Ladies and gentlemen, good afternoon. Welcome to Agricultural Bank of China 2024 interim results announcement. I'm very honored to meet with both offline and online analysts, as well as media friends from both at home and abroad. So here, I would like to thank you for your active participation in our announcement, and thank you, too, for your long-term interest in Agricultural Bank's development. So we do have the other participants, the Executive Director Vice President of our bank, Mr. Zhang Xuguang, Executive Director Vice President Lin Li, Vice President Xu Han, Vice President Liu Hong, and Board Secretary Liu Qing, as well as the other directors online. Next, I would like to firstly introduce the performance results of Agricultural Bank of China in the first half. In the first half of the year, we actually strongly implement the deployment of the central government.
We also actually do a very good performance in our business performance, and we also strike very solid steps in terms of high quality development. There are four major manifestations. First, the major quality indicators keep positive growth, which you see that the Chinese economy has been continuously recovering and also created a very good doing business environment for Agricultural Bank of China, so we have been very entrepreneurial. In the first half of the year, we have the net profit, CNY 136.5 billion, 2% increase year on year, and operating income, CNY 3,075 billion, increased by 4%, and interest income, CNY 290 billion, increased by 1%. So you can see these are all positive growths. And NIM 1.45% and one basis point up versus the first quarter.
You can see NIM has been stabilized. The second, deposits as well as loans increased positively. You can see that loan totaled CNY 24.4 trillion, an incremental of CNY 1.77 trillion, and increased by 7.8%. We're also very strong in terms of the client management. You can see that the total deposit from the client and 34.1 trillion, incremental of CNY 1.5 trillion, and domestic corporate balance is about CNY 11.9 trillion, and personal deposit, as well as the individual deposit, are all ranking the first among the peers. The deposit interest bearing is 1.63%, dropped by 0.08 percentage points. Thirdly, the asset quality remains stable.
NPL ratio, 1.32%, dropped by 0.01% versus the end of last year. And you can see that the overdue loans also dropped by 0.1%, and the loan provisioning rate is 303.94%. So you can see that the total provisioning is more than CNY 1 trillion. So you can see the asset quality is pretty much sound, with adequate provisioning and a very safe cushion. And fourth, we have been further consolidating our client base. Our individual clients is about 870 million, ranking top among the peers. The newly added, credit card users is about 3.96 million, and agriculture wealth management, 11.9 million, and corporate clients, 11.5 million, an incremental of 674 thousand.
Clients are the cornerstone for our survival and development. We have to further consolidate the base of our clients for the future growth. In H1, the reason for such a sound performance should be attributable to the wise guidance as well as determination of the central government, the good macroeconomic conditions, as well as the support from the shareholders and as well as the clients. It should also be attributable to the positive efforts from all the employees of our bank. And next, I would like to talk about the three major tasks. First, we serve the three agriculture as well as the integration of urban and rural development. First, we coordinate the new type of rural revitalization and urbanization. We continuously to increase the loans provided to the county-level institutions.
So you can see that the county-level loans accounts for 40.1% incremental of CNY 87 million, increased by 9.4%, one point six percentage higher than the average. And second, we focus on the major area and deepen the financial services. We focus on grain as well as the major agriculture product supply, and the relevant loans is about CNY 99.7 billion, incremental of CNY 9.4 million. So you can see that we have been more capable in terms of safeguarding supply. So you can see that the rural-related and the construction-related loan balance is CNY 2.2 trillion, increased by 13.6%, and 830 poverty alleviation counties also get more than CNY 11.9 million loans.
180, focused on the mainly targeted poverty alleviation counties, also has an incremental of 1.3 million loans. This has been further consolidating the results of the poverty alleviation. The third, with new models, we have been very much dedicated to benefiting the agriculture. Our agriculture-related loans has been witnessing an increase of 94.5%. We also have the agriculture land loans, cold chain loans, as well as the other innovative loan types. So we satisfy diversified needs of our agriculture clients. In the poverty-stricken areas, we also have the poverty alleviation loans, an incremental of 33.2 billion to empower the agriculture farm hosts. Second, the five major chapters, as well as the other financial services, do witness fruitful results.
