Bank of Qingdao reports strong preliminary 2024 results

Bank of Qingdao (HKEX: 3866) has released preliminary annual results for 2024, showcasing substantial growth. The bank's total profit surged to RMB4.995 billion, a 26.99% increase year-over-year. Operating income rose to RMB13.498 billion, up 8.22%. Net profit attributable to shareholders reached RMB4.264 billion, marking a 20.16% increase. The bank’s total assets grew by 13.48% to RMB689.963 billion. The non-performing loan ratio improved slightly to 1.14%, and the provision coverage ratio increased to 241.32%. Basic earnings per share increased to RMB0.69 from RMB0.57 in 2023. The bank attributes its improved performance to strategic initiatives and quality management.