China Everbright Bank Company Limited
(a joint stock company incorporated in the People's Republic of China with limited liability)
Stock Code: 6818
INTERIM REPORTOperating Overview
Asset quality indicators (%)
NPL ratio
1.25
Loan provision ratio
2.15
Provision coverage ratio
172.47
Operating performance (RMB million)
Operating income
65,951
Profit before tax
30,681
Net profit
24,741
Business scale
(RMB million)
Total assets
7,238,591
Total loans
4,084,070
Total liabilities
6,641,409
Balance of deposits
4,253,182
Three North Star Metrics
(RMB trillion)
Finance Product Aggregate
(FPA)
5.41
Assets Under Management
(AUM)
3.10
Gross Merchandise Volume
(GMV)
1.74
Contents
Definitions and Documents for Reference 4
Profile of the Bank 5
Significant Events 58
Changes in Share Capital and Shareholders 61
Key Accounting Data and Financial Indicators
7 Directors, Supervisors, Senior Management, 70 Staff and Business Outlets
Management Discussion and Analysis 11
Environmental, Social and Governance 54
Corporate Governance 75
Review Report and Interim Financial 81
Statements
Columns
Column 1: Building the "Five Excellences" 35
supporting system to serve technology finance
Column 2: Seizing the opportunities of the 46
times to engage in the "AI +" initiative
CasesCase 1: The featured services of 37
"Sunshine Tech Innovation"
Case 2: Inclusive finance featured 38
businesses
Case 3: Pension finance services bringing 41
warmth to people
Case 4: Digital finance featured products 43
Case 5: Vigorously developing green 54
finance
CHINA EVERBRIGHT BANK
Definitions and Documents for Reference
-
DEFINITIONS
In this Report, unless the context otherwise requires, the following terms shall have the meanings set out below:
MOF : Ministry of Finance of the People's Republic of China
PBOC : The People's Bank of China
NFRA : National Financial Regulatory Administration
The former CBIRC : The former China Banking and Insurance Regulatory Commission CSRC : China Securities Regulatory Commission
CHI : Central Huijin Investment Ltd.
CEG : China Everbright Group Ltd.
SSE : Shanghai Stock Exchange
HKEX : Hong Kong Exchanges and Clearing Limited
SEHK : The Stock Exchange of Hong Kong Limited
Articles of Association of the Bank : Articles of Association of China Everbright Bank Company Limited
Hong Kong Listing Rules : Rules Governing the Listing of Securities on The Stock Exchange of Hong
Kong Limited
Model Code : Appendix C3 to the Hong Kong Listing Rules - The Model Code for Securities Transactions by Directors of Listed Issuers
"Two New Actions" : the large-scale renewal of equipment and the trade-in of consumer goods "Two Major Initiatives" : implementing major national strategies and building up security capacity in
key areas
"Three Major Projects" : constructing government-subsidized housing, renovating urban villages and
building dual-use public infrastructure that can accommodate emergency needs
"Four Unremovals" : poverty relief responsibilities, policies, support and oversight shall continue
even after a county is removed from the poverty list
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DOCUMENTS FOR REFERENCE
Financial statements bearing the signatures and seals of Chairman, President, Executive Vice President & CFO and General Manager of Finance and Accounting Department of the Bank
The original auditor's report bearing the seals of the accounting firms and the signatures and seals of certified public accountants
The originals of documents and announcements of the Bank disclosed to the public during the reporting period
A share interim report and financial statements prepared in accordance with PRC GAAP published by the Bank on the SSE website during the reporting period
The originals of the aforesaid documents for reference shall be kept at the Office of the Board of Directors of the Bank.
Profile of the Bank
-
NAME OF THE BANK
Registered Chinese Company Name: 中國光大銀行股份有限公司 (Abbreviation: 中 國光大銀行 or 光大銀行) Registered English Company Name: CHINA EVERBRIGHT BANK COMPANY LIMITED (Abbreviation:
CEB BANK)
2025 Interim Report
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RELEVANT PERSONS
Legal Representative: Wu Lijun
Authorized Representatives: Hao Cheng, Qu Liang Secretary to the Board of Directors: Zhang Xuyang Joint Company Secretaries: Zhang Xuyang, Lee Mei Yi Securities Affairs Representative: Zeng Wenxue
-
CONTACTS
Contact Address: China Everbright Center, No. 25 Taipingqiao Street, Xicheng District, Beijing Postal Code: 100033
Tel: 86-10-63636363
Fax: 86-10-63639066
E-mail: IR@cebbank.com
Investor Hotline: 86-10-63636388
Customer Service Hotline & Customer Complaint Hotline: 95595
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CORPORATE INFORMATION
Office Address: China Everbright Center, No. 25 and No. 25 A Taipingqiao Street, Xicheng District, Beijing Registered Address and Its Change Records:
1992-1995: 16/F, New Century Hotel Office Building, No. 6 Shoudutiyuguan South Road, Beijing 1995-2012: Everbright Building, No. 6 Fuxingmenwai Street, Xicheng District, Beijing
2012-today: China Everbright Center, No. 25 and No. 25 A Taipingqiao Street, Xicheng District, Beijing Website of the Bank: https://www.cebbank.com
Uniform Social Credit Code: 91110000100011743X Code of Financial Authority: B0007H111000001
Scope of Business: taking deposits from the public; granting short-term, medium-term and long-term loans; handling domestic and overseas settlement; handling bill acceptance and discount; issuing financial bonds; issuing, honoring and underwriting government bonds as an agent; trading government bonds and financial bonds; interbank borrowing and lending; trading foreign exchange proprietarily and as an agent; conducting bank card business; providing L/C services and guarantee; offering agency collection and payment and agency insurance services; offering safe deposit box services; and providing other businesses approved by the former CBIRC.
