Industrial and Commercial Bank of China Limited (OTCPK:IDCBY) Q3 2024 Earnings Conference Call October 30, 2024 5:30 AM ET
Company Participants
Wang Liancheng – Corporate Strategy and Investor Relations Department
Yao Mingde – Senior Executive Vice President
Zhang Wenwu – General Manager of Finance and Accounting Department
Xiong Yan – Chief Business Officer
Song Jianhua – General Manager of Personal Banking Department
Tian Fenglin – Chief Business Officer
Conference Call Participants
Li Chen – China Securities
Junliang Chen – Guosen Securities
Liang Fengjie – Zhejiang Securities
XiaoFei Ma – CITIC Securities
Bennett Chu – UBS Securities
Cheng Chen – Haitong Securities
Operator
Thanks for your participation. The meeting is ready to start. Please remain on the line.
Wang Liancheng
[Thank you for joining the] (ph) ‘24 Q3 investor call. I’m Wang Liancheng from Corporate Strategy and IR Department. Today, ICBC’s SEVP, Mr. Yao Mingde, the General Manager of relevant departments and subsidiaries to carry out this communication with you. The Q3 results were already released. In January, since this year, we faced with low interest rate environment.
We accelerated intelligent risk control, modern layouts, digital drivers, a diversified structure, ecological foundation, the so called five transformation, we cultivated new drivers and created new balance between income and expenses. Our operations maintained robust.
First, the main indicators performed well. In the first three quarters, net income was over RMB270 billion up by 0.2%. The increase turned positive. Operating income was RMB599.1 billion decreased strength NPL ratio 1.35%, down by 1 bp. Capital adequacy ratio was 19.25%. Provision coverage ratio maintained 200% above.
Second, balance sheet continued to expand. Total assets was RMB48.3 trillion, up by RMB3.7 trillion. The loans increased by RMB2 trillion investments, RMB1.4 trillion. The mix continued to be optimized. Liabilities was RMB44.4 trillion, up by RMB3.5 trillion. The deposit deviation recorded the lowest in same quarter in
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