First, we focus on the development of the New Quality Productive Forces, and we also constructed a new mechanism for the high technology manufacturing, an incremental of 52.7%, and a strategically important emerging area with the incremental of CNY 53 billion. Then, second, we also focus on the low carbon and green transition of our society. We deeply deploy the green as well as the green credit extension. Green credit balance is more than CNY 4.8 trillion, while at the same time, through green M&A loans, green bonds, as well as the other products, we also offered more than CNY 200 billion, an increase of 30%. The ESG-related wealth management products totaled 19, with a total amount of CNY 54.1 billion. Third, we continuously optimized inclusive finance services.
Inclusive finance has been witnessing higher quality, so PBOC calculated the inclusive loan is actually four hundred and fifty million. In terms of the amount as well as the growth, we're also ranking number one. Fourth, we actively developed a pension support financial development. We developed multi-level, multi-pillar pension scheme development to support the electronic as well as the physical Social Security card and medical card. The total clients is actually the two hundred and forty-two and three hundred and forty-three million. The individual pension accounts, as well as the contribution, are also ranking among the top in this industry. We also optimized the elderly support financial services. We have had the elderly adaptive renovation for our financial outlets, so as to deliver more comfortable and convenient environment.
We also give more support to our clients, including the credit, as well as loans deposit and elderly support products. And fifth, digital financial services has witnessed more innovations. Reform is the first driver, so we deeply integrated into the Digital China development so as to empower our businesses. So the personal mobile MAU is up to 223 million, so the increase of 8.59%, also taking the lead in this industry. For the online credit, Nongyin e-Dai balance is more than RMB 500 million, increase of 20.3%. We also serve the high-quality development. And the third, we also coordinated the safe development. First, we have been intensifying to mitigate the credit risk. Risk mitigation is our top priority.
We have been actively promoting the risks in different areas to support the real estate sector financing support, so as to safeguard the delivery of the houses. We precisely satisfy the reasonable needs of the real estate projects. We implemented a package of the debt mitigation and resolution solution, so as to properly handle the resolution of the NPL, and actually, the asset quality has been very stable, and the second, we're being forward-looking in market risk control. We timely adjust the duration as well as the structure of the bonds, so as to have a better management of the exposure.
We also greatly strengthen the management of all kinds of platforms to have the see-through management of all kinds of businesses, to have a very good understanding and assessment about our derivative strategies, and instead, continuously consolidate the technology safety mechanism to have the emergency release, as well as the other mitigation drill to have tested more than 50 systems to actually ensure the continuous business deployment. These are the business performance as well as our focuses in the first half of the year. Next, I would like to brief you about our arrangement in the second half. We think that the Chinese economic development is quite resilient. From middle to long term, economic transition and industrial upgrading has been properly handled.
New momentum has been cultivated, in particular, with the Third Plenum, all kinds of measures to deepen the reform, as well as the macro regulation measures. Market vitality as well as potential will be continuously stimulated, while at the same time, our bank will continue to implement the
... First, we will continue to actually maintain the stability. So with the positive growth, we will continue to dig the potential to further expand the sources of income to consolidate our business. And the second, we will continue to serve the agriculture rural, as well as the farmers-related business, as well as the county clients. According to the set plan of the Chinese Party's progress, we have seen more opportunities for the rural development. We will grasp these opportunities to focus on the priorities of the agriculture as well as rural development, innovate our business so that we will better serve this rural agriculture as well as rural revitalization. Third, we will continue to strengthen the services delivered to the real economy, and in recent years, we will continue to promote the optimization of the agriculture-related economy.
