Gelonghui, April 29 | ICBC (01398.HK) announced that in the first quarter of 2024, net profit of 88.062 billion yuan was achieved, a year-on-year decrease of 2.98%. The annualized average return on total assets was 0.76%, and the annualized weighted average return on equity was 10.06%, down 0.13 and 1.16 percentage points, respectively.
Revenue was $210.165 billion, down 3.80% year over year. Net interest income was $161.401 billion, down 4.16%. Annualized net interest return (NIM) 1.48%. Non-interest income was $48.764 billion, a decrease of 2.57%. Among them, net income from handling fees and commissions was $39.342 billion, a decrease of 2.83%, and operating expenses (excluding taxes and surcharges) of $45.789 billion, an increase of 0.78%. The cost-to-revenue ratio was 21.79%. Depreciation losses of various types of assets were calculated at RMB 60.075 billion, a decrease of 7.61%. Among them, impairment losses of loans amounted to RMB 59.698 billion, a decrease of 7.22%.
At the end of the reporting period, total assets were 476,0027 billion yuan, an increase of 2,902,948 billion yuan over the end of the previous year, an increase of 6.49%. The total amount of customer loans and advances (excluding accrued interest) was $27370.160 billion, an increase of $1,283.678 billion, an increase of 4.92%. Among them, RMB loans from domestic branches increased by $1,233.471 billion, an increase of 5.06%. In terms of structure, corporate loans amounted to RMB 174,22.42 billion, personal loans amounting to RMB 88,66,822 billion, and bill discounts of RMB 1,080.918 billion. Investment of 12233.385 billion yuan, an increase of 383.717 billion yuan, an increase of 3.24%.
According to the five-level classification of loan quality, the balance of non-performing loans was 370.888 billion yuan, an increase of 17.386 billion yuan over the end of the previous year. The non-performing loan ratio was 1.36%, the same as at the end of the previous year. The provision coverage rate was 216.31%, an increase of 2.34 percentage points.
The core Tier 1 capital adequacy ratio is 13.78%, the Tier 1 capital adequacy ratio is 15.18%, and the capital adequacy ratio is 19.21%, all of which meet regulatory requirements.