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Why did the revenue and profit decrease in the first three quarters? How will the bank of communications respond to interest rate pressure in the fourth quarter? The earnings conference will address multiple hot topics in the industry.
① Regarding the decline in net profit and operating income in the first three quarters, the Bank of Communications said at a performance briefing today that the main thing is that processing fees, investment valuations, and exchange gains and losses were relatively weak, but it is anticipated that the one-time impact of policy factors on rival renewal revenue will gradually subside next year. ② In the first three quarters, Bank of Communications's net interest yield was 1.28%, down 2 basis points from the previous year.
State-owned major banks are taking action again, the bank of communications has raised the debit card Alipay quick payment limit, and three national banks have launched a "raising limit action".
On the afternoon of November 7, bank of communications announced on its official website that starting from November 18, 2024, the quick payment limit of bank of communications debit cards in Alipay consumer scenarios will be increased to RMB 0.2 million per transaction, RMB 0.2 million per day, and RMB 6 million per month. Recently, postal savings bank of china and cm bank have also increased the quick payment limits for their debit cards on Alipay or WeChat.
Brokerage morning meeting highlights: China's semiconductor industry's domestic market demand and self-controllable direction are clear.
At today's brokerage morning meeting, citic sec believes that the domestic market and self-controllable direction are clear development directions for China's semiconductor industry; gtja pointed out that the improvement in domestic demand is expected to continue to heat up, highlighting the elasticity of baijiu; htsc stated that bank performance is expected to stabilize, seizing structural opportunities.
Pan Gongsheng: steadily promoting the opening up of the financial services industry and financial market systems, expanding the interconnection of domestic and foreign financial markets.
①The fundamentals of the Chinese economy, the broad market, strong economic resilience, and great potential have not changed; ② Continue to adhere to the supportive mmf policy, strengthen communication with the market, and constantly improve the quality and effectiveness of financial services.
Large banks are accelerating their expansion to lower-tier cities! The balance of inclusive small and micro loans is increasing while interest rates are decreasing. Small and medium-sized banks are speeding up to attract customers.
From the perspective of inclusive finance, state-owned banks continue to lower the average interest rate on inclusive loans for small and micro enterprises this year, while the loan balance has grown rapidly since the beginning of the year. Joint-stock banks and city commercial banks, on the other hand, compete for customers based on service quality.
China Construction Bank Corporation (CICHY) Q3 2024 Earnings Call Transcript Summary