So we will continue to deepen the financial services delivered to the five major chapters, stabilize the growth, and to make up for the weaknesses continuously to improve the precision of serving the real economy. And we will also be forward-looking to mitigate all kinds of risks. We will actually have the overall safety approach, so we will have the early warning as well as the disposal, so that we can ensure the overall stability of the quality. So that's all for my introduction. And next, we come to the QA session. I would like to invite Liu Qing, the Board Secretary, to moderate this session.
Thank you, President Wang. Now we come to the Q&A session. Each of the speaker, please raise one question only. Please also identify yourself before you raise the question. First, on-site speaker. The lady in the front row.
Dear management, thank you for giving me this chance for raising a question. I come from Shanghai Securities News. So we've seen that the revenue and the margin are quite good in the first half of the year. So what are the drivers for such a good performance? In the second half of the year, do you think that you will continue to maintain such a good performance? So what will be the drivers for the future growth?
Okay, let me take this question. I would like to thank the journalist from Shanghai Securities News, and I just brief you about our performance in the first half of the year. In the first half of the year, we keep our role as the mainstay for serving the real economy. While promoting economic growth, we have, in a down-to-earth manner, propelled our own high quality development, striking a balance between speed and quality, efficiency and quality. Overall performance is turning for the better. According to the data shared with you, operation, net profit, operational income and net interest income have realized year-on-year positive growth, and NIM has also been stabilized, NPL ratio stabilized. That means, in the context of the current economy, this is no easy job. This has laid a solid foundation for the whole year performance.
It also validated the effectiveness of the initiatives and strategies for the first half of the year. That means the key priorities we have set and the methodology we adopted are effective. So we are confident in the set second half and also the whole year performance result. In the opening remarks, we have mentioned for the second half, the target is to keep the whole year operational quality and efficiency. We will keep steady growth and stability and break and build. We will use four keeping to realize whole year stability and improvement for the whole year. First, stable growth of the credit size and optimization of the structure. In the first half of this strengthened support for the real economy, loans have realized a stable growth. In terms of the structure, we have been optimizing it.
In key areas and weaknesses, we have strengthened our efforts. For example, county loans, rural revitalization, key county loans, manufacturing industry, green credit, inclusive finance, and sci-tech finance. We have kept a very good, very high growth rate, so the structure has been keeping optimizing and overall, scale is having stable growth. Going forward, we'll continue to focus on our key business areas and adapt to the policy directions of macroeconomic control, and make sure the five major initiatives will be used to serve new quality productive forces with a stable supply of financing. Second, we'll go all out to ensure the overall stability of NIM. In the first half, NIM has stabilized and even turned for the better. In the latter half of the year, we'll strike a balance between quality and pricing so that the pricing is more refined.
We'll also, in a down-to-earth manner, improve our service capability and also the cementing of the customer base and control the assets and the liabilities to ensure the stability of NIM. Third. We will keep non-interest income diversified growth. In the first half, fee income decline margin is 7.9%. Compared with quarter one, that is narrowed. In the second half, we will keep expansion of domestic banks, promote consumption, and the credit market high quality. These opportunities will be used for high quality development of credit. We'll also follow closely the market developments and adapt flexibly to financial market fluctuations to optimize our investment portfolios and transaction strategies to tap potentials and encourage the growth of other non-interest income. Lastly, we hope to keep stability of asset quality. That is a very essential point.
In the first half, NPL ratio overdue rate, compared with the end of last year, declined by 0.01 percentage points, and the provision coverage rate was kept at very high level. So we have adequate capability to compensate for the risks. In the second half, we'll comprehensively increase risk control, especially key areas and county level risk mitigation. And we also strengthen the debt management of overdue loans. And we'll also strengthen the efforts to collect back the interest and principal for non-performing assets. Through such measures, for the stability of the overall performance of the second half, we are quite confident. That's all for my answer to this question. Thank you, President Wang, for the answer. Now, we would like to invite a question from the online meeting room. We will use the application time as a sequence. First, question raiser, please.
