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1、1Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in relia

2、nce upon the whole or any part of the contents of this announcement.(A joint stock company incorporated in the Peoples Republic of China with limited liability)(Stock Code:03328)RESULTS ANNOUNCEMENT FOR THE FIRST QUARTER 2024The board of directors(the“Board”)of Bank of Communications Co.,Ltd.(the“Ba

3、nk”)is pleased to announce the unaudited results(the“First Quarter Results”)of the Bank and its subsidiaries(the“Group”)for the three months ended 31 March 2024(the“Reporting Period”).The Board and the Audit Committee of the Board have reviewed and confirmed the First Quarter Results.This announceme

4、nt is made pursuant to Part XIVA of the Securities and Futures Ordinance(Chapter 571 of the Laws of Hong Kong)and Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.I.CORPORATE INFORMATIONStock nameStock codeStock exchangeA ShareBank of Communicati

5、ons601328Shanghai Stock ExchangeH ShareBANKCOMM03328The Stock Exchange of Hong Kong LimitedDomestic Preference ShareBOCOM PREF1360021Shanghai Stock ExchangeSecretary of the Board/Company SecretaryNameHe ZhaobinContact addressNo.188,Yin Cheng Zhong Lu,Pudong New District,ShanghaiTel86-21-58766688Fax8

6、6-21-58798398E-2II.FINANCIAL HIGHLIGHTSAs at 31 March 2024(the“end of the Reporting Period”),key financial data and financial indicators prepared by the Group under International Financial Reporting Standards(“IFRSs”)are as follows:(in millions of RMB unless otherwise stated)31 March 202431 December

7、2023Increase/decrease(%)Total assets14,238,09114,060,4721.26Loans and advances to customers18,203,2237,957,0853.09Total liabilities13,112,27312,961,0221.17Deposits from customers18,679,9018,551,2151.50Shareholders equity(attributable to shareholders of the Bank)1,114,5641,088,0302.44Net assets per s

8、hare(attributable to the ordinary shareholders of the Bank,in RMB yuan)212.6512.302.85January to March2024January to March2023Increase/decrease(%)Net operating income67,20167,1690.05Profit before tax27,34926,4023.59Net profit(attributable to shareholders of the Bank)24,98824,6331.44Basic earnings pe

9、r share(attributable to the ordinary shareholders of the Bank,in RMB yuan)30.340.333.03Diluted earnings per share(attributable to the ordinary shareholders of the Bank,in RMB yuan)30.340.333.03Return on weighted average net assets (annualised,%)310.7911.47Decreased by 0.68 percentage pointNotes:1.Lo

10、ans and advances to customers do not include interest receivable of related loans and advances.Deposits from customers include interest payable of related deposits.2.Refer to shareholders equity attributable to the ordinary shareholders of the Bank after the deduction of other equity instruments as

11、at the end of the Reporting Period divided by the total number of ordinary shares issued as at the end of the Reporting Period.3.Calculated pursuant to the requirements of Regulations on the Preparation of Information Disclosure for Companies Offering Securities to the Public No.9 Calculation and Di

12、sclosure of Return on Net Asset and Earnings per Share(2010 Revision)issued by the China Securities Regulatory Commission.3III.SHAREHOLDERS INFORMATION(I)Total Number of Ordinary Shareholders and ShareholdingsAs at the end of the Reporting Period,the Bank had a total of 293,548 ordinary shareholders

13、,of which 263,343 were holders of A shares and 30,205 were holders of H shares.The shareholdings of top 10 ordinary shareholders of the Bank are listed as follows:Name of shareholdersNature of shareholdersNumber of sharesheld(share)Percentage(%)Class of sharesShares pledged/marked/frozenThe Ministry

14、 of Finance of the Peoples Republic of ChinaGovernment13,178,424,44617.75A ShareNil4,553,999,9996.13H ShareNilThe Hongkong and Shanghai Banking Corporation Limited 2,4(“HSBC”)Foreign legal entity14,135,636,61319.03H ShareNilThe National Council for Social Security Fund 3,4(“SSF”)Government3,105,155,

