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

Simply Wall St · 08/31 01:07

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).
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SEHK:3988 Earnings and Revenue Growth August 31st 2024

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.