Agricultural Bank of China (1288) H2 2024 earnings summary

Executive summary

• Achieved net profit of RMB282.7 billion in 2024, up 4.8% year-over-year, with operating income of RMB711.4 billion, up 2.3%.

• Total assets surpassed RMB43 trillion, loans and advances to customers rose by RMB2.29 trillion, and customer deposits reached RMB30.3 trillion.

• A-share and H-share stock prices rose 55% and 58% respectively, ranking first among peers.

• Maintained leading position in rural revitalization, inclusive finance, and green finance, with strong digital transformation and risk management.

• Focused on five key areas: agriculture, real economy, fintech, green finance, and inclusive finance.

Financial highlights

• Net profit: RMB282.7 billion (+4.8% YoY); operating income: RMB711.4 billion (+2.3% YoY).

• Newly grossed loans reached RMB2.29 trillion, up 10.13% year-over-year.

• NPL ratio at 1.3%, down three basis points from year-end; provision coverage ratio at 299%.

• Capital adequacy ratio increased to 18.19% (+1.05ppt YoY); CET1 ratio at 11.42%.

• Dividend payout of around RMB80 billion, with CNY2.419 per 10 shares.

Outlook and guidance

• Expects stable consumption and strong investment growth in 2025, supported by proactive monetary and fiscal policies.

• 2025 is the final year of the 14th Five-Year Plan; focus remains on risk prevention, supporting real economy, and deepening reform.

• Plans to maintain profitability growth, focus on high-quality development, and further strengthen risk management.

• Asset quality and NPL ratios expected to remain stable and well-controlled.

• Continued emphasis on digital transformation, smart banking, and customer/employee satisfaction.