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PRINCIPAL PLACE OF BUSINESS IN HONG KONG
CEB Hong Kong Branch: 23/F, Everbright Center, 108 Gloucester Road, Wan Chai, Hong Kong
CHINA EVERBRIGHT BANK
Profile of the Bank
-
WEBSITES AND NEWSPAPERS DESIGNATED FOR INFORMATION DISCLOSURE
Websites designated for publication of A share interim report: SSE's website: https://www.sse.com.cn
The Bank's website: https://www.cebbank.com Newspapers designated for publication of A share interim report: China Securities Journal: https://www.cs.com.cn
Shanghai Securities News: https://www.cnstock.com
Securities Times: https://www.stcn.com
Securities Daily : https://www.zqrb.cn Websites designated for publication of H share interim report: HKEXnews website: https://www.hkexnews.hk
The Bank's website: https://www.cebbank.com Copies of this interim report are available at: Office of the Board of Directors of the Bank
Shanghai Stock Exchange
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STOCK EXCHANGES FOR LISTING OF SHARES
A Shares: Shanghai Stock Exchange (SSE)
Abbreviated Name of Ordinary Shares: Everbright Bank, Code: 601818
Abbreviated Name of Preference Shares: Everbright P1, Everbright P2, Everbright P3, Code: 360013,
360022, 360034 (SSE Comprehensive Business Platform) H Shares: The Stock Exchange of Hong Kong Limited (SEHK)
Abbreviated Name: CEB Bank, Code: 6818
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AUDITORS DURING THE REPORTING PERIOD
Domestic Auditor: KPMG Huazhen LLP
Office Address: 8/F, Office Tower E2, Oriental Plaza, No. 1 East Chang An Avenue, Beijing Certified Public Accountants for Signature: Huang Aizhou, Ge Mingyi
Overseas Auditor: KPMG
Office Address: 8/F, Prince's Building, 10 Chater Road, Central, Hong Kong Certified Public Accountant for Signature: Fong Hoi Wan
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LEGAL ADVISORS TO THE BOARD OF DIRECTORS DURING THE REPORTING PERIOD
A Share Legal Advisor: JunHe LLP
H Share Legal Advisor: Clifford Chance LLP
-
SECURITIES DEPOSITORY
A Share Ordinary Shares, Preference Shares Depository: Shanghai Branch, China Securities Depository
and Clearing Corporation Limited Office Address: No. 188 Yanggao South Road, Pudong New Area, Shanghai
H Share Registrar: Computershare Hong Kong Investor Services Limited
Office Address: Shops 1712-1716, 17/F, Hopewell Center, 183 Queen's Road East, Wan Chai, Hong Kong
Key Accounting Data and Financial Indicators
KEY ACCOUNTING DATA AND INDICATORS
Item
January-June
2025 Interim Report
2025
January-June
2024 Change (%)
January-June
2023
Operating performance (RMB
million)
Net interest income
45,432
48,111
(5.57)
54,733
Net fee and commission income
10,443
10,533
(0.85)
13,445
Operating income
65,951
69,866
(5.60)
76,531
Operating expenses
(19,357)
(19,763)
(2.05)
(20,543)
Impairment losses on assets
(15,913)
(20,298)
(21.60)
(26,597)
Profit before tax
30,681
29,815
2.90
29,413
Net profit
24,741
24,610
0.53
24,219
Net profit attributable to shareholders
of the Bank
24,622
24,487
0.55
24,072
Per share (in RMB)
Basic earnings per share1
0.38
0.37
2.70
0.38
Diluted earnings per share2
0.38
0.37
2.70
0.36
Item
30 June
2025
31 December
2024 Change (%)
31 December
2023
Net assets per share attributable to ordinary shareholders of the Bank3
8.29
8.17
1.47
7.57
Scale indicators (RMB million)
Total assets
7,238,591
6,959,021
4.02
6,772,796
Total loans and advances to
customers
4,084,070
3,933,902
3.82
3,786,954
Provision for impairment of loans4
87,556
88,582
(1.16)
85,371
Total liabilities
6,641,409
6,368,790
4.28
6,218,011
Deposits from customers
4,253,182
4,035,687
5.39
4,094,528
Total equity
597,182
590,231
1.18
554,785
Total equity attributable to
shareholders of the Bank
594,534
587,700
1.16
552,391
Share capital
59,086
59,086
-
59,086
Item
January-June
2025
January-June
2024 Change
January-June
2023
Profitability indicators (%)
Return on average total assets
0.70
0.73 -0.03
percentage
point
0.74
Return on weighted average equity5
9.13
9.51 -0.38
percentage
point
10.14
Net interest spread
1.31
1.46 -0.15
percentage
point
1.75
Net interest margin
1.40
1.54 -0.14
percentage
point
1.82
Proportion of fee and net commission
income in operating income
15.83
15.08 +0.75
percentage
point
17.57
Cost-to-income ratio
28.10
27.03 +1.07
percentage
points
25.65
CHINA EVERBRIGHT BANK
Key Accounting Data and Financial Indicators
Item
30 June
2025
31 December
2024 Change
31 December
2023
Asset quality indicators (%)
NPL ratio
1.25
1.25 -
1.25
Provision coverage ratio6
172.47
180.59 -8.12 percentage points
181.27
Loan provision ratio7
2.15
2.26 -0.11 percentage point
2.27
Notes:
Basic earnings per share = net profit attributable to ordinary shareholders of the Bank/weighted average number of ordinary shares outstanding; net profit attributable to ordinary shareholders of the Bank = net profit attributable to shareholders of the Bank - dividends of the preference shares and interest of non-fixed-term capital bonds declared during the period.
The Bank distributed total dividends of RMB2,406 million (tax included) for the preference shares during the first half of 2025.
Diluted earnings per share = (net profit attributable to ordinary shareholders of the Bank + effect of dilutive potential ordinary shares on net profit attributable to ordinary shareholders of the Bank)/(weighted average number of ordinary shares outstanding + weighted average number of potential dilutive ordinary shares converted into ordinary shares).
Net assets per share attributable to ordinary shareholders of the Bank = (net assets attributable to shareholders of the Bank - preference shares related portion of other equity instruments and non-fixed-term capital bonds)/total number of ordinary shares as at the end of the reporting period.
It only includes provision for impairment of loans measured at amortized cost.
Return on weighted average equity = net profit attributable to ordinary shareholders of the Bank/weighted average equity attributable to ordinary shareholders of the Bank. It was presented in annualized form.
Provision coverage ratio = (provision for impairment of loans measured at amortized cost + provision for impairment of loans at fair value through other comprehensive income)/balance of non-performing loans.
Loan provision ratio = (provision for impairment of loans measured at amortized cost + provision for impairment of loans at fair value through other comprehensive income)/total loans and advances to customers.
The above figures with notes 1, 2, 3 and 5 were calculated according to the Compilation Rules for Information Disclosure by Companies that Offer Securities to the Public (No.9): Calculation and Disclosure of Rate of Return on Equity and Earnings per Share (2010 Revision) issued by the CSRC.
SUPPLEMENTARY FINANCIAL INDICATORS
Item
Standard
value
30 June
2025
31 December
2024
Unit: %
31 December
2023
Liquidity ratio RMB
≥25
77.46
83.42
76.71
Foreign currencies
≥25
91.22
69.53
77.51
Percentage of loans to single largest customer
≤10
1.76
2.08
2.24
Percentage of loans to top ten customers
≤50
9.58
10.23
10.51
Note: The above indicators were calculated on a non-consolidated basis.
CAPITAL COMPOSITION AND CHANGES
The capital adequacy ratio (CAR) indicators calculated in accordance with the Capital Rules for Commercial Banks
(Decree No. 4 of NFRA in 2023) are as follows:
2025 Interim Report
Unit: RMB million, %
30 June 2025 31 December 2024
Item
Consolidated1
Non-
Consolidated Consolidated1
Non-Consolidated1
Net capital2
691,079
655,579
687,077
653,449
Common equity Tier 1 capital
490,882
471,258
483,973
466,431
Common equity Tier 1 capital deductions
(6,097)
(17,142)
(6,257)
(17,296)
Net common equity Tier 1 capital2
484,785
454,116
477,716
449,135
Additional Tier 1 capital
105,067
104,899
105,056
104,899
Additional Tier 1 capital deductions
-
-
-
-
Net Tier 1 capital2
589,852
559,015
582,772
554,034
Tier 2 capital
101,227
96,564
104,305
99,415
Tier 2 capital deductions
-
-
-
-
Credit risk-weighted assets
4,748,805
4,618,513
4,518,186
4,391,695
Market risk-weighted assets
90,741
88,328
79,291
73,948
Operational risk-weighted assets
266,744
254,582
265,643
254,582
Total risk-weighted assets
5,106,290
4,961,423
4,863,120
4,720,225
Common equity Tier 1 CAR
9.49
9.15
9.82
9.52
Tier 1 CAR
11.55
11.27
11.98
11.74
CAR
13.53
13.21
14.13
13.84
Notes:
All domestic and overseas branches, as well as invested financial institutions within the scope of consolidated management in accordance with the Capital Rules for Commercial Banks, shall be included in the calculation of the consolidated CARs. Among these, the invested financial institutions within the scope of consolidated management include Everbright Financial Leasing Co., Ltd., Everbright Wealth Management Co., Ltd., Beijing Sunshine Consumer Finance Co., Ltd., CEB International Investment Corporation Limited, China Everbright Bank (Europe) S.A., Shaoshan Everbright Rural Bank Co., Ltd., Jiangsu Huai'an Everbright Rural Bank Co., Ltd., and Jiangxi Ruijin Everbright Rural Bank Co., Ltd.
Net common equity Tier 1 capital = common equity Tier 1 capital - common equity Tier 1 capital deductions; net Tier 1 capital = net common equity Tier 1 capital + additional Tier 1 capital - additional Tier 1 capital deductions; net capital = net Tier 1 capital + Tier 2 capital - Tier 2 capital deductions.