15、5684.18A ShareNil8,433,333,33211.36H ShareNilHong Kong Securities Clearing Company Nominees Limited 4,5Foreign legal entity7,711,668,16610.38H ShareUnknownChina Securities Finance Corporation LimitedState-owned legal entity1,891,651,2022.55A ShareNilHong Kong Securities Clearing Company Ltd.Foreign

16、legal entity1,421,555,1811.91A ShareNilCapital Airports Holdings Co.,Ltd.State-owned legal entity1,246,591,0871.68A ShareNilShanghai Haiyan Investment Management Co.,Ltd.5State-owned legal entity808,145,4171.09A ShareNilYunnan Hehe(Group)Co.,Ltd.5State-owned legal entity745,305,4041.00A ShareNilFAW

17、Equity Investment(Tianjin)Co.,Ltd.State-owned legal entity663,941,7110.89A ShareNilNotes:1.All ordinary shares issued by the Bank are not subject to any sales restrictions.The relevant data and information are based on the Banks register of members at the Share Registrar and Transfer Office and the

18、information provided by shareholders to the Bank.2.According to the Banks register of members,the HSBC held 13,886,417,698 H shares of the Bank.HSBC beneficially held 249,218,915 more H shares than shown on the Banks register of members.The discrepancy was due to a purchase of H shares by HSBC from

19、the secondary market in 2007 and thereafter receiving bonus shares issued by the Bank and participating in the rights issue of the Bank.Those extra shares have been registered under Hong Kong Securities Clearing Company Nominees Limited(“HKSCC Nominees Limited”).3.Including the 1,970,269,383 A share

20、s of the Bank held by the Sixth Transfer Account for State-owned Capital of SSF.Other than the above shareholdings,the SSF held additional 632,441,000 H shares,which were indirectly held by certain asset managers(including Hong Kong Stock Connect).As at the end of the Reporting Period,the SSF held a

21、 total of 12,170,929,900 A shares and H shares of the Bank,representing 16.39%of the Banks total ordinary shares issued.4.HKSCC Nominees Limited held the H shares of the Bank as a nominee.The aggregate number of shares held by HKSCC Nominees Limited represents the total number of H shares of the Ban

22、k held by all institutional and individual investors who maintained an account with it as at the end of the Reporting Period.The data did not include 249,218,915 and 7,027,777,777 H shares indirectly held by HSBC and SSF respectively,which were registered under HKSCC Nominees Limited.The data did no

23、t include 13,886,417,698 and 1,405,555,555 H shares of the Bank directly held by the aforementioned two shareholders respectively as well,which were registered in the Banks register of members.45.Shanghai Haiyan Investment Management Co.,Ltd.and Yunnan Hehe(Group)Co.,Ltd.are parties acting in concer

24、t as defined under the Provisional Measures on Shareholdings Administration of Commercial Banks(China Banking Regulatory Commission Order No.1 of 2018).7 subordinate enterprises of China National Tobacco Corporation including Shanghai Haiyan Investment Management Co.,Ltd.and Yunnan Hehe(Group)Co.,Lt

25、d.authorised and entrusted China National Tobacco Corporation to present at the Shareholders General Meeting of the Bank and to exercise the voting rights on their behalf.HKSCC Nominees Limited is a wholly-owned subsidiary of Hong Kong Securities Clearing Company Limited.Furthermore,the Bank is not

26、aware of the existence of any related relationship among the other top 10 shareholders,or whether they are parties acting in concert as defined in the Provisional Measures on Shareholdings Administration of Commercial Banks.(II)Total Number of Preference Shareholders and ShareholdingsFrom January to

27、 March 2024,the Bank did not restore any voting right of the preference shares.As at the end of the Reporting Period,the total number of preference shareholders of the Bank was 57.Shareholdings of top 10 preference shareholders are listed as follows:Name of shareholdersNature of shareholdersNumber o

