Bank of China Second Quarter 2024 Earnings: Revenues Beat Expectations, EPS Lags

Bank of China (HKG:3988) Second Quarter 2024 Results

Key Financial Results

• Revenue: CN¥131.3b (up 4.2% from 2Q 2023).
• Net income: CN¥62.6b (flat on 2Q 2023).
• Profit margin: 48% (down from 50% in 2Q 2023). The decrease in margin was driven by higher expenses.
• EPS: CN¥3.40 (up from CN¥0.17 in 2Q 2023).

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

Bank of China Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 6.6%. Earnings per share (EPS) missed analyst estimates by 10%.

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 share price is broadly unchanged from a week ago.

Balance Sheet Analysis

While earnings are important, another area to consider is the balance sheet. See our latest analysis on Bank of China's balance sheet health.

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