BOC International (601696) H2 2024 earnings summary

Executive summary

• Achieved consolidated operating revenue of RMB 2.89 billion, with net profit attributable to shareholders of RMB 906 million, up 0.64% year-over-year.

• Total assets reached RMB 74.91 billion, up 7.87% from the previous year; net assets increased 4.45% to RMB 17.99 billion.

• Maintained strong liquidity and capital adequacy, with a risk coverage ratio of 284.53% and capital leverage ratio of 38.95%.

• Board proposed a cash dividend of RMB 0.18 per 10 shares, totaling RMB 97.23 million, representing 10.73% of annual net profit.

• Received an unqualified audit opinion from Ernst & Young, with no material misstatements identified.

Financial highlights

• Operating revenue decreased 1.79% year-over-year; net profit attributable to shareholders rose 0.64% to RMB 906 million.

• Basic and diluted EPS were RMB 0.33, up 3.13% year-over-year; ROE was 5.14%.

• Net cash from operating activities was RMB 9.12 billion, a significant turnaround from the previous year’s outflow.

• Asset management AUM reached RMB 506.3 billion, ranking 6th in the industry; non-monetary public fund AUM ranked 2nd.

Outlook and guidance

• Plans to deepen core business focus, enhance service for technology, green, inclusive, pension, and digital finance.

• Will continue to strengthen risk management, digital transformation, and expand asset management and investment banking.

• Expects to maintain stable growth in 2025, leveraging policy support and market reforms.