Bank of Communications First Half 2024 Earnings: Misses Expectations

Bank of Communications (HKG:3328) First Half 2024 Results

Key Financial Results

• Revenue: CN¥99.5b (down 1.4% from 1H 2023).
• Net income: CN¥41.8b (down 1.8% from 1H 2023).
• Profit margin: 42% (in line with 1H 2023).
• EPS: CN¥0.56 (down from CN¥0.57 in 1H 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Bank of Communications Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 25%. Earnings per share (EPS) also missed analyst estimates by 9.7%.

Looking ahead, revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Banks industry in Hong Kong.

Performance of the Hong Kong Banks industry.

The company's shares are down 8.0% from a week ago.

Balance Sheet Analysis

Just as investors must consider earnings, it is also important to take into account the strength of a company's balance sheet. We've done some analysis and you can see our take on Bank of Communications' balance sheet.

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