28、f shares held(share)Percentage(%)Class of sharesShares pledged/marked/frozenChina Mobile Communications Group Co.,Ltd.State-owned legal entity100,000,00022.22Domestic preference shareNilHwaBao Trust Co.,Ltd.HwaBao Trust Baofu Investment No.1 Collective Capital Trust PlanOthers48,910,00010.87Domestic

29、 preference shareNilBosera Funds ICBC Bosera ICBC Flexible Allocation No.5 Specific Multi-customer Asset Management PlanOthers20,000,0004.44Domestic preference shareNilAVIC Trust Co.,Ltd.AVIC Trust Tianji Win-win No.2 Securities Investment Collective Capital Trust PlanOthers20,000,0004.44Domestic pr

30、eference shareNilCCB Trust Co.,Ltd.CCB Trust Jianyue Changhong No.1 Single Capital TrustOthers20,000,0004.44Domestic preference shareNilPing An Life Insurance Company of China,Ltd.Self-owned fundOthers18,000,0004.00Domestic preference shareNilChina National Tobacco Corporation Henan BranchState-owne

31、d legal entity15,000,0003.33Domestic preference shareNilChina Life Property and Casualty Insurance Company Limited Traditional Common insurance productOthers15,000,0003.33Domestic preference shareNilPing An Property&Casualty Insurance Company of China,Ltd.Traditional Common insurance productOthers13

32、,800,0003.07Domestic preference shareNilPing An Trust Co.,Ltd.Ping An Trust Stable Superiority No.10 Collective Capital Trust PlanOthers11,781,0002.62Domestic preference shareNil5Notes:1.All preference shares issued by the Bank are not subject to any sales restrictions.2.Shareholdings of preference

33、shareholders are summarised according to the Banks register of members of preference shareholders.3.“Percentage”refers to the percentage of number of preference shares held by preference shareholders in the total number of preference shares.4.According to the Administrative Measures on the Connected

34、 Transactions of Banking and Insurance Institutions issued by the former China Banking and Insurance Regulatory Commission(the former“CBIRC”),to the knowledge of the Bank,China National Tobacco Corporation Henan Branch is related with Shanghai Haiyan Investment Management Co.,Ltd.and Yunnan Hehe(Gro

35、up)Co.,Ltd.,which are among top 10 ordinary shareholders of the Bank.5.The Bank is not aware of any related relationship among the top 10 preference shareholders or any related relationship between the other above shareholders and top 10 ordinary shareholders,or whether they are parties acting in co

36、ncert.IV.MANAGEMENT DISCUSSION AND ANALYSISDuring the first quarter of 2024,the Group abided by the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era,and fully implemented the spirit of the 20th National Congress of the Communist Party of China,the Central Financ

37、ial Work Conference and the Central Economic Work Conference.The Group adhered to the general principle of making progress while maintaining stability,implement the new development concept in a complete,accurate and comprehensive manner.The Group supported the new development model and coordinated h

38、igh-quality development with security,as well as maintained and consolidated growth momentum in business operations in a manner of“make progress and improve quality while maintaining stability”.As at the end of the Reporting Period,the total assets of the Group increased by 1.26%over the end of the

39、previous year to 14,238.091 billion;the total liabilities increased by 1.17%over the end of the previous year to 13,112.273 billion;the shareholders equity(attributable to shareholders of the Bank)increased by 2.44%over the end of the previous year to 1,114.564 billion.From January to March 2024,the

40、 net operating income increased by 0.05%on a year-on-year basis to 67.201 billion;the net profit(attributable to shareholders of the Bank)increased by 1.44%on a year-on-year basis to 24.988 billion;the annualised return on average assets(ROAA)and the annualised return on weighted average net assets

41、were 0.71%and 10.79%,representing a year-on-year decrease of 0.04 percentage point and a decrease of 0.68 percentage point respectively.6(I)Analysis on Key Income Statement Items1.Net interest incomeFrom January to March 2024,the net interest income of the Group increased by 0.910 billion or 2.24%on