The Group's capital adequacy ratios of all tiers of capital met the regulatory requirements for systemically important banks.
The Bank has disclosed the Pillar 3 Disclosure Report for the First Half of 2025. Please refer to the official website of the Bank for details.
CHINA EVERBRIGHT BANK
Key Accounting Data and Financial Indicators
LEVERAGE RATIO
The leverage ratio indicators calculated in accordance with the Capital Rules for Commercial Banks (Decree No. 4 of NFRA in 2023) are as follows:
Unit: RMB million, %
Item
30 June
2025
31 March
2025
31 December
2024
30 September
2024
Leverage ratio
7.14
7.00
7.28
7.29
Net Tier 1 capital
589,852
581,548
582,772
575,637
Adjusted balance of on- and off-balance-
sheet assets
8,261,936
8,303,537
8,001,092
7,898,824
Note: The Group's leverage ratios met the regulatory requirements for systemically important banks.
LIQUIDITY COVERAGE RATIO
The liquidity coverage ratio indicators calculated in accordance with the Measures for the Administration of Liquidity Risk of Commercial Banks (Decree No. 3 of CBIRC in 2018) are as follows:
Unit: RMB million, %
Item
30 June
2025
31 March
2025
31 December
2024
30 September
2024
Liquidity coverage ratio
142.11
138.97
151.17
132.11
High quality liquid assets
1,027,335
1,051,504
1,021,575
931,504
Net cash outflow in the next 30 days
722,936
756,668
675,790
705,107
Note: All indicators of liquidity risk of the Group met regulatory requirements. There was no other additional regulatory requirement on liquidity to the Group by regulatory authorities.
NET STABLE FUNDING RATIO
The net stable funding ratios calculated in accordance with the Measures for the Information Disclosure Regarding Net Stable Funding Ratios of Commercial Banks (CBIRC [2019] No. 11) are as follows:
Unit: RMB million, %
Item
30 June
2025
31 March
2025
31 December
2024
30 September
2024
Net stable funding ratio
107.20
108.39
108.76
108.93
Available stable funding
4,103,563
4,173,763
3,984,792
3,944,619
Required stable funding
3,828,008
3,850,807
3,663,764
3,621,377
Please refer to "Unaudited Supplementary Financial Information" for details of net stable funding ratio.
2025 Interim Report
Management Discussion and Analysis
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REVIEW OF MAIN WORK OF THE BANK
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Serving the real economy with a focus on the five target areas of finance
The Bank firmly upheld that serving the real economy was both the starting point and the ultimate goal, striving to serve the five target areas of finance including technology finance, green finance, inclusive finance, pension finance and digital finance with concrete efforts. As at the end of the reporting period, the Bank established "Technology Finance Centers" in 16 branches and created 64 specialized institutions for technology finance, with loans to tech firms rising by 9.88% as compared with the end of the previous year. The Bank made efforts to support the green and low-carbon transition of traditional industries, with green loans rising by 12.37% as compared with the end of the previous year. The Bank accelerated the construction of the "3+1+N" online inclusive finance product system, and expanded the "Credit +" service for micro and small enterprises (MSEs), with inclusive loans and agriculture-related loans rising by 3.95% and 9.18%, respectively, as compared with the end of the previous year. The Bank leveraged synergies to enhance service delivery, and continued to build pension finance brand, with loans to the elderly care industry rising by 29.95% as compared with the end of the previous year. The Bank promoted the application of AI technology, and continuously built differentiated competitive strengths in digital finance, with its "Everbright Cloud Fee Payment" platform maintaining the industry-leading position.
-
Fulfilling its missions as a central financial SOE to implement a package of financial policies
The Bank proactively implemented a package of financial policies with effective outcomes, thereby serving China's overall economic and social development. As at the end of the reporting period, the Bank made full use of various policy tools such as re-lending for tech innovation, equipment renewal, consumption and elderly care. The Bank issued its first batch of seven tech innovation bonds in China, and successfully launched the business of lending to support listed companies in stock repurchase and shareholding increase. The Bank rigorously provided financing for private enterprises and MSEs, and released the CEB Action Plan to Serve Private Enterprises. The medium- and long-term loans to the manufacturing industry and loans to strategic emerging industries increased by 7.61% and 19.11% respectively, as compared with the end of the previous year. The Bank implemented the MSE financing coordination mechanism, approving 33.4 thousand enterprises on the designated list and granting RMB213,469 million of loans. The Bank implemented the real estate financing coordination mechanism, approving 343 projects and granting RMB113,348 million of loans. The Bank developed consumer finance to boost consumption, created a tourism consumption brand titled Economical China Tour ("Yue Hui Zhong Guo"), and promoted innovation and procedure optimization for personal consumer loans.
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Fostering business features for differentiated competitive edges
The Bank built differentiated competitive edges through featured products and services to enhance sustainable development capabilities. The Bank enriched the supply of "Sunshine Wealth Management" and "Sunshine Gold Selection" products, strengthened retail customer base operation, and focused on building the "Sunshine Wealth" featured businesses. As at the end of the reporting period, the scale of assets under management (AUM) of wealth management products reached RMB1.8 trillion. Focusing on eight key livelihood areas, the Bank broadened service boundaries and developed a one-stop "finance + livelihood" service model, continuously expanding the leading advantage of its Cloud Fee Payment platform. The Bank maintained a solid market position in bond underwriting, sustained growth momentum in business matchmaking, equity financing and structured financing, and continued to build a featured brand of Everbright Investment Banking. The Bank strengthened cross-border financial services, and accelerated the rollout of standardized online products such as the "Core-dependent Supply Chain" and "Core-independent Supply Chain" to reinforce the competitive edges of transaction banking services. Under the premise of ensuring safety, the Bank flexibly adjusted portfolio trading strategies so as to enhance the profit contribution and healthy development of financial market business in a refined manner.
CHINA EVERBRIGHT BANK
Management Discussion and Analysis
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Firmly safeguarding the red line of risks by continuously strengthening the safety barriers
The Bank earnestly implemented the requirements of strengthening supervision, preventing risks and promoting high-quality development by reinforcing the three lines of defense as one risk prevention and control system. Adhering to the principle of early risk identification, warning, exposure and resolution, the Bank established a multi-tiered risk defense mechanism to promptly mitigate and resolve risks through early-warning monitoring, mandatory response and large-amount risk penetrating management. The Bank focused on controlling risks in key areas such as retail credit, credit card, real estate and local government financing platforms. The Bank reasonably controlled customer concentration and continuously optimized business structure. The Bank placed emphasis on strengthening the prevention and control of overseas risks, enhanced emergency drills and stress testing, and intensified recovery and collection efforts to improve disposal efficiency.
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Serving the real economy with a focus on the five target areas of finance
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DEVELOPMENT STRATEGY OF THE BANK
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Mission and vision
Firmly committed to ensuring that the financial work is politically-oriented and can better represent the people, the Bank takes "wealth management for the society" as its corporate mission. The Bank stays true to its original aspiration with a focus on its core businesses, breaking new ground while upholding fundamental principles. Leveraging China Everbright Group's strengths in comprehensive finance, industry-finance collaboration and cross-border operation, the Bank promotes the construction of an integrated financial ecosystem featuring "One Customer, One Everbright and One Service Package", and shifts focus from managing its own balance sheets to assisting customers in improving their financial statements, providing first-class wealth management products and services for customers and the society. By investing more efforts in serving the five target areas of finance including technology finance, green finance, inclusive finance, pension finance and digital finance, the Bank strives to form its own distinct characteristics and competitive edges, acting as a principal force in serving the real economy and a ballast stone in safeguarding financial stability.
