Bank of Hangzhou Co. (600926) Q3 2024 earnings summary

Executive summary

• Achieved operating income of RMB 28.49 billion for the first nine months of 2024, up 3.87% year-over-year; net profit attributable to shareholders reached RMB 13.87 billion, up 18.63% year-over-year.

• Total assets at quarter-end were RMB 2,017.78 billion, up 9.58% from the end of last year; total loans increased 12.77% and deposits rose 12.59% over the same period.

• Asset quality remained stable with a non-performing loan (NPL) ratio of 0.76% and provision coverage at 543.25%.

Financial highlights

• Net interest income for the first nine months was RMB 18.27 billion, up 3.87% year-over-year.

• Basic earnings per share (EPS) reached RMB 2.29, up 19.27% year-over-year; weighted average ROE was 13.51%, up 0.39 percentage points.

• Operating cash flow was RMB 20.10 billion, up 1.67% year-over-year.

• Capital adequacy ratio improved to 13.78% from 12.51% at the end of last year.

Outlook and guidance

• Continued focus on expanding corporate, retail, and asset management businesses, with emphasis on digital transformation and green finance.

• Plans to further strengthen risk management and maintain stable asset quality.