42、 a year-on-year basis to 41.558 billion,which accounted for 61.84%of the net operating income,representing a year-on-year increase of 1.32 percentage points.From January to March 2024,the net interest margin of the Group decreased by 6 basis points on a year-on-year basis to 1.27%.The decrease in ne

43、t interest margin was mainly because on the asset side,as affected by the repricing of loans,the adjustment in outstanding mortgage rates,the further reduction in Loan Prime Rate(LPR)for more than 5 years,etc.,the rate of return of the interest-bearing assets recorded a larger year-on-year decrease.

44、Meanwhile,on the liability side,the continuous increase in long-term RMB deposits together with the increasing cost of foreign deposits,as well as the strengthening of the rigidity of liability structures had resulted in a year-on-year increase in debt-to-cost ratio.2.Net fee and commission incomeFr

45、om January to March 2024,net fee and commission income of the Group decreased by 0.806 billion or 6.35%on a year-on-year basis to 11.879 billion,which accounted for 17.68%of the net operating income,representing a year-on-year decrease of 1.21 percentage points.The year-on-year decrease of net fee a

46、nd commission income was mainly due to the“unity of reporting and action”of commission of banking and insurance institutions and the reduction in the trailing commission rate for equity fund products,resulting in a year-on-year decline in revenue from agency insurance and fund distribution business;

47、meanwhile,the volume of inter-bank settlement business fluctuated and inter-bank commission income decreased;the credit card default rate declined year-on-year and default fee income decreased,resulting in a year-on-year decline in the overall income of the bank card business.3.Operating expensesFro

48、m January to March 2024,the Groups operating expenses decreased by 0.399 billion or 1.99%on a year-on-year basis to 19.613 billion.The Groups cost-to-income ratio was 29.25%,representing a year-on-year decrease of 0.58 percentage point.4.Asset impairment lossesFrom January to March 2024,the Groups a

49、sset impairment losses decreased by 0.872 billion or 5.64%on a year-on-year basis to 14.598 billion,of which the credit impairment losses increased by 0.622 billion or 4.49%on a year-on-year basis to 14.462 billion.The Group continuously monitored the focus and direction of the risk situation,streng

50、thened risk identification,improved accurate measurement,and maintained the strength of loan provisioning.The Group had sufficient risk prevention and loss absorption capacity.7(II)Analysis on Key Balance Sheet Items1.Loans and advances to customersAs at the end of the Reporting Period,the balance o

51、f loans and advances to customers was 8,203.223 billion,representing an increase of 246.138 billion or 3.09%over the end of the previous year,of which the balance of corporate loans increased by 253.444 billion or 4.89%over the end of the previous year to 5,432.977 billion;the balance of personal lo

52、ans increased by 28.655 billion or 1.16%over the end of the previous year to 2,501.755 billion;the balance of discounted bills decreased by 35.961 billion or 11.81%to 268.491 billion.2.Deposits from customersAs at the end of the Reporting Period,the balance of deposits from customers increased by 12

53、8.686 billion or 1.50%over the end of the previous year to 8,679.901 billion,of which the corporate deposits accounted for 57.77%,representing a decrease of 1.19 percentage points over the end of the previous year;the personal deposits accounted for 40.49%,representing an increase of 1.22 percentage

54、 points over the end of the previous year.The demand deposits accounted for 34.41%,representing an increase of 0.08 percentage points over the end of the previous year;the time deposits accounted for 63.85%,representing a decrease of 0.05 percentage point over the end of the previous year.3.Financia

55、l investmentsAs at the end of the Reporting Period,the Groups net balance of financial investments decreased by 49.068 billion or 1.20%over the end of the previous year to 4,055.074 billion.4.Asset qualityAs at the end of the Reporting Period,the Groups balance of non-performing loans increased by 2

