Yibin City Commercial Bank (2596) H2 2024 earnings summary

Executive summary

• Operating income rose 0.5% YoY to RMB2,180.4 million; net profit edged up 0.1% to RMB477.8 million, while profit before tax increased 4.4% to RMB566.5 million.

• Assets grew 16.9% YoY to RMB109,205.4 million; net customer loans rose 18.4% to RMB58,443.8 million and customer deposits rose 18.3% to RMB84,517.9 million.

Financial highlights

• Net interest income fell 11.6% YoY to RMB1,577.7 million as loan yields declined and deposit funding costs increased.

• Net fee and commission income increased 48.3% to RMB65.1 million; net gains on financial investments rose to RMB315.1 million from RMB10.6 million.

• Net trading gains declined 31.1% to RMB201.0 million; operating expenses increased 3.9% to RMB725.2 million.

• Expected credit losses decreased 4.3% to RMB888.7 million; income tax expense increased 36.0% to RMB88.7 million, mainly due to higher non-deductible expenses.

• Net profit attributable to shareholders was RMB513.4 million; basic and diluted EPS rose to RMB0.13 from RMB0.12.

Outlook and guidance

• 2025 priorities include business and digital transformation, stronger risk management and internal controls, innovation, and improving services to the real economy.

• Strategy centers on regional growth, corporate and retail banking and channel reform, technology-led digitalization, stronger governance and risk controls, and talent development.