Bank of Shanghai (601229) H1 2024 earnings summary

Executive summary

• Total assets reached RMB 3.22 trillion as of June 30, 2024, up 4.47% from year-end 2023.

• Net profit attributable to shareholders was RMB 12.97 billion for H1 2024, up 1.04% year-over-year.

• Operating income was RMB 26.25 billion, down 0.43% year-over-year.

• Asset quality remained stable with an NPL ratio of 1.21%, unchanged from year-end 2023.

• Capital adequacy ratio stood at 13.33%, meeting regulatory requirements.

Financial highlights

• Net interest income was RMB 16.18 billion, down 10.78% year-over-year.

• Net fee and commission income was RMB 2.19 billion, down 23.54% year-over-year.

• Other non-interest income rose 46.90% year-over-year to RMB 7.88 billion.

• Operating profit was RMB 15.34 billion, up 3.72% year-over-year.

• Basic EPS was RMB 0.91, up 1.11% year-over-year.

Outlook and guidance

• The bank will continue to focus on high-quality growth, digital transformation, and risk management.

• Plans to further optimize asset and liability structure, enhance capital efficiency, and support key sectors.

• Expects NIM pressure to persist but aims to improve through cost control and asset mix optimization.