56、.689 billion or 2.54%over the end of the previous year to 108.377 billion;the non-performing loan ratio decreased by 0.01 percentage point over the end of the previous year to 1.32%;the provision coverage ratio increased by 1.84 percentage points over the end of the previous year to 197.05%;the prov

57、ision ratio increased by 0.01 percentage point over the end of the previous year to 2.60%.8Distribution of special mention loans and overdue loans by business type(in millions of RMB unless otherwise stated)31 March 202431 December 2023Special mention loan balanceSpecial mention loan ratio(%)Overdue

58、loan balanceOverdue loan ratio(%)Special mention loan balanceSpecial mention loan ratio(%)Overdueloan balanceOverdue loan ratio(%)Corporate loans91,5621.6961,6571.1389,1921.7262,2731.20Personal loans33,9741.3652,7272.1130,9391.2547,8321.93 Mortgage11,0570.7613,7080.949,8750.6812,2360.84 Credit cards

59、20,0104.1530,5716.3418,6733.8128,0615.73 Personal business loans1,2180.343,8881.079030.263,4561.01 Others1,6890.844,5602.281,4880.834,0792.28Discounted bills1970.07130.001250.04160.01Total125,7331.53114,3971.39120,2561.51110,1211.38Distribution of loans and non-performing loans by business type(in m

60、illions of RMB unless otherwise stated)31 March 202431 December 2023LoansProportion(%)Non-performingloansNon-performing loan ratio(%)LoansProportion(%)Non-performing loansNon-performing loan ratio(%)Corporate loans5,432,97766.2385,7461.585,179,53365.0985,5491.65Personal loans2,501,75530.5022,6180.90

61、2,473,10031.0820,1230.81 Mortgage1,457,88917.776,2620.431,462,63418.395,4620.37 Credit cards482,2365.8810,5582.19489,7256.159,3851.92 Personal business loans361,7304.412,9040.80342,1984.302,6850.78 Others199,9002.442,8941.45178,5432.242,5911.45Discounted bills268,4913.27130.00304,4523.83160.01Total8

62、,203,223100.00108,3771.327,957,085100.00105,6881.33As at the end of the Reporting Period,the asset quality of the Group remained stable.The non-performing loan ratio slightly decreased over the end of the previous year,while the special mention loan ratio and the overdue loan ratio slightly increase

63、d over the end of the previous year.V.CAPITAL ADEQUACY RATIOThe Group calculated the capital adequacy ratios pursuant to the Administrative Measures for the Capital of Commercial Banks and the relevant requirements.As at the end of the Reporting Period,the Groups capital adequacy ratio,tier-1 capita

64、l adequacy ratio and common equity tier-1 capital adequacy ratio were 16.09%,12.40%and 10.44%respectively,which all met the regulatory requirements.9For further information on the Groups capital measurement,leverage ratio and liquidity coverage ratio,please refer to the Bank of Communications Co.,Lt

65、d.Pillar 3 Report at 31 March 2024 to be published at the official website of the Bank at .VI.PUBLICATION OF THE FIRST QUARTER RESULTS ANNOUNCEMENT AND THE FIRST QUARTER REPORTThe results announcement will be simultaneously published on the“HKEXnews”website of Hong Kong Exchanges and Clearing Limite

66、d at www.hkexnews.hk,as well as the official website of the Bank at for the reference of shareholders.The first quarter report 2024 prepared in accordance with China Accounting Standards will be available on the website of the Shanghai Stock Exchange at and the official website of the Bank at .This

67、announcement is prepared in both Chinese and English.Should there be any inconsistency between the Chinese and English versions,the Chinese version should prevail.By order of the BoardBank of Communications Co.,Ltd.Ren DeqiChairman of the BoardShanghai,the PRC 26 April 2024As at the date of this ann

