$ABC (01288.HK)$ Announcement, as of the interim results for the six months ended June 30, 2024, the company achieved revenue of 367.1 billion yuan and net profit of 136.5 billion yuan in the first half of the year, with year-on-year growth rates of 0.4% and 2.0% respectively. The net interest margin is 0.67%, the weighted average return on equity is 10.75%, and the cost-to-income ratio is 27.44%.
As of the end of June, the total group assets amounted to 42 trillion yuan, a 5.3% increase from the previous year-end; of which, the total customer loans and advances were 24.4 trillion yuan, a 7.8% increase from the previous year-end. The total liabilities amounted to 38.9 trillion yuan, a 5.3% increase from the previous year-end; of which, the total customer deposits balance was 34.1 trillion yuan. The non-performing loan ratio is 1.32%, a decrease of 0.01 percentage points from the previous year-end; the overdue loan ratio is 1.07%, a decrease of 0.01 percentage points from the previous year-end; the provision coverage ratio is 303.94% and the capital adequacy ratio is 18.45%.
In the first half of 2024, the net interest income reached 290.848 billion yuan, an increase of 0.427 billion yuan compared to the same period last year. The increase in scale led to a net interest income increase of 32.223 billion yuan, while the change in interest rates resulted in a net interest income decrease of 31.796 billion yuan. In the first half of 2024, the net interest margin was 1.45%, and the net interest spread was 1.30%, both of which decreased by 21 and 19 basis points respectively year-on-year. The decrease in net interest margin and net interest spread compared to the previous year was mainly due to the impact of support for the real economy, LPR reduction, overall decline in market interest rates, causing a decrease in yield on interest-bearing assets.