-
Development approaches
The Bank upholds and strengthens the overall leadership of the Communist Party of China (CPC). Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the Bank studies and implements the guiding principles of the 20th CPC National Congress and the Second and Third Plenary Sessions of the 20th CPC Central Committee, rigorously implements the decisions and deployments on the economic and financial work made by the CPC Central Committee, adheres to the overall tone of pursuing progress while ensuring stability, fully and faithfully applies the new development philosophy on all fronts, fully supports the building of a new development paradigm, and solidly advances high-quality development. Centering on the original mission of serving the real economy, the Bank strives to grasp the law of financial development for a new era, proactively addresses the low interest margin market environment, fully utilizes the policy opportunities in the new round of reform, improves the modern enterprise system with Chinese characteristics, and continuously enhances its core capabilities in customer service, integrated operation, technological support, personnel training, risk management and corporate governance. Through cost reduction, quality improvement and efficiency enhancement, the Bank unswervingly follows the path of financial development with Chinese characteristics. The Bank closely aligns the capabilities of Everbright with the needs of the country and the expectations of its people, cultivates and expands featured businesses, makes efforts to serve the five target areas of finance including technology finance, green finance, inclusive finance, pension finance and digital finance, and continuously meets the growing financial demands of socio-economic development and the people.
2025 Interim Report
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Strategic implementation
During the reporting period, the Bank actively served the real economy and national strategies, expanded key business areas, strengthened capability building, and constantly improved core competitiveness, striving to promote high-quality and sustainable development.
First, the Bank made solid strides in serving the real economy and focused on serving the five target areas of finance including technology finance, green finance, inclusive finance, pension finance and digital finance. Leveraging its strengths in specialized operation, the Bank realized fast growth in loans to key sectors, including technology finance, green finance, inclusive finance, medium- to long-term manufacturing, strategic emerging industries and private enterprises through special supportive measures such as devising separate credit plans, giving preferential funds transfer pricing (FTP) basis points for key areas and weak links and offering capital cost discounts for key projects. In technology finance, the Bank continued to optimize the "1+16+100" technology finance specialized and delicated organization system, and built the "Five Excellences" supporting system featuring excellent services, products, ecosystems, industry research and digital intelligence, providing diversified financial services for tech firms. As at the end of the reporting period, the balance of loans to tech firms stood at RMB417,029 million, up RMB37,503 million or 9.88% as compared with the end of the previous year. In green finance, the Bank continuously advanced system development, product innovation and service enhancement, and improved the green finance product spectrum that consists of traditional credit products and innovative products, covering innovative offerings such as sustainability-linked, environmental right-based and future-income-right-based products and services. As at the end of the reporting period, the balance of green loans under the new statistic scope stood at RMB464,129 million, up RMB51,099 million or 12.37% as compared with the end of the previous year. In inclusive finance, the Bank deepened the implementation of the MSE financing coordination mechanism, strengthened the full-process risk control system for online inclusive loans, and developed the "3+1+N" series of online inclusive finance products to better meet the diversified financial needs of MSEs. As at the end of the reporting period, the balance of inclusive loans amounted to RMB452,660 million, up RMB17,217 million or 3.95% as compared with the end of the previous year. In pension finance, the Bank built the Sunshine Pension Premium ("He Guang Yi Xiang") brand, and gradually formed two key features: an integrated service model combining finance, elderly care, healthcare and tourism, and a coordinated service model featuring banking, insurance and elderly care. The Bank established the first batch of 64 "Pension Finance Service Centers" to continuously support the development of the three-pillar pension security system, optimize both online and offline service experience, and actively provide financing to elderly care service institutions. As at the end of the reporting period, the Bank offered more than 830 pension finance products, and its online special zone of pension finance served customers for 2.6058 million person-times. In digital finance, the Bank fully leveraged advanced technologies such as big data, cloud computing and artificial intelligence to accelerate the whole-process transformation of key businesses towards online operation, mobile access, intelligent processing and ecosystem integration with a focus on building scenarios such as fee payment and financing. By getting deeply rooted in serving the real economy, the Bank steadily scaled up its digital finance business and continuously advanced high-quality development.
Second, the Bank optimized asset and liability management to enhance integrated operation efficiency. In terms of assets, the Bank refined its asset allocation structure, focused on key areas and competition fields, strengthened industry research, and refined marketing paradigms to bolster advantages in featured and specialized competitions. In terms of liabilities, the Bank adhered to a dynamic scale-quality balancing strategy, optimized the structure of deposit products, promoted the construction of four new growth drivers including cash management, entrusted payment, customer chain expansion and qualified special accounts, carried out campaigns to become the main investment bank and the settlement bank for customers, strengthened the collaboration of corporate banking and retail banking to advance agency payroll services, continuously improved its capacity of acquiring customers in batches and obtaining source funds, enhanced the refined management of deposit scale and quality, and facilitated retaining high-quality deposits.
CHINA EVERBRIGHT BANK
Management Discussion and Analysis
Third, the Bank consolidated customer base by continuously deepening customer group integrated operation. In terms of corporate customer group management, the Bank practiced a stratified, grouped and tiered operation approach by formulating differentiated marketing strategies for strategic, potential and basic customer groups to enhance service quality and efficiency. In terms of retail customer group management, the Bank advanced batch customer expansion and business cross-marketing through collaboration between corporate banking and retail banking, enhanced online and offline integrated channel service capabilities, promoted digital empowerment and team building of professional wealth managers, and upgraded the "Sunshine +" membership benefit system to improve comprehensive customer service quality.
Fourth, the Bank insisted on breaking new ground while upholding fundamental principles with a focus on developing business features. The Bank developed the technology finance business called "Sunshine Tech Innovation", launched products such as Technology R&D Loan to meet the financing needs of enterprises at different development stages, and offered a full-life-cycle product system covering equity, credit, bond, custody and private banking products. The Bank rigorously developed the "Sunshine Wealth" business with functions such as "Sunshine Gold Self-selection Plan" and "Travel Wallet - Pay-As-You-Go", realized 24/7 availability of cash products, and issued themed wealth management products including pension finance, inclusive finance, green finance and tech innovation. As at the end of the reporting period, the Bank realized an AUM of RMB1.8 trillion for wealth management products, maintained the industry-leading position of the "Cloud Fee Payment" platform, made efforts to build its digital finance scenario platform, and launched featured products such as Enterprise Administrative Management Service Platform ("Xin Yue Tong"). As at the end of the reporting period, the Bank's Cloud Fee Payment platform cumulatively offered 18,858 fee payment service items, exported payment service items to 898 platforms, and served 1,609 million person-times. The Bank upgraded function construction of human resources, finance and administrative affairs on its Enterprise Administrative Management Service Platform ("Xin Yue Tong"), and developed a featured benefit module, serving a total of 34.3 thousand corporate customers. The Bank continued to grow the "Sunshine Investment Banking" business, implemented the strategy of "integration of commercial banking, investment banking and private banking", and enhanced comprehensive financing service capabilities. During the first half of the year, the Bank underwrote RMB190,611 million of bonds and granted RMB16,623 million of M&A loans. The Bank constructed "Sunshine Transaction Banking" comprehensive financial ecosystem services to consolidate supply chain finance product system, increase value contribution of international settlement customers, and satisfy enterprises' needs of digital upgrading and operation scenario settlement in terms of corporate fund management. As at the end of the reporting period, the number of supply chain finance customers reached 18,362. The Bank also advanced its "Sunshine Financial Market" business in line with the core development targets of "stable allocation, active trading, increased agency business and strengthened risk control". The Bank optimized and strengthened its core investment capabilities and stimulated trading vitality in the market. Focusing on developing featured businesses, the Bank built differentiated competitive edges, with FPA (Finance Product Aggregate) totaling RMB5.41 trillion, AUM (Assets Under Management) totaling RMB3.10 trillion, and GMV (Gross Merchandise Volume) totaling RMB1.74 trillion.