Thank you for the opportunity to raise a question. I'm Xu Jian from Morgan Stanley about NIM. We can see in the first half, it has been rallying, it has been recovering. So from the asset side and from the liability side, why NIM is getting better? Look, going forward, for July, the deposits interest rate pricing is lowered, but LPR is also lowered, of course. So can you give us your trend projection about the NIM trend? Thank you, dear analyst, for the question. Let me respond to this question. In the first half of this year, under the guidance of macroeconomic policies, policy interest LPR has been lowered and overall trend of interest rate is declining, and the banking sector is conceding profits to the real economy continuously, as the analyst mentioned.
NIM is overall narrowed, but compared with quarter one, it is stabilizing and turning for the better. And for the NIM margin rallying, from the asset and liability sides, mainly affected by the following factors from the asset side. Mainly, it is due to the lowering of LPR and also the mortgaging lower interest rate adjustment of the real estate sector. And we also have ceded profits to the real economy. Therefore, the real estate mortgage loans interest rate is lowered. This is consistent with other banks, and the decline margin has also turned for the better. In order to adapt to the current situation, we have been following closely the economic transformation. For example, centering around Sanong and the five major financial initiatives to tap the potentials and needs of real economy.
For the overall credit expansion and the structure optimization has also contributed positively to NIM. It has also offset the overall impact of lowered LPR. From the liability side, we have been conveying the messages of the market requirement of interest rate adjustment. Last year, comparable to our peers, for three times, we lowered the interest rate. This year, many loans entered the stage of repricing, especially for midterm and long-term loans. So therefore, for newly generated loan interest rate, it has been remarkably reduced. Therefore, for deposit cost, pressure on us is lowered and the deposit interest rate has been declined a little bit compared with the end of last year.
For 2023 RMB, newly generated time deposits, the interest rate is 2.16%, and for the first half of this year, it has dropped to 1.85%, 31 basis points decline. About the deposit interest rate, it has been lowered to 1.7%. Compared with last year, it was lowered by 8 basis points. The overall impact from both as loans and deposits, you can see. From the liability side, the cost is declined and the pressure on us is lowered. Therefore, NIM is turning for the better.
The analyst asked a question about the July LPR or policy interest rate lowering and ABC interest rate lowering. The overall impact of these two factors can be offset, and that is beneficial for us to stabilize the NIM going forward, especially in the second half of this year. In terms of the NIM's trend, according to our current analysis, overall, NIM will be kept at a stable level. On the one hand, we are enhancing support, financial support for the real economy so that the financing cost can be reduced while stabilizing. So NIM will have the pressure of a further narrowing, coupled with the bond market interest rate at a low level, so NIM will still be under pressure.
We will work hard to realize reasonable growth of credit size and also the constant improvement of quality and structure to offset the pressure from the liability side. From the policy perspective, June, July deposit interest rate lowering is a reflection of the results of the market-based deposit interest rate adjustment, especially for RMB market, the pressure will be lowered. For the US Fed, interest cut is in the final stage. It is estimated that there will be interest cuts by the US Fed in September. From that perspective, for foreign currency interest, the liabilities interest rate increase will be ended.
So for the current pressure from foreign currency will also be alleviated, and we are constantly improving and strengthening our management to strengthen the control of liabilities cost to ensure high quality of liabilities. From that perspective, the deposit interest rate has space for further improvement. Taken as a whole, in light of all those factors, NIM in the second half will be kept at a stable level. We will also strive to realize further margin improvement of NIM. That's all for my response to your question. Thank you, President Wang, for your response and in-depth explanation about NIM trend. Next question. Gentleman in the middle, please. Senior management from Hong Kong Economic Times . In the first half, ABC loans have kept a very stable level. What will be the future top priority areas for loans to serve the real economy?
