Bank of Shanghai (601229) H2 2023 earnings summary

Executive summary

• Achieved net profit attributable to shareholders of RMB22.54 billion, up 1.19% year-over-year; total assets reached RMB3.08 trillion, up 7.19% from end-2022.

• Non-performing loan (NPL) ratio improved to 1.21%, down 0.04 percentage points; capital adequacy ratio rose to 13.38%.

• Focused on five major areas: sci-tech finance, green finance, inclusive finance, pension finance, and digital finance.

• Enhanced digital transformation, risk management, and regional expansion, especially in the Yangtze River Delta and Shanghai.

Financial highlights

• Operating income was RMB50.56 billion, down 4.80% year-over-year; net interest income fell 7.46% to RMB35.16 billion.

• Net fee and commission income dropped 24.30% to RMB4.92 billion; other net non-interest income rose 21.65% to RMB10.49 billion.

• Total loans and advances to customers increased 5.55% to RMB1.38 trillion; total deposits grew 4.37% to RMB1.64 trillion.

• Basic earnings per share was RMB1.53, up 2.00% year-over-year.

• Fintech investment rose 14.54% to RMB2.44 billion, accounting for 4.98% of operating income.

Outlook and guidance

• New three-year plan (2024-2026) prioritizes customer value, digital transformation, and organizational capacity.

• Plans to deepen regional integration, expand in key financial areas, and maintain prudent risk management.

• Expects stable asset quality and profitability, with continued focus on supporting the real economy and digital innovation.