Fifth, the Bank adhered to the compliance bottom line and continued to strengthen comprehensive risk control. The Bank strengthened internal control and compliance management and improved the money laundering risk management system. The Bank deepened credit-granting industry research, and proactively empowered business development. The Bank continued to enhance loan concentration management, regularly carried out penetrative risk monitoring for large-amount credit customers, and advanced the mechanism of mandatory early-warning response to forestall new NPLs resolutely. The Bank strengthened the prevention and control of financial risks in key areas such as local government debts, real estate and credit cards. The Bank also advanced the transformation of special assets management and created a business ecosystem for special assets to dispose of non-performing assets with increased efforts.
2025 Interim Report
Sixth, the Bank accelerated digital transformation to empower business development. The Bank emphasized the role of digital tools in driving business development and improving comprehensive customer service capabilities. The Bank kept empowering the scenario-based ecosystem with digital technology and established a digital scenario-based working mechanism of "value stratification, pattern classification and Head Office-branch coordination" to improve the efficiency of customer conversion via scenario traffic. The Bank also strengthened technology support capabilities by utilizing data elements and digital technologies to upgrade traditional productivity. The Bank actively engaged in the research on large model technology application in key business areas, and promoted the use of AI-generated intelligent reports across the Bank to enhance the efficiency and effectiveness of operation and management.
-
Mission and vision
-
CORE COMPETITIVENESS OF THE BANK
First, the Bank has a strong shareholder background. CEG, as a large state-owned financial holding conglomerate jointly established by MOF and CHI, has a complete set of financial licenses and some characteristic industries including environmental protection, cultural tourism and healthcare, which demonstrates its advantages in comprehensive finance, industry-finance collaboration and cross-border operation. Relying on the platform of CEG, the Bank could provide a full package of financial services and promote finance-industry coordination.
Second, the Bank possesses an outstanding innovative gene. The Bank possesses a strong innovation-driven development philosophy, which is proven by the fact that it has launched RMB wealth management products as the first innovator among Chinese peers and it has built a leading open-ended convenient fee payment platform in China called Cloud Fee Payment.
Third, the Bank enjoys relatively strong brand advantages. The Bank precisely grasps development opportunities and strives to nurture competitive edges. The Bank has established relatively robust market strengths in areas including wealth management, asset management and comprehensive financial services, and gained certain market influence in bond underwriting, financial market investment and "Sunshine Government Treasury".
Fourth, the Bank features a well-developed overseas network. The Bank has established six overseas branches in Hong Kong, Seoul, Luxembourg, Sydney, Macao and Melbourne, two subsidiaries, including CEB International Investment Corporation Limited and China Everbright Bank (Europe) S.A. and one representative office in Tokyo, amounting to nine overseas institutions. The Bank has basically formed an integrated overseas business network that covers both commercial banking and investment banking, as well as both branches and subsidiaries.
Fifth, the Bank operates in a steady manner. The Bank has always upheld a prudent risk management philosophy, persisted in stable business development strategies and taken compliant and lawful operation measures. The Bank's comprehensive risk management strategies and techniques have become increasingly diversified. Meanwhile, its proactive and forward-looking risk management capabilities are constantly enhanced, which lays a foundation for long-term sustainable development.
Sixth, the Bank boasts a strong foundation for technological development. The Bank has continuously advanced in-depth integration between business and technology, dedicated efforts to creating a technology-led and data-driven IT development system with Everbright characteristics, and accelerated digital transformation across the whole Bank, with both the foundation for technology and its capability to empower business development constantly enhanced. The Bank's technology-enabled hit products have won market recognition including Enterprise Administrative Management Service Platform ("Xin Yue Tong"), Sunshine Inclusive Finance Cloud ("Yang Guang Pu Hui Yun"), Sunshine E-financing Chain ("Yang Guang Rong e Lian"), Sunshine Logistics Express ("Wu Liu Tong") and Sunshine Fast Loan ("Guang Su Dai").
CHINA EVERBRIGHT BANK
Management Discussion and Analysis
-
OVERALL OPERATIONS OF THE BANK
-
Business scale grew steadily.
As at the end of the reporting period, the Group's total assets reached RMB7,238,591 million, an increase of RMB279,570 million or 4.02% as compared with the end of the previous year. Total loans and advances to customers stood at RMB4,084,070 million, an increase of RMB150,168 million or 3.82% as compared with the end of the previous year. The balance of deposits amounted to RMB4,253,182 million, an increase of RMB217,495 million or 5.39% as compared with the end of the previous year.
-
Profitability improved steadily.
During the reporting period, the Group's operating income stood at RMB65,951 million, a year-on-year decrease of 5.60%. As for the subcategories, net interest income amounted to RMB45,432 million, a year-on-year decrease of 5.57% and net fee and commission income stood at RMB10,443 million, a year-on-year decrease of 0.85%. Other income stood at RMB10,076 million, a year-on-year decrease of 10.21%. The Group realized a net profit of RMB24,741 million, a year-on-year increase of 0.53%.
-
Asset quality remained stable and controllable.
As at the end of the reporting period, the Group's NPL balance stood at RMB50,915 million, an increase of RMB1,663 million from the end of the previous year. The NPL ratio was 1.25%, unchanged from the end of the previous year. The provision coverage ratio was 172.47%, down 8.12 percentage points from the end of the previous year. The loan provision ratio was 2.15%, down 0.11 percentage point from the end of the previous year.
-
CAR ratios met regulatory requirements constantly.
As at the end of the reporting period, the Group's net capital stood at RMB691,079 million, an increase of RMB4,002 million as compared with the end of the previous year. The CAR, Tier 1 CAR and common equity Tier 1 CAR stood at 13.53%, 11.55% and 9.49% respectively, all of which met regulatory requirements.
-
Business scale grew steadily.
-
MAIN ITEMS OF INCOME STATEMENT
-
Changes in income statement items
Item
January-June
2025
Unit: RMB million
January-June
2024 Change
Net interest income
Net fee and commission income Net trading gains
Net gains arising from investment securities
Net gains on derecognition of financial assets measured at amortized cost
Net foreign exchange gains/(losses) Other net operating income Operating expenses
Impairment losses on credit assets Impairment losses on other assets Gains on investments in joint ventures Profit before tax
Income tax Net profit
Net profit attributable to shareholders of the Bank
45,432
10,443
803
5,693
1,974
710
896
19,357
15,902
11 -30,681
5,940
24,741
24,622
48,111 (2,679)
10,533 (90)
1,685 (882)
8,488 (2,795)
140 1,834
(6) 716
915 (19)
19,763 (406)
20,255 (4,353)
43 (32)
10 (10)
29,815 866
5,205 735
24,610 131
24,487 135
-
Operating income
During the reporting period, the Group realized an operating income of RMB65,951 million, a year-on-year decrease of RMB3,915 million or 5.60%. Net interest income accounted for 68.89% of the total, up 0.03 percentage point year on year. Net fee and commission income accounted for 15.83% of the total, up 0.75 percentage point year on year.
Item
2025 Interim Report
January-June
2025
Unit: %
January-June
2024
Proportion of net interest income
68.89
68.86
Proportion of net fee and commission income
15.83
15.08
Proportion of other income
15.28
16.06
Total operating income
100.00
100.00
-
Net interest income
During the reporting period, the Group realized a net interest income of RMB45,432 million, a year-on-year decrease of RMB2,679 million or 5.57%.
The Group's net interest spread was 1.31%, a year-on-year decrease of 15 bps. Net interest margin was 1.40%, a year-on-year decrease of 14 bps. Such changes were mainly due to factors such as the downward adjustments of LPR and the adjustments of the interest rates for existing housing mortgage loans.
