Bank of Beijing (601169) H2 2024 earnings summary

Executive summary

• Achieved total assets of RMB4.22 trillion, up 12.61% year-over-year, with operating income of RMB69.92 billion (+4.81%) and net profit attributable to shareholders of RMB25.83 billion (+0.81%).

• Maintained stable profitability and asset quality, with NPL ratio at 1.31% and provision coverage at 208.75%.

• Advanced digital transformation, completed Phase I of digitalization, and led in mobile banking MAU among city commercial banks.

• Enhanced focus on technology, green, inclusive, pension, and digital finance, with significant loan growth in these areas.

Financial highlights

• Operating income: RMB69.92 billion (+4.81% YoY); net profit: RMB25.83 billion (+0.81% YoY); basic EPS: RMB1.07 (+0.94% YoY).

• Total assets: RMB4.22 trillion (+12.61% YoY); total liabilities: RMB3.86 trillion (+12.94% YoY); deposits: RMB2.45 trillion (+18.34% YoY); loans: RMB2.21 trillion (+9.65% YoY).

• NPL ratio: 1.31% (down 0.01pp YoY); provision coverage: 208.75%; cost-to-income ratio: 29.13%.

• Net interest margin: 1.47% (down 0.07pp YoY); net non-interest income: RMB18.01 billion (+10.06% YoY).

• Core tier-1 capital adequacy: 8.95%; tier-1: 11.97%; total capital adequacy: 13.06%.

Outlook and guidance

• Expects continued economic challenges but remains confident in China’s long-term growth fundamentals.

• Will focus on digital transformation, risk control, and high-quality growth in technology, green, inclusive, pension, and digital finance.

• Plans to further optimize liability structure, enhance non-interest income, and maintain prudent risk management.