Agricultural Bank Of Chin (ACGBF) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, good afternoon. Welcome to Agriculture Bank of China 2024 Interim Results Announcement. I'm very honored to meet with both offline and online analysts as well as media friends from both and home and abroad. So here I would like to thank you for your active participation in our announcement and thank you too for your long-term interest in Agriculture Bank's development. So we do have the other participants, the Executive Director, Vice President of our bank, Mr. Zhang Xuguang, Executive Director, Vice President Lin Li, Vice President Xu Han, Vice President Liu Hong, and Board Secretary Liu Qing, as well as the other directors online. Next, I would like to firstly introduce the performance results of Agriculture Bank of China in the first half of the year. We actually strongly implement the deployment of the central government. We also actually do a very good performance in our business performance, and we also strike very solid steps in terms of high quality development. There are four major manifestations. First, the major quality indicators keep positive growth. We should see that the Chinese economy has been continuously recovering and also created a very good business environment for Agriculture Bank of China. So we have been very entrepreneurial. In the first half of the year, we have the net profit 136.5 billion, 2% increase year-on-year and operating income 3,075 billion, increased by 4% and interest income 290 billion, increased by 1%, so you can see these are all positive growth. And NIM, 1.45% and one bips up versus the first quarter. So you can see NIM has been stabilized and the second deposit as well as loans increased positively. So you can see that loan totaled 24.4 trillion, an incremental of 1.77 trillion. and increased by 7.8% a...