According to Zhitong Finance App, Shandong Guoxin (01697) announced that the Group expects net profit of about RMB 160 million for the year ended December 31, 2023, down about 43% from the same period in 2022.
The board of directors expected that the decline was mainly due to the impact of the overall transformation of the trust industry; the company's net income from processing fees and commissions decreased year-on-year; the year-on-year increase in loan interest income from consolidated structured entities, while the company's loan interest expenses decreased, and the company's net interest income in 2023 increased year-on-year; the company's investment income due to asset disposal in 2023 was lower than the same period; and the company strengthened its own capital operations in 2023, and the return on fair value changes increased year-on-year.