China Construction Bank Corporation disclosed its semi-annual report, with a net profit exceeding 165 billion in the first half of the year, leading in dividend per share among state-owned major banks
China Construction Bank Corporation disclosed in its 2024 interim report that the net profit for the first half of the year was 165.039 billion yuan, with a dividend per share of 0.197 yuan, accounting for nearly 30% of the net profit. Operating income was 385.965 billion yuan, with net interest income slightly decreasing to 296.1 billion yuan. Total assets reached 40.29 trillion yuan, with net loans and advances increasing by 6.70%. The non-performing loan ratio was 1.35%, and the capital adequacy ratio was 19.25%. The dividend proposal will be reviewed at the shareholders' meeting in the second half of the year
On the afternoon of August 30th, China Construction Bank disclosed its 2024 interim report.
In the first half of the year, China Construction Bank achieved operating income of RMB 3859.65 billion and a net profit of RMB 1650.39 billion, both ranking second in the industry.
The interim report shows that due to factors such as the overall decline in LPR and market interest rates, China Construction Bank's net interest income was RMB 296.1 billion, a slight decrease of 5.17% from the same period last year; affected by policies such as fee reductions in insurance, funds, and custody, net fee and commission income decreased by RMB 79.05 billion compared to the same period last year, a decrease of 11.20%; by strengthening comprehensive cost management and improving cost efficiency, operating and management expenses decreased by 1.60% compared to the same period last year, with a cost-to-income ratio of 24.04%; based on the judgment of substantive risks, provisions for loan losses and advances, and other asset impairment losses totaled RMB 87.637 billion, a decrease of 8.11% from the same period last year.
At the end of June, China Construction Bank's total assets were RMB 40.29 trillion, an increase of 5.14%; of which net loans and advances amounted to RMB 24.63 trillion, an increase of 6.70%. Total liabilities were RMB 37.04 trillion, an increase of 5.37%; total deposits amounted to RMB 28.71 trillion, an increase of 3.81%.
In addition, the bank's annualized return on average assets was 0.84%, annualized weighted average return on net assets was 10.82%, capital adequacy ratio was 19.25%, and non-performing loan ratio was 1.35%.
Furthermore, the China Construction Bank's board of directors proposed to distribute cash dividends for the 2024 interim year to all shareholders, at a rate of RMB 0.197 per share (including tax), totaling approximately RMB 49.252 billion, with the dividend accounting for 29.97% of the net profit attributable to the bank's shareholders in the first half of 2024.
This proposal will be submitted for approval at the shareholders' meeting in the second half of 2024. The bank will distribute cash dividends within two months after the approval of the profit distribution plan for the 2024 interim year at the shareholders' meeting