Bank of Tianjin Co Ltd (1578.HK) Q1 2024 Earnings Report

Bank of Tianjin delivered a resilient QQ1 2024 performance with revenue of 2.19 billion CNY and net income of 1.06 billion CNY, reflecting a net margin of roughly 48%. Revenue was down slightly versus the prior year quarter (-0.12%), but the quarter showed a sharp QoQ improvement in profitability led by a meaningful expansion in operating income (YoY +1.94%; QoQ +217.39%) and net income (YoY +2.20%; QoQ +145.32%). The company reported an operating margin of about 52.2% and an EBIT margin near 52.4%, with an EPS of 0.17 CNY on a diluted basis. On the balance sheet, the bank carries a substantial absolute debt load (long-term debt ~96.1B CNY) with a solid cash position (~41.8B CNY) and an equity base of ~65.6B CNY, yielding a book value backdrop that sits around a very conservative 0.15x price-to-book given current market pricing. The reported ROE (~1.6%) remains modest for a bank but is broadly in line with regional peers operating in a constrained interest-rate and growth environment. Note: there are data inconsistencies in the asset total versus liabilities/equity in the provided file, which should be interpreted with caution and cross-checked against the official filing. Overall, Bank of Tianjin presents a low-valuation, high-margin profile within a China banking sector characterized by regulatory risk, credit quality dynamics, and competitive pressure from larger state-owned banks and fintech-enabled entrants.