Shanghai Pudong Development Bank (600000) H2 2024 earnings summary

Executive summary

• Achieved net profit attributable to shareholders of RMB 45.257 billion, up 23.31% year-over-year, with operating profit rising 16.46% and total profit up 18.86%.

• Operating income was RMB 170.748 billion, down 1.55% year-over-year; excluding last year's one-off gain from equity sale, operating income grew 0.92%.

• Asset and liability scale grew steadily, with total assets reaching RMB 9,461.88 billion, up 5.05% from the previous year-end.

• Asset quality improved, with non-performing loan (NPL) ratio dropping to 1.36% and provision coverage rising to 186.96%.

Financial highlights

• Net profit attributable to shareholders increased by RMB 8.555 billion year-over-year, a 23.31% rise.

• Operating profit reached RMB 47.443 billion, up 16.46% year-over-year.

• Basic earnings per share (EPS) was RMB 1.36, up 27.10% year-over-year.

• Net assets per share attributable to ordinary shareholders rose 6.73% to RMB 22.36.

Outlook and guidance

• Focus remains on digital transformation, technology finance, supply chain finance, inclusive finance, cross-border finance, and treasury finance.

• Continued emphasis on risk control, asset quality improvement, and cost efficiency.