Unit: RMB million, %
January-June 2025 January-June 2024
Item
Average balance
Interest income/
expense
Average yield to
cost ratio
Average balance
Interest income/
expense
Average yield to
cost ratio
Interest-earning assets
Loans and advances to customers
4,046,482
74,043
3.69
3,855,290
83,509
4.36
Finance lease receivables
96,710
1,985
4.14
95,616
2,403
5.05
Investments
1,865,513
26,846
2.90
1,768,453
28,246
3.21
Deposits with the central bank
267,848
1,942
1.46
293,644
2,149
1.47
Placements and deposits with banks and other
financial institutions, and financial assets held
under resale agreements
278,181
2,780
2.02
255,040
3,209
2.53
Total interest-earning assets
6,554,734
107,596
3.31
6,268,043
119,516
3.83
Interest income
107,596
119,516
Interest-bearing liabilities
Deposits from customers
4,073,084
38,687
1.92
3,984,996
44,830
2.26
Placements and deposits from banks and other
financial institutions, and financial assets sold
under repurchase agreements
998,731
10,092
2.04
914,256
11,785
2.59
Debt securities issued
1,211,562
13,385
2.23
1,163,350
14,790
2.56
Total interest-bearing liabilities
6,283,377
62,164
2.00
6,062,602
71,405
2.37
Interest expenses
62,164
71,405
Net interest income
45,432
48,111
Net interest spread1
1.31
1.46
Net interest margin2
1.40
1.54
Notes:
Net interest spread is the difference between the average yield of total interest-earning assets and the average cost of total interest-bearing liabilities.
Net interest margin is the net interest income divided by the average balance of total interest-earning assets. It was presented in annualized form.
CHINA EVERBRIGHT BANK
Management Discussion and Analysis
The following table sets forth the changes in interest income and interest expenses of the Group due to changes in business scale and interest rate:
Item Scale factor
Interest rate factor
Unit: RMB million
Change in interest
Loans and advances to customers
4,141
(13,607)
(9,466)
Finance lease receivables
27
(445)
(418)
Investments
1,550
(2,950)
(1,400)
Deposits with the central bank
(189)
(18)
(207)
Placements and deposits with banks and other
financial institutions, and financial assets held
under resale agreements
291
(720)
(429)
Change in interest income
5,820
(17,740)
(11,920)
Deposits from customers
Placements and deposits from banks and other financial institutions, and financial assets sold under repurchase agreements
Debt securities issued
Change in interest expenses
991
1,089
613
2,693
(7,134)
(2,782)
(2,018)
(11,934)
(6,143)
(1,693)
(1,405)
(9,241)
Net interest income
3,127
(5,806)
(2,679)
-
Interest income
During the reporting period, the Group realized an interest income of RMB107,596 million, a year-on-year decrease of RMB11,920 million or 9.97%. Such change was mainly due to the declining interest income from loans and advances to customers.
Interest income from loans and advances to customers
During the reporting period, the Group's interest income from loans and advances to customers stood at RMB74,043 million, a year-on-year decrease of RMB9,466 million or 11.34%. Such change was mainly due to the decline in loan yield.
Unit: RMB million, %
January-June 2025 January-June 2024
Item
Average balance
Interest income
Average yield ratio
Average balance
Interest income
Average yield ratio
Corporate loans
2,433,221
41,093
3.41
2,244,755
44,123
3.95
Personal loans
1,488,994
32,404
4.39
1,507,227
38,652
5.16
Discounted bills
124,267
546
0.89
103,308
734
1.43
Loans and advances
to customers
4,046,482
74,043
3.69
3,855,290
83,509
4.36
Interest income from investments
During the reporting period, the Group's interest income from investments amounted to RMB26,846 million, a year-on-year decrease of RMB1,400 million or 4.96%. Such change was mainly due to the decline in investment yield.
2025 Interim Report
Interest income from placements and deposits with banks and other financial institutions and financial assets held under resale agreements
During the reporting period, the Group's interest income from placements and deposits with banks and other financial institutions and financial assets held under resale agreements was RMB2,780 million, a year-on-year decrease of RMB429 million or 13.37%. Such change was mainly due to the decline in the yield of placements with banks and other financial institutions.
-
Interest expense
During the reporting period, the Group's interest expense amounted to RMB62,164 million, a year-on-year decrease of RMB9,241 million or 12.94%. Such change was mainly due to the declining interest expenses on deposits from customers.
Interest expense on deposits from customers
During the reporting period, the Group's interest expense on deposits from customers reached RMB38,687 million, a year-on-year decrease of RMB6,143 million or 13.70%. Such change was mainly due to the decrease in the interest rates of customer deposits.
Unit: RMB million, %
January-June 2025 January-June 2024
Item
Average balance
Interest expenses
Average cost ratio
Average balance
Interest expenses
Average cost ratio
Corporate deposits
2,747,839
26,024
1.91
2,756,866
31,083
2.27
Demand deposits
747,533
2,546
0.69
1,011,485
7,244
1.44
Time deposits
2,000,306
23,478
2.37
1,745,381
23,839
2.75
Personal deposits
1,325,245
12,663
1.93
1,228,130
13,747
2.25
Demand deposits
295,443
280
0.19
257,001
416
0.33
Time deposits
1,029,802
12,383
2.42
971,129
13,331
2.76
Total deposits from
customers
4,073,084
38,687
1.92
3,984,996
44,830
2.26
Interest expense on placements and deposits from banks and other financial institutions and financial assets sold under repurchase agreements
During the reporting period, the Group's interest expense on placements and deposits from banks and other financial institutions and financial assets sold under repurchase agreements totaled RMB10,092 million, a year-on-year decrease of RMB1,693 million or 14.37%. Such change was mainly due to the decline in the interest rates for placements from banks and other financial institutions and due from banks.
Interest expense on debt securities issued
During the reporting period, the Group's interest expense on debt securities issued totaled RMB13,385 million, a year-on-year decrease of RMB1,405 million or 9.50%. Such change was mainly due to the decrease in the interest rates of debt securities issued.
CHINA EVERBRIGHT BANK
Management Discussion and Analysis
-
Net fee and commission income
During the reporting period, the Group's net fee and commission income stood at RMB10,443 million, a year-on-year decrease of RMB90 million or 0.85%. Such change was mainly due to the decrease in the bank card service fees.
Unit: RMB million
Item
January-June
2025
January-June
2024
Fee and commission income
11,812
11,849
Bank card service fees
3,686
4,247
Wealth management service fees
2,364
1,986
Settlement and clearing fees
2,274
2,020
Custody and other fiduciary business fees
1,133
1,046
Agency service fees
1,046
1,168
Underwriting and advisory fees
672
668
Acceptance and guarantee fees
628
704
Others
9
10
Fee and commission expenses
(1,369)
(1,316)
Net fee and commission income
10,443
10,533
-
Other income
During the reporting period, the Group's other income reached RMB10,076 million, a year-on-year decrease of RMB1,146 million or 10.21%. Such change was mainly due to the decrease in net gains arising from investment securities.
Item
January-June
2025
Unit: RMB million
January-June
2024
Net trading gains
803
1,685
Net gains arising from investment securities
5,693
8,488
Net gains from derecognition of financial assets measured at
amortized cost
1,974
140
Net foreign exchange gains/(losses)
710
(6)
Other operating income
896
915
Total other income
10,076
11,222
-
Operating expenses
During the reporting period, the Group's operating expenses totaled RMB19,357 million, a year-on-year decrease of RMB406 million or 2.05%. The cost-to-income ratio stood at 28.10%, a year-on-year increase of 1.07 percentage points.
Item
January-June
2025
Unit: RMB million
2025 Interim Report
January-June
2024
Staff remuneration costs
10,494
10,716
Premises and equipment expenses
3,894
3,814
Tax and surcharges
822
877
Others
4,147
4,356
Total operating expenses
19,357
19,763
-
Impairment losses on assets
During the reporting period, the Group sustained impairment losses on assets totaled RMB15,913 million, a year-on-year decrease of RMB4,385 million or 21.60%. Such change was mainly due to the decrease in impairment losses on loans and advances to customers.
