Industrial Bank (601166) Q3 2024 earnings summary

Executive summary

• Total assets reached RMB 10,307.4 billion as of September 30, 2024, up 1.47% from year-end 2023.

• Net profit attributable to shareholders for the first nine months was RMB 63.01 billion, down 3.02% year-over-year.

• Operating income for the first nine months was RMB 164.22 billion, up 1.81% year-over-year.

• Asset quality remained stable with a non-performing loan (NPL) ratio of 1.08%, up 0.01 percentage points from year-end 2023.

• Customer deposits grew 5.61% and loans increased 5.14% from year-end 2023.

Financial highlights

• Net interest income for the first nine months was RMB 111.59 billion, up 2.39% year-over-year.

• Non-interest net income reached RMB 52.63 billion, up 0.61% year-over-year.

• Pre-provision profit was RMB 118.91 billion, up 3.74% year-over-year.

• Basic EPS for the first nine months was RMB 2.90, down 3.01% year-over-year.

• Cost-to-income ratio improved to 26.57%, down 1.30 percentage points year-over-year.

Outlook and guidance

• Focus remains on optimizing asset-liability structure, supporting real economy, and enhancing risk management.

• Continued emphasis on ESG governance and high-quality development aligned with national strategies.