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the 2024 semi-annual report released by bank of china recently showed that in the first half of the year, the group achieved operating income of 317.929 billion yuan and after-tax profit of 126.536 billion yuan. "the banking industry is facing an era of opportunities for accelerated transformation and development." bank of china chairman ge haijiao said at the meeting that the future business environment of bank of china will face more opportunities than challenges.

ge haijiao emphasized that in the next stage, the bank of china will cultivate new quality productivity with more pragmatic measures and further do a good job in the "five major articles"; promote comprehensive and in-depth reform with deeper planning, and consider enhancing the diversity, inclusiveness and accessibility of financial products and services; enhance market competitiveness with greater determination, and resolutely maintain the sustained stability of financial returns; invest more resources to consolidate and expand the bank of china's global advantages; build a solid safety bottom line with higher standards, and further improve the risk management system.

looking ahead to the operating environment of the bank of china, ge haijiao concluded that the opportunities faced by the bank of china in the future will outweigh the challenges, and "any risks and challenges are new opportunities for us."

from a national policy perspective,the third plenary session of the 20th cpc central committee has made systematic arrangements for further comprehensively deepening reform, which will certainly provide a more solid, powerful and stable institutional guarantee for the high-quality development of the economy and society.

from the industry perspective,the positive factors facing the bank of china continue to increase. in particular, the steady expansion of high-level opening up to the outside world and the opportunities brought to the bank by the new round of scientific and technological revolution will help the bank of china to give full play to its global and integrated business characteristics and better grasp the initiative in market changes.

from the perspective of financial regulation,after the central financial work conference, the regulatory system has become more sound and regulatory efficiency has been further improved, providing a more favorable regulatory environment for the healthy and orderly development of financial institutions.

from the perspective of the banking industry itself,the current stage is an important one for adjusting the structure, improving internal strength and improving quality and efficiency. by optimizing its own business strategy and firmly grasping the opportunities brought by changes in the external market, boc has quickly achieved the goal of stable and healthy business development and structural adjustment.

"we will actively coordinate and cooperate with regulatory agencies and local government business entities, promote the resolution of risks in key areas, strengthen the coordination of risk resolution, and focus on serving the construction of the 'three major projects', especially the work of ensuring the delivery of houses," said ge haijiao.

as of the end of june 2024, the bank of china's domestic rmb loans increased by 1.21 trillion yuan from the beginning of the year, an increase of 7.32%. among them, corporate credit maintained a steady and rapid growth, with an increase of 1.06 trillion yuan in domestic rmb corporate loans, an increase of 9.98%. the contribution of private credit has increased, with an increase of 143.9 billion yuan in domestic rmb personal loans, an increase of 2.47%. the growth rate of credit in key areas such as inclusive loans, green credit, and loans for strategic emerging industries is higher than the average level of all loans.

"the credit structure of bank of china has been further optimized." lin jingzhen, vice president of bank of china, introduced that in terms of personal credit, the non-housing consumer loan issuance of bank of china in the first half of the year increased by more than 20% compared with the same period last year. in terms of corporate credit, the top five industries that bank of china mainly invests in are manufacturing, transportation, warehousing and postal services, electricity, heat, gas and water production and supply, leasing and business services, and wholesale and retail. from a regional perspective, the three strategic regions of the yangtze river delta, the greater bay area, and the beijing-tianjin-hebei region have relatively strong credit demand and are still the main force of current growth.

lin jingzhen said that boc will further optimize the credit structure, promote the issuance of loans in key areas, increase credit support for technology finance, green finance, inclusive finance, pension finance, digital finance and other fields, strengthen the linkage of the group's commercial bank comprehensive business, provide customers with a series of comprehensive services such as deposits, loans, stocks, bonds, and foreign exchange, and further improve the quality of financial supply. boc will also further optimize the resource matching mechanism in key areas.

in the first half of the year, bank of china achieved operating income of 317.929 billion yuan, which remained basically stable compared with the same period last year; and achieved net interest income of 226.76 billion yuan, which decreased slightly year-on-year.

