Hua Xia Bank Co. (600015) H1 2024 earnings summary

Executive summary

• Total assets reached RMB 4,328.3 billion as of June 30, 2024, up 1.73% from year-end 2023.

• Net profit attributable to shareholders for H1 2024 was RMB 12,460 million, a 2.86% year-over-year increase.

• Operating income for H1 2024 was RMB 48,354 million, up 1.49% year-over-year.

• The bank maintained stable operations, with improved asset quality and enhanced risk management.

Financial highlights

• Net interest income was RMB 31,716 million, down 7.13% year-over-year.

• Non-interest net income rose 23.33% year-over-year to RMB 16,638 million.

• Basic and diluted EPS were both RMB 0.66, up 13.79% year-over-year.

• Cost-to-income ratio improved to 27.49%, down 0.40 percentage points year-over-year.

• Net cash flow from operating activities was RMB 2,338 million, a sharp decrease from RMB 74,145 million in H1 2023.

Outlook and guidance

• The bank expects continued macroeconomic challenges but anticipates policy support to strengthen economic recovery in H2 2024.

• Focus remains on supporting key sectors, optimizing asset and liability structure, and enhancing risk controls.