BOC International (601696) H1 2024 earnings summary

Executive summary

• Achieved operating revenue of RMB 1.25 billion, down 21.74% year-over-year; net profit attributable to shareholders was RMB 424 million, down 34.25% year-over-year.

• Decline mainly due to lower investment banking and brokerage income amid weaker market activity and a high base last year from RMB 112 million in government support.

• Maintained stable operations, strong capital position, and continued to expand business lines, with asset management AUM reaching RMB 502.5 billion, ranking 7th in the industry.

• Proposed interim cash dividend of RMB 0.17 per 10 shares, totaling RMB 47.23 million, pending shareholder approval.

Financial highlights

• Operating revenue: RMB 1.25 billion, down 21.74% year-over-year.

• Net profit attributable to shareholders: RMB 424 million, down 34.25% year-over-year.

• Basic and diluted EPS: RMB 0.15, down 34.78% year-over-year.

• Total assets: RMB 68.16 billion, down 1.85% from year-end 2023.

• Net cash flow from operating activities: RMB 3.51 billion, a significant improvement from negative RMB 2.61 billion last year.

Outlook and guidance

• Will focus on core businesses, strengthen risk management, and leverage digital transformation to drive growth.

• Plans to further develop asset management, investment banking, and wealth management, with emphasis on technology, green finance, and serving key client segments.

• Expects to maintain a prudent approach in credit and risk control, and to continue expanding business scale and service capabilities.