Bank of Nanjing (601009) H1 2024 earnings summary

Executive summary

• Achieved revenue of RMB 26.22 billion for H1 2024, up 7.87% year-over-year, with net profit attributable to shareholders at RMB 11.59 billion, up 8.51% year-over-year.

• Total assets reached RMB 2.48 trillion as of June 30, 2024, an 8.50% increase from year-end 2023.

• Non-interest net income grew 25.51% year-over-year, now accounting for 51.13% of total revenue.

• Asset quality improved, with NPL ratio at 0.83%, down 0.07 percentage points from year-end 2023.

• Capital adequacy remains robust, with a capital adequacy ratio of 12.83% and core tier-1 ratio of 8.97%.

Financial highlights

• Operating income for H1 2024 was RMB 26.22 billion, up 7.87% year-over-year; operating profit was RMB 14.12 billion, up 9.57%.

• Net profit attributable to shareholders was RMB 11.59 billion, up 8.51% year-over-year; basic EPS was RMB 1.12, up 8.74%.

• Total loans reached RMB 1.21 trillion, up 9.79% from year-end 2023; total deposits were RMB 1.42 trillion, up 3.58%.

• Non-interest net income rose to RMB 13.40 billion, up 25.51% year-over-year, driven by growth in fee and commission income and fair value gains.

• Net cash outflow from operating activities was RMB 59.28 billion, compared to a net inflow of RMB 60.54 billion in H1 2023.

Outlook and guidance

• The bank will continue to focus on supporting the real economy, especially in technology, green, inclusive, and digital finance.

• Plans to further optimize asset and liability structure, enhance risk management, and maintain high asset quality.

• Expects external uncertainties, including global economic volatility and domestic structural adjustments, to pose challenges.

• Will deepen digital transformation and ESG integration, aiming for sustainable, high-quality growth.