Bank of Shanghai (601229) Q3 2024 earnings summary

Executive summary

• Achieved steady growth with total assets reaching RMB 3.23 trillion as of September 2024, up 4.58% from year-end 2023.

• Net profit attributable to shareholders for Jan–Sep 2024 was RMB 17.59 billion, up 1.40% year-over-year.

• Focused on high-quality service to the real economy, digital transformation, and risk management.

Financial highlights

• Operating income for Q3 2024 was RMB 13.29 billion, up 2.96% year-over-year; Jan–Sep revenue was RMB 39.54 billion, up 0.68%.

• Net profit for Q3 2024 was RMB 4.62 billion, up 2.41% year-over-year; Jan–Sep net profit was RMB 17.59 billion, up 1.40%.

• Basic EPS for Jan–Sep 2024 was RMB 1.24, up 1.64% year-over-year.

• Non-recurring gains contributed RMB 164.96 million to Jan–Sep net profit.

• Net cash flow from operating activities for Jan–Sep was RMB 23.88 billion, a significant increase due to reduced trading assets and higher deposits.

Outlook and guidance

• Continues to prioritize serving the real economy, digitalization, and risk management.

• Plans to maintain stable asset quality and further enhance capital adequacy.