Bank of China ( (BACHY) ) has released its Q3 earnings. Here is a breakdown of the information Bank of China presented to its investors.
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Bank of China Limited, a major financial institution operating in the banking sector, provides a wide range of financial services and products in China and internationally. The company recently announced its unaudited results for the third quarter ended 30 September 2024, highlighting a modest increase in profit and total assets over the same period last year. Key financial metrics revealed a 1.74% increase in operating income for the nine-month period, reaching RMB 479,105 million, and a slight rise in profit attributable to equity holders by 0.52%. The bank’s total assets grew by 5.05% to RMB 34,068,988 million, while net cash flows from operating activities saw a significant decline of 65.41% compared to last year, primarily due to reduced cash inflow from customer deposits. Despite the challenges, Bank of China maintained a stable capital adequacy ratio with a common equity tier 1 ratio of 12.23%. Looking forward, the management remains cautiously optimistic, focusing on maintaining financial stability and navigating through macroeconomic uncertainties.
