end 2023.

• Total equity as of 30 September 2024 was RMB2,873,983 million, up 4.25% from year-end 2023.

Outlook and guidance

• The bank distributed RMB1.1745 billion in dividends on domestic preference shares and RMB69,593 million in cash dividends on ordinary shares during the reporting period.