China Everbright Bank Company (601818) Q3 2024 earnings summary

Executive summary

• Achieved net profit of RMB 38.59 billion for the first nine months of 2024, up 1.81% year-over-year, despite an 8.76% decline in operating income to RMB 102.40 billion.

• Total assets reached RMB 6.88 trillion as of September 30, 2024, up 1.65% from year-end 2023.

• Focused on supporting key sectors such as technology, green finance, and inclusive finance, with strong loan growth in these areas.

Financial highlights

• Net profit for Q3 2024 was RMB 13.98 billion, up 2.16% year-over-year; basic EPS for Q3 was RMB 0.20, up 5.26%.

• Operating income for Q3 2024 was RMB 32.59 billion, down 8.73% year-over-year.

• Net interest income for the first nine months was RMB 72.59 billion, down 11.03% year-over-year; net fee and commission income was RMB 15.17 billion, down 20.56%.

• Non-performing loan balance at period-end was RMB 48.52 billion, NPL ratio stable at 1.25%.

• Provision coverage ratio at 170.73%, down 10.54 percentage points from year-end 2023.

Outlook and guidance

• Plans to continue supporting real economy, digital transformation, and risk management.

• Intends to distribute interim cash dividend of RMB 1.04 per 10 shares, totaling RMB 6.145 billion (pre-tax), pending shareholder approval.