Jinwu Financial News | Bank of Communications (03328) announced that in the first quarter of 2024, the company achieved net profit attributable to shareholders of listed companies of 24.988 billion yuan (RMB, same below), an increase of 1.44% over the previous year; basic earnings per share were 0.34 yuan, compared to 0.33 yuan for the same period last year.
From January to March 2024, the Group achieved net interest income of 41,558 billion yuan, an increase of 910 million yuan over the previous year, an increase of 2.24%; it accounted for 61.84% of net operating income, an increase of 1.32 percentage points over the previous year.
From January to March 2024, the Group achieved net revenue of 11.879 billion yuan from handling fees and commissions, a year-on-year decrease of 806 million yuan, a decrease of 6.35%; the share of net operating revenue was 17.68%, a decrease of 1.21 percentage points over the previous year. Net income from handling fees and commissions declined year-on-year, mainly due to “integrated reporting” of banking insurance fees and reduction in commission rates for equity fund products. At the same time, fluctuations in interbank settlement business volume reduced interbank fee revenue, decreased credit card default rates, and overall revenue from the bank card business declined year-on-year.
From January to March 2024, the Group's operating costs were 19.613 billion yuan, a year-on-year decrease of 399 million yuan, or 1.99%; the group's cost-revenue ratio was 29.25%, down 0.58 percentage points from the previous year.