Item
January-June
2025
Unit: RMB million
January-June
2024
Impairment losses on loans and advances to customers
15,399
19,138
Loans and advances to customers measured at amortized cost
15,501
19,504
Loans and advances to customers at fair value through other
comprehensive income
(102)
(366)
Debt instruments at fair value through other comprehensive income
353
(95)
Financial investments measured at amortized cost
(940)
1,139
Impairment losses on finance lease receivables
(150)
70
Others
1,251
46
Total impairment losses on assets
15,913
20,298
-
Income tax expenses
During the reporting period, the Group's income tax expenses totaled RMB5,940 million, a year-on-year increase of RMB735 million or 14.12%.
CHINA EVERBRIGHT BANK
Management Discussion and Analysis
-
Changes in income statement items
-
MAIN ITEMS OF BALANCE SHEET
-
Assets
As at the end of the reporting period, the Group's total assets stood at RMB7,238,591 million, an increase of RMB279,570 million or 4.02% as compared with the end of the previous year. Such change was mainly due to the increase in loans and advances to customers.
Item
Unit: RMB million, %
30 June 2025 31 December 2024 Balance Percentage Balance Percentage
Total loans and advances to customers
4,084,070
3,933,902
Accrued interest on loans
12,090
12,373
Provision for impairment of loans
(87,556)
(88,582)
Net loans and advances to customers
4,008,604
55.38
3,857,693
55.43
Finance lease receivables
87,645
1.21
94,781
1.36
Due from banks and other financial
institutions
118,231
1.63
47,767
0.69
Cash and due from central bank
315,987
4.37
283,266
4.07
Investment in securities and other financial
assets
2,344,024
32.38
2,242,546
32.23
Precious metals
3,933
0.05
6,788
0.10
Placements with banks and other financial
institutions, and financial assets held under
resale agreements
210,808
2.91
297,867
4.28
Property and equipment
30,836
0.43
28,506
0.41
Right-of-use assets
9,823
0.14
10,321
0.15
Goodwill
1,281
0.02
1,281
0.02
Deferred tax assets
35,992
0.49
31,358
0.44
Other assets
71,427
0.99
56,847
0.82
Total assets
7,238,591
100.00
6,959,021
100.00
Note: Provision for impairment of loans only includes the provision measured at amortized cost.
Loans and advances to customers
As at the end of the reporting period, the Group's total loans and advances to customers reached RMB4,084,070 million, an increase of RMB150,168 million or 3.82% as compared with the end of the previous year. The proportion of loans and advances to customers in total assets was 56.42%, a decrease of 0.11 percentage point as compared with the end of the previous year.
Item
Unit: RMB million, %
30 June 2025 31 December 2024 Balance Percentage Balance Percentage
Corporate loans
2,495,109
61.09
2,297,559
58.41
Personal loans
1,495,962
36.63
1,482,419
37.68
Discounted bills
92,999
2.28
153,924
3.91
Total loans and advances to customers
4,084,070
100.00
3,933,902
100.00
Investment in securities and other financial assets
As at the end of the reporting period, the Group's investment in securities and other financial assets stood at RMB2,344,024 million, an increase of RMB101,478 million as compared with the end of the previous year, accounting for 32.38% of the total assets, up 0.15 percentage point as compared with the end of the previous year.
Unit: RMB million, %
30 June 2025 31 December 2024
2025 Interim Report
Item Balance Percentage Balance Percentage
Financial assets at fair value through profit or loss
Derivative financial assets
Debt instruments at fair value through other comprehensive income
Financial investments measured at amortized cost
Equity instruments at fair value through other comprehensive income
Total investments in securities and other financial assets
446,065
19.03
443,106
19.76
10,784
0.46
33,797
1.51
749,056
31.96
600,404
26.77
1,136,976
48.50
1,164,099
51.91
1,143
0.05
1,140
0.05
2,344,024
100.00
2,242,546
100.00
Types and amounts of financial bonds held
As at the end of the reporting period, the financial bonds held by the Group amounted to RMB548,441 million, a decrease of RMB41,476 million as compared with the end of the previous year. Of these, the financial bonds measured at amortized cost occupied a proportion of 51.34% in total.
Unit: RMB million, %
30 June 2025 31 December 2024
Item Balance Percentage Balance Percentage
Financial assets at fair value through profit or loss
Financial investments measured at amortized cost
Debt instruments at fair value through other comprehensive income
Total financial bonds held
43,289
7.89
75,959
12.88
281,595
51.34
354,478
60.09
223,557
40.77
159,480
27.03
548,441
100.00
589,917
100.00
Top 10 financial bonds held in nominal value
Unit: RMB million, %
Name of bond
Nominal value
Annual interest rate
Maturity date
impairment
losses
Bond 1
21,022
4.04
2027-04-10
-
Bond 2
18,790
4.24
2027-08-24
-
Bond 3
18,150
3.05
2026-08-25
-
Bond 4
14,930
4.39
2027-09-08
-
Bond 5
12,960
3.18
2026-04-05
-
Bond 6
12,480
3.86
2029-05-20
-
Bond 7
12,447
4.04
2028-07-06
-
Bond 8
12,140
4.65
2028-05-11
-
Bond 9
10,340
3.63
2026-07-19
-
Bond 10
9,791
1.80
2035-04-02
-
Allowance for
Note: The allowance for impairment losses in the table refers to that of stage 2 and stage 3, excluding that of stage 1.
CHINA EVERBRIGHT BANK
Management Discussion and Analysis
Goodwill
The cost of the Group's goodwill stood at RMB6,019 million. As at the end of the reporting period, the allowance for impairment losses on goodwill was RMB4,738 million, and the book value of goodwill registered RMB1,281 million, on par with that as at the end of the previous year.
For details about the collateralized assets of the Bank as at the end of the reporting period, please refer to "Notes to the Unaudited Condensed Consolidated Financial Statements".
-
Liabilities
As at the end of the reporting period, the Group's total liabilities stood at RMB6,641,409 million, an increase of RMB272,619 million or 4.28% as compared with the end of the previous year, mainly due to the increase in customer deposits.
Unit: RMB million, %
30 June 2025 31 December 2024
Item Balance Percentage Balance Percentage
Due to the central bank
163,434
2.46
95,633
1.50
Deposits from customers
4,253,182
64.04
4,035,687
63.37
Deposits from banks and other financial
institutions
518,155
7.80
581,536
9.13
Placements from banks and other financial
institutions
168,681
2.54
216,562
3.40
Derivative financial liabilities
12,305
0.19
32,448
0.51
Financial assets sold under repurchase
agreements
192,865
2.90
75,793
1.19
Accrued staff costs
20,460
0.31
21,895
0.34
Taxes payable
5,496
0.08
4,758
0.07
Lease liabilities
10,040
0.15
10,412
0.16
Debt securities payable
1,217,020
18.33
1,231,112
19.33
Other liabilities
79,771
1.20
62,954
1.00
Total liabilities
6,641,409
100.00
6,368,790
100.00
As at the end of the reporting period, the balance of the Group's deposits from customers stood at RMB4,253,182 million, an increase of RMB217,495 million or 5.39% as compared with the end of the previous year.
