Perspective on the first quarterly report of six major banks: stable operating performance, mid-term dividend preparation

◎ Reporter Ma Qian

On April 29, the first quarterly report of the six major banks appeared. ICBC, ABC, BOC, CCB, BOCOM Postal Savings Bank Six state-owned big banks made a total profit of 351.759 billion yuan. And Net profit In contrast to the slowdown in growth, the six major banks took the initiative to slow the growth in scale and strive to assets The quality shall be stable, and a new balance point shall be sought between "quantity, price and insurance".

In addition, ICBC, Agricultural Bank of China, Bank of China and China Construction Bank are planning to implement in the medium term a bonus 。 On the evening of April 29, the four banks simultaneously announced that they would consider implementing the interim dividend distribution in 2024, and the proportion of the total dividend to the net profit attributable to the shareholders of the parent company would not be more than 30%.

Slow growth of net profit

The revenue and net profit of the four major banks dropped

On the whole, except Bank of Communications, the growth of net profit of the five major banks slowed down, including ICBC, ABC, CCB and BOC, whose revenue and net profit fell in the first quarter.

In the first quarter of this year, ICBC, CCB, Agricultural Bank of China, Bank of China, Postal Savings Bank and Bank of Communications respectively achieved net profits attributable to the parent of 87.653 billion yuan, 86.817 billion yuan, 70.386 billion yuan, 55.989 billion yuan, 25.926 billion yuan and 24.988 billion yuan. In addition to the year-on-year growth of 1.44% achieved by Bank of Communications, the net profits of the other five major banks declined year-on-year.

　　 business income In terms of revenue, ICBC, CCB, ABC, BOC and BOCOM respectively achieved 219.843 billion yuan, 2009.28 billion yuan, 186.021 billion yuan, 160.818 billion yuan, 89.43 billion yuan and 670.59 billion yuan, down 3.41%, 2.97%, 1.76%, 3.01% and 0.03% year on year respectively, and only Postal Savings Bank increased 1.44% year on year.

Net interest margin is a key indicator to observe the profitability of banks. In the first quarter, the net interest margin of ICBC, CCB, ABC, BOC, BOCOM and Postal Savings Bank was 1.48%, 1.57%, 1.44%, 1.44%, 1.27% and 1.92% respectively, down 13, 13, 16, 15, 1 and 9 basis points from the end of last year.

As for the reason for the decline of net interest rate of return, Bank of Communications explained that the asset side was affected by the repricing of existing loans, housing loans interest rate Adjustment, more than 5 years LPR Under the influence of such factors as a further downward adjustment, the yield on interest bearing assets declined significantly year on year. liabilities At the end of the year, RMB deposits continued the trend of "fixed deposit", superimposed on the impact of the rising cost of foreign currency deposits, the rigidity of the debt structure was strengthened, and the interest bearing debt cost ratio rose year-on-year.

The war of interest margin protection has begun. Under the background of the continuous downward trend of the loan interest rate on the asset side, the six major banks made efforts to optimize the debt side. In order to stabilize the net interest margin, the Postal Savings Bank continued to optimize the development mechanism of value deposits on the liability side, continued to promote the optimization of debt varieties, term and interest rate structure, and constantly consolidated the existing advantages of debt costs. The deposit interest payment rate in the first quarter was 1.48%, down 5 basis points from the end of last year.

Reasonable growth of loan issuance

Stable asset quality

In the first quarter, the asset scale and loan issuance of the six major banks increased reasonably and moderately. ICBC has maintained the scale of "universal travel" with a total asset of 47.6 trillion yuan. The total assets of Agricultural Bank of China, China Construction Bank, Bank of China, Postal Savings Bank and Bank of Communications were 42.16 trillion yuan, 39.73 trillion yuan, 33.66 trillion yuan, 16.33 trillion yuan and 14.24 trillion yuan respectively, with growth rates of 6.49%, 5.73%, 3.66%, 3.78% and 3.85% respectively. Compared with the double-digit growth trend of last year, the scale growth slowed down.

From the perspective of loan investment, state-owned big banks helped to do a good job in five major articles, and increased credit investment in high-tech manufacturing, strategic emerging industries, specialty and novelty, inclusive finance, green finance and other fields. For example, agricultural bank The balance of loans in inclusive finance was 4392.5 billion yuan, up 22.60% over the end of the previous year; The loan balance of inclusive small and micro enterprises was 3035.3 billion yuan, an increase of 23.47% over the end of the previous year. The Postal Savings Bank focused on the "three rural areas" and the "two small businesses" in the field of loans to create a new record. Personal loans reached 4641.202 billion yuan, an increase of 3.82% over the end of last year, mainly because the Bank deeply implemented the strategy of promoting the overall revitalization of rural areas, continued to increase credit in key areas of rural revitalization, and achieved rapid growth in personal microfinance.

In the first quarter of this year, state-owned big banks fully supported the "three major projects". The Agricultural Bank of China has provided credit to 37 projects totaling 31.6 billion yuan; bank for economic construction In the field of affordable housing, all the projects in the first batch of lists were docked, 271 projects were docked in the field of "flat and urgent", and 507 projects were docked in the field of urban village reconstruction.

While the amount of loans increased and the price decreased, the asset quality of state-owned big banks remained stable. The asset quality of the Postal Savings Bank is still the best. As of the end of the first quarter, the non-performing loan ratio was only 0.84%, but slightly increased by 0.01 percentage points compared with the end of the previous year. The non-performing loan ratios of ABC, CCB and BOCOM were 1.32%, 1.36% and 1.32% respectively, down 0.01 percentage points from the end of last year. The non-performing loan ratio of BOC was 1.24%, down 0.03 percentage points from the end of last year. The non-performing loan ratio of ICBC was 1.36%, unchanged from the end of last year.

While maintaining steady performance growth, state-owned banks are planning to implement medium-term dividends.

On the evening of April 29 Industrial and Commercial Bank of China China Construction Bank, Agricultural Bank of China Bank of China It is disclosed in the announcement of the resolution of the Board of Directors that relevant arrangements for the distribution of interim profits in 2024 have been reviewed and passed, and the current performance will be reasonably considered. Under the condition that there is profits available for distribution in the half year of 2024, the interim dividend distribution in 2024 will be implemented, and the total dividend amount will account for no more than 30% of the net profits attributable to the shareholders of the parent company realized by the Group.