Bank of Hangzhou Co. (600926) Q2 2024 earnings summary

Executive summary

• Net profit for H1 2024 was RMB 9.996 billion, up 20.06% year-over-year, with revenue of RMB 19.34 billion, up 5.36% year-over-year.

• Total assets reached RMB 1,984.792 billion as of June 2024, up 7.79% from end-2023.

• Basic EPS was RMB 1.64, up 20.59% year-over-year; ROE improved to 9.74%.

• Board authorized to implement interim dividend plan for 2024 when conditions permit.

• Net assets attributable to shareholders increased 15.84% to RMB 128.921 billion.

Financial highlights

• Operating profit for H1 2024 was RMB 11.378 billion, up 18.71% year-over-year.

• Net interest income: RMB 11.97 billion, up 0.46% year-over-year; non-interest income: RMB 7.37 billion, up 14.43%.

• Total deposits: RMB 1.15 trillion, up 10.18% from end-2023.

• Operating cash flow: RMB 8.997 billion inflow, a significant turnaround from outflow last year.

• Per-share net asset value was RMB 17.19, up 8.11% year-over-year.

Outlook and guidance

• Focus on digital transformation, customer acquisition, and risk management in H2 2024.

• Plans to strengthen core competitiveness, optimize asset structure, and expand light-capital businesses.

• Management expects any differences between preliminary and final H1 2024 results to be within 10%.