Bank of Nanjing (601009) Q3 2024 earnings summary

Executive summary

• Total assets reached ¥2.55 trillion as of September 30, 2024, up 11.31% from year-end 2023, with balanced growth across business lines.

• Net profit attributable to shareholders for the first nine months was ¥16.66 billion, up 9.02% year-over-year; Q3 net profit was ¥5.07 billion, up 10.20% from Q3 2023.

• Operating income for the first nine months was ¥38.56 billion, up 8.03% year-over-year; Q3 operating income was ¥12.34 billion, up 8.38% year-over-year.

• Cost-to-income ratio improved to 25.32%, down 5.15 percentage points from year-end 2023.

• Non-performing loan (NPL) ratio declined to 0.83%, with provision coverage at 340.40%.

Financial highlights

• Net interest income for the first nine months was ¥19.61 billion, down 1.36% year-over-year, accounting for 50.87% of total revenue.

• Non-interest net income rose 19.84% year-over-year to ¥18.94 billion, representing 49.13% of total revenue.

• Basic EPS for the first nine months was ¥1.59, up 8.90% year-over-year; Q3 EPS was ¥0.47, up 11.90%.

• Net cash flow from operating activities for the first nine months was -¥74.56 billion, a significant decrease from the prior year.

• Total loans reached ¥1.24 trillion, up 12.52% from year-end 2023; deposits totaled ¥1.40 trillion, up 2.42%.

Outlook and guidance

• The bank will continue to enhance risk management, strengthen credit risk monitoring, and maintain asset quality.

• Focus remains on supporting the real economy, expanding green and inclusive finance, and leveraging technology for business growth.