Summary by Futu AI
The Industrial and Commercial Bank of China (OSB) announced unaudited and unaudited consolidated financial results for the first quarter of 2024, as well as several corporate updates including appointments, resignations and proposals related to capital instruments and gross loss absorbing capacity non-capital debt instruments. On April 29, 2024, the utility announced its first-quarter net profit of RMB 88062 billion, down 2.98% from the same period in 2023. As of 31 March 2024, total assets increased to RMB 476,00027 billion and total liabilities increased to RMB 43723412 billion. The bad loan rate remained stable at 1.36%. The capital adequacy ratio is above the minimum requirement, with a Tier 1 capital adequacy ratio of 13.78% for ordinary shares. Murray Horn was nominated and approved as an independent non-executive director pending regulatory approval...Show More