Rural commercial bank anticipates substantial net losses for 2024

Jilin Jiutai Rural Commercial Bank Corporation Limited (the "Bank") has announced that it expects net losses of between RMB1,700 million and RMB1,900 million for the year ended December 31, 2024. The projected losses are primarily attributed to the Bank's active response to policy guidance, which involved measures to reduce fees and offer concessions to support the real economy, leading to lower interest income. The bank also faced external economic headwinds that pressured some industries and customers, the company said, resulting in more stringent risk assessment and provisions. The Bank is providing additional materials to its auditor and cautions that the 2024 annual results may differ from the information disclosed due to adjustments upon further audit. Trading of the Bank’s H shares on the Stock Exchange of Hong Kong remains suspended.