Unit: RMB million, %
30 June 2025 31 December 2024
Item Balance Percentage Balance Percentage
Corporate deposits
2,409,376
56.65
2,220,499
55.03
Demand deposits
818,532
19.25
760,979
18.86
Time deposits
1,590,844
37.40
1,459,520
36.17
Personal deposits
1,341,762
31.55
1,278,375
31.67
Demand deposits
311,832
7.33
301,162
7.46
Time deposits
1,029,930
24.22
977,213
24.21
Margin deposits
424,113
9.97
458,063
11.35
Corporate
415,422
9.77
447,641
11.09
Personal
8,691
0.20
10,422
0.26
Other deposits
1,058
0.02
591
0.01
Accrued interest
76,873
1.81
78,159
1.94
Total deposits from customers
4,253,182
100.00
4,035,687
100.00
-
Equity of shareholders
As at the end of the reporting period, the Group's equity attributable to shareholders of the Bank stood at RMB594,534 million, an increase of RMB6,834 million as compared with the end of the previous year, mainly due to the increase in undistributed profits in the current period.
2025 Interim Report
Unit: RMB million
Item
30 June
2025
31 December
2024
Share capital
59,086
59,086
Other equity instruments
104,899
104,899
Capital reserve
74,473
74,473
Other comprehensive income
6,676
10,891
Surplus reserve
29,543
29,543
General risk reserve
90,052
89,891
Retained earnings
229,805
218,917
Total equity attributable to shareholders of the Bank
594,534
587,700
Equity of minority shareholders
2,648
2,531
Total equity
597,182
590,231
-
Off-balance-sheet items
The Group's off-balance-sheet items are mainly credit commitments, including loans and credit card commitments, bank's acceptance bills, letters of guarantee, letters of credit and guarantees. As at the end of the reporting period, the total amount of credit commitments was RMB1,592,433 million, an increase of RMB21,608 million as compared with the end of the previous year.
Unit: RMB million
Item
30 June
2025
31 December
2024
Loans and credit card commitments
646,404
600,883
Bank's acceptance bills
643,440
683,870
Letters of guarantee
114,128
119,730
Letters of credit
188,281
166,162
Guarantees
180
180
Total credit commitments
1,592,433
1,570,825
-
Assets
-
CASH FLOWS
The Group's net cash inflows from operating activities amounted to RMB212,285 million, of which cash inflows from operating activities reached RMB31,579 million, cash outflows arising from changes in operating assets stood at RMB114,442 million, and cash inflows arising from changes in operating liabilities totaled RMB295,148 million.
The Group's net cash outflows from investing activities amounted to RMB78,461million, of which cash inflows arising from disposal and redemption of investments stood at RMB651,983 million and cash outflows arising from investment payments registered RMB762,637 million.
The Group's net cash outflows from financing activities were RMB37,424 million, of which net proceeds from bond issuance posted RMB499,726 million and cash outflows arising from principal repayment of debt securities registered RMB514,094 million.
CHINA EVERBRIGHT BANK
Management Discussion and Analysis
-
LOAN QUALITY
-
Industry concentration of loans
Unit: RMB million, %
30 June 2025 31 December 2024
Industry Balance Percentage Balance Percentage
Manufacturing
566,387
22.70
517,263
22.51
Leasing and commercial services
428,089
17.16
377,167
16.42
Water, environment and public utility
management
351,587
14.09
336,892
14.66
Wholesale and retail trade
211,629
8.48
182,122
7.93
Real estate
165,022
6.61
157,688
6.86
Construction
160,709
6.44
160,791
7.00
Transportation, storage and postal services
147,471
5.91
136,520
5.94
Finance
121,527
4.87
113,392
4.94
Production and supply of power, gas and
water
113,660
4.56
100,044
4.35
Mining
60,311
2.42
54,448
2.37
Others
168,717
6.76
161,232
7.02
Subtotal of corporate loans
2,495,109
100.00
2,297,559
100.00
Retail loans
1,495,962
1,482,419
Discounted bills
92,999
153,924
Total loans and advances to customers
4,084,070
3,933,902
Note: "Others" includes agriculture, forestry, animal husbandry and fishery; accommodation and catering; public administration and social organization; information transmission, computer services and software; health, social security and social welfare; resident services and other services; scientific research, technical services and geological prospecting; culture, sports and recreation; and education.
-
Distribution of loans by region
Unit: RMB million, %
30 June 2025 31 December 2024
Region Balance Percentage Balance Percentage
Yangtze River Delta
1,042,107
25.52
981,383
24.95
Central China
699,177
17.12
678,006
17.23
Pearl River Delta
635,110
15.55
618,232
15.72
Bohai Rim
611,151
14.96
577,265
14.67
Western China
505,147
12.37
485,466
12.34
Northeastern China
92,204
2.26
94,754
2.41
Head Office
371,972
9.11
375,410
9.54
Overseas
127,202
3.11
123,386
3.14
Total loans and advances to customers
4,084,070
100.00
3,933,902
100.00
-
Types and proportions of loans by collateral
Unit: RMB million, %
30 June 2025 31 December 2024
2025 Interim Report
Type Balance Percentage Balance Percentage
Unsecured loans
1,528,922
37.44
1,392,798
35.40
Guaranteed loans
946,344
23.17
854,652
21.73
Mortgage loans
1,403,014
34.35
1,409,879
35.84
Pledged loans
205,790
5.04
276,573
7.03
Total loans and advances to customers
4,084,070
100.00
3,933,902
100.00
- Top ten loan customers
-
Industry concentration of loans
Balance of loans
Unit: RMB million, %
Proportion in
Name Industry
as at 30 June
2025
total loans and
advances
Proportion in net capital1
Borrower
1
Transportation, storage and postal
0.30
1.76
services
12,071
Borrower
2
Leasing and commercial services
8,298
0.20
1.20
Borrower
3
Manufacturing
7,670
0.19
1.11
Borrower
4
Real estate
6,776
0.17
0.98
Borrower
5
Manufacturing
6,696
0.16
0.97
Borrower
6
Mining
5,300
0.13
0.77
Borrower
72
Leasing and commercial services
5,000
0.12
0.72
Borrower
8
Leasing and commercial services
4,999
0.12
0.72
Borrower
92
Leasing and commercial services
4,799
0.12
0.69
Borrower
10
Construction
4,583
0.11
0.66
Total
66,192
1.62
9.58
Notes:
The proportion of balance of loans in net capital is calculated according to the requirements of NFRA.
Borrower 7 and Borrower 9 are related parties of the Bank and therefore their transactions with the Bank constitute related party transactions.
CHINA EVERBRIGHT BANK
Management Discussion and Analysis
-
NAME OF THE BANK
-
Five-category loan classification
Unit: RMB million, %
30 June 2025 31 December 2024
Type Balance Percentage Balance Percentage
Normal loans
3,959,819
96.95
3,812,286
96.91
Special mention loans
73,336
1.80
72,364
1.84
Substandard loans
18,835
0.47
21,088
0.53
Doubtful loans
17,213
0.42
15,335
0.39
Loss loans
14,867
0.36
12,829
0.33
Total loans and advances to customers
4,084,070
100.00
3,933,902
100.00
Performing loans
4,033,155
98.75
3,884,650
98.75
Non-performing loans
50,915
1.25
49,252
1.25
Note: Performing loans comprise of normal loans and special mention loans, and non-performing loans comprise of substandard loans, doubtful loans and loss loans.
-
Loan migration ratio
Item
30 June
2025
31 December
2024
Unit: %
Change over the end of the previous year
Migration ratio of normal loans
1.11
1.80 -0.69 percentage point
Migration ratio of special mention loans
11.31
15.30 -3.99 percentage points
Migration ratio of substandard loans
64.17
74.61 -10.44 percentage points
Migration ratio of doubtful loans
27.25
41.53 -14.28 percentage points
- Restructured loans and overdue loans
1. Restructured loans
Unit: RMB million, %
30 June 2025 31 December 2024
Type Balance
Proportion of loans and advances in
total principal Balance
Proportion of loans and advances in total principal
Restructured loans and advances to customers Restructured loans and advances to customers overdue for more than 90 days | 24,684 0.60 1,094 0.03 | 21,959 0.56 776 0.02 |
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