On April 29, GLONGHUI (01658.HK) released its report for the first quarter of 2024. During the reporting period, the Bank achieved operating income of 89.494 billion yuan, an increase of 1,252 billion yuan, an increase of 1.42%; net profit of 25.957 billion yuan, a year-on-year decrease of 328 million yuan, a decrease of 1.25%. The annualized average return on total assets is 0.65%, and the annualized weighted average return on net assets is 12.36%. Net profit attributable to bank shareholders was 25.926 billion yuan, a year-on-year decrease of 1.35%.
During the reporting period, the Bank achieved net interest income of 71,573 billion yuan, an increase of 2.175 billion yuan over the previous year, an increase of 3.13%, mainly driven by the Bank's adherence to a differentiated development strategy, continuous promotion of refined asset and liability management, steady growth in the size of interest-bearing assets, and optimization of the balance and liability structure. Net interest yield 1.92%, net spread 1.90%. During the reporting period, the Bank achieved net revenue from handling fees and commissions of 9.476 billion yuan, a year-on-year decrease of 21.10 billion yuan, a decrease of 18.21%, mainly due to the decline in agency insurance business revenue due to the “integration of reporting and banking” policy. However, by focusing on the top ten intermediary business products and comprehensively broadening the sources of income, the Bank achieved relatively rapid growth in revenue from investment banking, transaction banking, corporate finance, etc.