68、ouncement,the directors of the Bank are Mr.Ren Deqi,Mr.Liu Jun,Mr.Yin Jiuyong,Mr.Zhou Wanfu,Mr.Li Longcheng*,Mr.Wang Linping*,Mr.Chang Baosheng*,Mr.Liao,Yi Chien David*,Mr.Chan Siu Chung*,Mr.Mu Guoxin*,Mr.Chen Junkui*,Mr.Luo Xiaopeng*,Mr.Cai Haoyi#,Mr.Shi Lei#,Mr.Zhang Xiangdong#,Ms.Li Xiaohui#,Mr.M

69、a Jun#and Mr.Wong Tin Chak#.*Non-executive directors#Independent non-executive directors10APPENDIX FINANCIAL STATEMENTS(I)Unaudited Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income(All amounts presented in millions of RMB except when otherwise indicated)Three

70、 months ended 31 March20242023Interest income114,704112,010Interest expense(73,146)(71,362)Net interest income41,55840,648Fee and commission income12,83813,774Fee and commission expense(959)(1,089)Net fee and commission income11,87912,685Net gains arising from trading activities6,2678,304Net gains/(

71、losses)arising from financial investments600(132)Including:Net gains on derecognition of financial assets measured at amortised cost3915Share of profits of associates and joint ventures9353Other operating income6,8045,611Net operating income67,20167,169Credit impairment losses(14,424)(15,398)Other a

72、ssets impairment losses(174)(72)Other operating expenses(25,254)(25,297)Profit before tax27,34926,402Income tax(2,096)(1,451)Net profit for the period25,25324,95111(All amounts presented in millions of RMB except when otherwise indicated)Three months ended 31 March20242023Other comprehensive income,

73、net of taxItems that may be reclassified subsequently to profit or loss:Changes in fair value of debt instruments measured at fair value through other comprehensive income Amount recognised in equity5,148733 Amount reclassified to profit or loss(547)6Expected credit losses of debt instruments measur

74、ed at fair value through other comprehensive income Amount recognised in equity(332)(115)Effective portion of gains or losses on hedging instruments in cash flow hedges Amount recognised in equity(43)305 Amount reclassified to profit or loss278(424)Translation differences for foreign operations(474)

75、(1,788)Others(2,181)(61)Subtotal1,849(1,344)Items that will not be reclassified subsequently to profit or loss:Actuarial losses on pension benefits(1)(1)Changes in fair value of equity investments designated at fair value through other comprehensive income(205)665Changes in fair value attributable t

76、o changes in the credit risk of financial liability designated at fair value through profit or loss(198)(114)Others(264)(17)Subtotal(668)53312(All amounts presented in millions of RMB except when otherwise indicated)Three months ended 31 March20242023Other comprehensive income,net of tax1,181(811)To

77、tal comprehensive income for the period26,43424,140Net profit attributable to:Shareholders of the parent company24,98824,633Non-controlling interests26531825,25324,951Total comprehensive income attributable to:Shareholders of the parent company26,53423,578Non-controlling interests(100)56226,43424,14

78、0Basic and diluted earnings per share for profit attributable to the shareholders of the parent company(in RMB yuan)0.340.3313(II)Unaudited Interim Condensed Consolidated Statement of Financial Position(All amounts presented in millions of RMB except when otherwise indicated)As at 31 March 2024As at

79、 31 December 2023ASSETSCash and balances with central banks761,645898,022Due from and placements with banks and other financial institutions939,332859,642Derivative financial assets68,09267,387Loans and advances to customers8,011,7107,772,060Financial investments at fair value through profit or loss

80、626,751642,282Financial investments at amortised cost2,536,7072,573,911Financial investments at fair value through other comprehensive income891,616887,949Investments in associates and joint ventures9,0628,990Property and equipment221,898217,751Deferred tax assets40,43940,379Other assets130,83992,09

81、9Total assets14,238,09114,060,472LIABILITIES AND EQUITYLIABILITIESDue to and placements from banks and other financial institutions2,299,4892,424,537Financial liabilities at fair value through profit or loss59,03456,557Derivative financial liabilities50,06150,975Deposits from customers8,679,9018,551