"in addition to the impact on the size of assets and liabilities, the impact on prices is also quite obvious." liu jin, deputy president of the bank of china, said that in order to better serve the real economy, the banking industry has further increased its efforts to make concessions since the beginning of this year. the differentiated characteristics of credit demand in different industries are obvious, and the impact of asset and liability repricing continues to appear. in addition, the monetary policies of some developed economies have shifted to the european central bank, the swiss national bank has begun to cut interest rates, and it is expected that the federal reserve will also start cutting interest rates in september, and the requirements for active management of external assets and liabilities have been further increased.

liu jin pointed out that boc actively responded to market changes, strengthened the coordinated management of deposit and loan volume and price, and continuously optimized the asset-liability structure. looking ahead to the next stage, boc will continue to leverage its unique advantages in business structure and institutional layout, better cope with the downward pressure on net interest margin, and more actively strengthen net interest margin management.

in rmb business,we will continue to optimize the asset structure, strengthen support for key areas such as new quality productivity and the "five major articles" of finance, increase the issuance of personal housing and consumer loans, and further increase the incremental contribution of personal loans. we will continue to consolidate the foundation of liability business, enhance the role of stabilizing and increasing deposits in businesses such as payroll and cash management, increase the deposit of custodial settlement funds, expand low-cost funding sources, strictly control the proportion of high-cost deposits, and strengthen the refined management of liabilities. we will continue to improve the quality of products and services.

in foreign currency business,we will seize strategic business opportunities such as rmb internationalization and actively serve high-quality imports and high-level outbound investment. we will accelerate the layout of bond investment and orderly promote the growth of foreign currency bond investment. we will accelerate the transformation of overseas light capital and provide customers with a wider range of financial services through overseas custody, cross-border payroll and other businesses. we will pay close attention to the monetary policy trends of major economies and make forward-looking responses.

in the first half of the year, the non-interest income of the bank of china has been stable and has made progress, accounting for 28.68%, an increase of 6.36% year-on-year. "the high proportion of non-interest income is a major advantage for our bank to cope with the low interest rate market environment," said liu jin.

specifically, on the one hand, boc actively responded to the initiative of the industry association and took the initiative to reduce or exempt some service fees; on the other hand, it focused on customer needs, continued to improve comprehensive services, and worked hard to expand the customer base, driving the steady growth of payment and settlement fee income. at the same time, boc gave full play to its global advantages and integrated characteristics, better grasped market opportunities, and drove the growth of other non-interest income such as financial investment, net income, precious metals, and insurance services.

looking ahead to the second half of the year, liu jin said that the bank of china will seize the trend of domestic economic recovery, actively support the real economy, effectively meet customer needs, give full play to its own advantages, and promote the development of non-interest business. first, it will focus on both innovation and potential development to improve the quality and quantity of customer accounts; second, it will provide more comprehensive and better comprehensive financial services; third, it will grasp the national policy orientation of expanding domestic demand and promoting consumption, and enhance customer precision marketing reach; fourth, it will keep a close eye on the global economic and financial markets, strengthen trend analysis, dynamically optimize investment strategies and investment portfolios, and strive to seize business opportunities in market fluctuations.

in the first half of the year, bank of china continued to maintain a stable operating situation. as of the end of june 2024, the non-performing loan ratio of bank of china decreased by 0.03 percentage points from the end of the previous year, the non-performing loan provision coverage ratio increased by 10.03 percentage points from the end of the previous year, and the capital adequacy ratio was 18.91%. overall. "asset quality is stable and improving." liu jiandong, risk director of bank of china, concluded.

regarding the risks of real estate business, liujiandong pointed out that in the first half of the year, with the implementation of various policies to support the stable development of the real estate industry, the policy effects have become apparent, and the external financing environment for real estate companies has improved. the bank of china has strengthened the management and control of related risks, and the non-performing loans in the real estate industry have maintained a "double decline" in the first half of the year.

in the next step, boc will continue to earnestly implement various tasks related to the delivery of housing, promote the coordination mechanism of real estate financing and related work on the battle to deliver housing. according to the principle of marketization and legalization, we will ensure that all loans are granted and promote the destocking of existing commercial housing that has been built. under the premise of compliance with laws and regulations and controllable risks, we will support local state-owned enterprises in acquiring existing commercial housing for sale or rental, and continue to promote the implementation of the "three major projects" and other businesses. at the same time, we will continue to strengthen the monitoring and disposal of credit risks of real estate companies, and effectively prevent and resolve real estate risks through various means such as restructuring, transfer, and write-off.

liu jiandong also pointed out that boc will further strengthen the risk control of personal business, actively resolve the existing non-performing loans, and ensure the high-quality development of personal loan business. looking forward to the second half of the year, real estate personal and small and micro loans, overseas commercial real estate and other fields will continue to be the focus of boc's attention and risk control.