Bank of Jiangsu (600919) H1 2024 earnings summary

Executive summary

• Total assets reached RMB 3.77 trillion as of June 30, 2024, up 10.80% from year-end 2023.

• Net profit attributable to shareholders was RMB 18.73 billion for H1 2024, up 10.05% year-over-year.

• Operating income for H1 2024 was RMB 41.62 billion, a 7.16% increase year-over-year.

• ROA (annualized) was 1.08%, and ROE (annualized) was 16.42% for H1 2024.

• NPL ratio remained stable at 0.89%, with provision coverage at 357.20%.

Financial highlights

• Net interest income was RMB 27.66 billion, up 1.76% year-over-year.

• Net fee and commission income was RMB 3.03 billion, up 11.3% year-over-year.

• Investment income reached RMB 8.08 billion, up 37.42% year-over-year.

• Operating expenses rose 14.97% to RMB 9.34 billion, mainly due to higher administrative and office costs.

• Basic EPS was RMB 0.98, down from RMB 1.09 in H1 2023 due to share base changes.

• Net cash flow from operating activities was RMB 102.01 billion, down 19.19% year-over-year.

Outlook and guidance

• Management continues to focus on prudent risk management and digital transformation.

• The bank aims to further strengthen its position in corporate, retail, and green finance, with ongoing investments in technology and ESG initiatives.