82、,215Certificates of deposits issued1,182,4711,027,461Income tax payable6,6044,538Debt securities issued578,849592,175Deferred tax liabilities2,6212,407Other liabilities253,243251,157Total liabilities13,112,27312,961,02214(All amounts presented in millions of RMB except when otherwise indicated)As at

83、 31 March 2024As at 31 December 2023EQUITYShare capital74,26374,263Other equity instruments174,790174,790 Including:Preference shares44,95244,952 Perpetual bonds129,838129,838Capital surplus111,428111,428Other reserves402,425400,805Retained earnings351,658326,744Equity attributable to shareholders o

84、f the parent company1,114,5641,088,030Equity attributable to non-controlling interests of ordinary shares7,7447,912Equity attributable to non-controlling interests of other equity instruments3,5103,508Non-controlling interests11,25411,420Total equity1,125,8181,099,450Total equity and liabilities14,2

85、38,09114,060,47215(III)Unaudited Interim Condensed Consolidated Statement Of Cash Flows(All amounts presented in millions of RMB except when otherwise indicated)Three months ended 31 March20242023Cash flows from operating activities:Profit before tax:27,34926,402Adjustments for:Provision for credit

86、impairment losses14,42415,398Provision for other assets impairment losses17472Depreciation and amortization4,7664,611Provision/(reversal)for outstanding litigation and unsettled obligation70(36)Net gains on the disposal of property,equipment and other assets(9)(220)Interest income on financial inves

87、tments(28,261)(27,036)Fair value and foreign exchange net gains(332)(4,511)Net gains on investments in associates and joint ventures(93)(53)Net(gains)/losses on financial investments(555)132Interest expense on debt securities issued4,1143,834Interest expense on lease liabilities4341Operating cash fl

88、ows before movements in operating assets and liabilities21,69018,634Net decrease/(increase)in balances with central banks43,467(15,481)Net increase in due from and placements with banks and other financial institutions(82,134)(107,572)Net increase in loans and advances to customers(255,883)(397,612)

89、Net decrease in financial assets at fair value through profit or loss17,84937,240Net increase in other assets(42,110)(42,777)Net decrease in due to and placements from banks and other financial institutions(115,616)(22,254)Net increase/(decrease)in financial liabilities at fair value through profit

90、or loss191(8,278)Net increase in deposits from customers and certificates of deposit issued288,123691,322Net decrease in other liabilities(1,071)(20,524)Net increase in value-added tax and other taxes payable607799Income taxes paid(873)(520)Net cash flows(used in)/generated from operating activities

91、(125,760)132,97716(All amounts presented in millions of RMB except when otherwise indicated)Three months ended 31 March20242023Cash flows from investing activities:Cash payments for financial investments(186,648)(284,180)Proceeds from disposal or redemption of financial investments223,882172,347Divi

92、dends received52Interest received from financial investments23,44919,975Acquisition of intangible assets and other assets(98)(465)Cash received from the sale of intangible assets and other assets31Acquisition of property,equipment(8,629)(11,613)Cash received from disposal of property and equipment91

93、72,236Net cash flows generated from/(used in)investing activities52,881(101,697)Cash flows from financing activities:Proceeds from issue of debt securities5,38047,393Repayment of principals and interest of lease liabilities(584)(648)Repayment of principals of debt securities issued(19,619)(23,468)Pa

94、yment of interest on debt securities(2,997)(2,184)Dividends paid(42)(172)Dividends paid to non-controlling interests(66)(65)Net cash flows(used in)/generated from financing activities(17,928)20,856Effect of exchange rate fluctuations on cash and cash equivalents held(765)(1,018)Net(decrease)/increase in cash and cash equivalents(91,572)51,118Cash and cash equivalents at the beginning of the period275,461248,803Cash and cash equivalents at the end of the period183,889299,921Net cash flows from operating activities include:Interest received85,69383,714Interest paid(69,202)(62,535)