BACHF - Bank of China Limited (BACHF) Q4 2024 Earnings Call Transcript

2025-03-26 16:51:39 ET

Bank of China Limited (BACHF)

Q4 2024 Earnings Conference Call

March 26, 2024 07:00 AM ET

Company Participants

Zhuo Chengwen - Secretary to the Board of Directors & Company Secretary

Yu Ke - Securities Affairs Representative

Zhang Hui - Vice Chairman, Executive Director & President

Zhang Xiaodong - EVP

Cai Zhao - Party Committee Leading Group Member

Wu Jian - EVP

Conference Call Participants

Kunpeng Ma - CITIC Securities

Xu Ran - Morgan Stanley

Presentation

Operator

Zhuo Chengwen

Dear investors, analysts, friends from the media, good evening. Welcome to the Bank of China 2024 Annual Results Release Conference. I'm Zhuo Chengwen, Secretary of the Board of Directors of the Bank of China. Today's conference will be co-hosted by me and Ms. Yu Ke, Spokesperson of our Bank. This conference will be broadcast live simultaneously, and so I want to extend welcome to all the friends who are also joining us online.

First of all, I'd like to introduce the leaders. We have with us Vice Chairman and the President of Bank of China, Mr. Zhang Hui; Mr. Zhang Xiaodong, Vice President of our Bank; Mr. Cai Zhao, Vice President of BOC; and Vice President, Wu Jian. Besides, the Independent Director Representative of our Bank, Ms. Liu Xiaolei, is also joining us online.

Our annual results for 2024 were already announced today. The presentation can be downloaded from our official website or reviewed at the bottom of this live broadcast page. All financial figures presented today have been prepared using IFRS unless otherwise noted. Today we have two parts including the result release introduction and the Q&A session.

First of all, let's give the floor to President Zhang Hui to introduce the annual results.

Zhang Hui

Dear investors, analysts and friends from the media, good evening. A big welcome to all of you to our 2024 annual results release conference, and thank you so much for your long-term trust, care and support to the Bank of China.

Now, please allow me to briefly introduce you the operation of our bank in 2024 and the outlook in 2025. Afterwards, I would like to have a Q&A session together with our management with [indiscernible]. In 2024, the Bank of China resolutely implemented decision making plan of CPC Central Committee, solely implemented political and people oriented nature of financial work and gave full play to our advantages globalization, integration and seized opportunities domestically and overseas and promoted overall operation of various work and achieved good results.

We fully support high quality economic and social development and steady growth of assets and liability. Total assets exceeded about RMB35 trillion and the total liability reached RMB32 trillion, up 8.11% and 8.20% respectively from the end of last year. Domestic RMB loans have achieved total growth, optimized structure, balanced and reasonable asset portfolio and abundant liquidity. We actively promoted improvement in quality and efficiency with steady increase in our financial benefits....

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