Bank of Ningbo (002142) Q3 2024 earnings summary

Executive summary

• Achieved steady growth in revenue and net profit for the first nine months of 2024, with a focus on high-quality asset expansion and digital transformation.

• Maintained stable asset quality and robust risk management amid a complex external environment.

Financial highlights

• Operating income for Q3 2024 was RMB 16,316 million, up 8.12% year-over-year; for the first nine months, RMB 50,753 million, up 7.45%.

• Net profit attributable to shareholders in Q3 was RMB 7,058 million, up 10.25% year-over-year; for the first nine months, RMB 20,707 million, up 7.02%.

• Basic EPS for Q3 was RMB 1.01, up 4.12% year-over-year; for the first nine months, RMB 3.08, up 5.12%.

• Total assets reached RMB 3,067,666 million as of September 30, 2024, up 13.13% from year-end 2023.

• Customer loans and advances totaled RMB 1,455,705 million, up 16.20% from year-end 2023.

• Customer deposits reached RMB 1,863,759 million, up 18.99% from year-end 2023.

Outlook and guidance

• Continued focus on high-quality, sustainable growth and digital transformation to enhance customer value and operational efficiency.