I'd like to ask VP Zhang Xuguang to answer the question. Thank you, dear journalist, for your question. For ABC, we have been upholding the principle of serving the real economy through five major initiatives, financial initiatives, to provide credit support for weak areas. There are following features: First of all, the growth is balanced and evenly distributed. Current loan balance is CNY 24.4 trillion, an increase of CNY 1.8 trillion, a growth rate of 7.8%. For real economy, loans increased by CNY 2.1 trillion, growth rate is 10.2%. Taken as a whole, credit expansion has kept a reasonable pace and the overall size is increasing. Second feature, credit structure is fit for purpose for transformation. ABC is sticking to our main businesses.
County level loans increased by 9.4%, higher than the average growth rate by 1.6 percentage points. We also focus on key areas of green finance. Credit balance increased by CNY 8 trillion, growth rate higher than average. The manufacturing industry increase of CNY 270 billion, a growth rate of 12.89%, inclusive finance loans growth of CNY 600 billion, a growth rate of 24.4%. And for personal loans, we are leading an increase of more than CNY 500 billion, a growth rate of 10.3%. Both the increment and the growth rate are at the leading position compared with our peers. For personal business loans, it increased by more than CNY 270 billion.
For personal consumer finance loans including credit cards, it increased about CNY 130 billion. In the second half of the year, with the Chinese economy further rallying, the real economy's credit demand will also be rallying, and it is estimated that the total credit loans of ABC will keep a reasonable growth. In the second half, we will keep working on following priority areas. First of all, based on the central conference on financial work, according to the requirements for high quality development, with optimized allocation of financial resources, we'll get more credit resources to be put into five major chapters, seven and key areas set by the country to further optimize the credit structure. First of all, we'll continue to focus on main businesses, including poverty alleviation and industry development in rural areas.
Totally seven areas to increase credit support for rural revitalization. Second, we'll strengthen inclusive finance services, which is still a blue sea with great potentials and great demand. ABC is committed to building ourselves into a bank with the widest coverage and the biggest support for inclusive finance loans. Third, we'll-
... serve green transformation with positive support for low carbon transformation and the green industrial upgradation of ecosystems. And fourth, to make tech finance even stronger, to follow the technological guidance from our central government and focus on the key client base to improve the credit extension support, and also adapt it to all kinds of fintech services system related to the latest development, to stably expand the scope of the pilot projects, as well as to further accelerate iteration, so as to provide a whole life cycle services to the tech companies, and first, to deliver the more comprehensive individual financial services. In recent years, you can see continuous growth of the farm households are such great support to our business development.
In the second half of the year, we will focus on the production, consumption, and operation of the farm households, so as to increase the extension of the credit to the farm households. Generally speaking, we will coordinate the balanced aggregate as well as a good mixed structure, so as to enhance the quality of the credit extension. Thank you, President Zhang. Next one, please.
This gentleman. Hi, everyone, I'm the analyst from Guoxin Securities. In May, you can see that with the policy of the real estate sector, the government has been promoting commercial banks participating in the reasonable finance of the real estate developers. So what about the white list of the Agricultural Bank of China, and what are the related projects and the corporate, the corporate real estate loans, whether the NPL already hit the bottom?
What will be the priorities in the future, and how are you going to consolidate new model to serve the real estate sector? Okay, we would like to give the floor to Vice President Liu Hong.
Thank you for raising this question. Since the first half of this year, the government has been positively guide the real estate sector policy optimization. We downgrade the low interest rate and reduce the down payment ratio, and lifted the extensions as well as restrictions, so as to provide a loose environment. You can see there are some positive changes on the market. In some of the geography, the commercial house projects sold are very positive, and on the upward trend, the confidence of the market is slowly recovering.
Our bank has been resolutely, you know, implement the decisions as well as the policy, so as to play our role as a countercyclical. We follow the market-oriented as well as the legal-based rules to satisfy all the developers' reasonable financing needs to facilitate the stability and optimization of the real estate sector. In the first half of twenty twenty-four, our real estate balance is CNY 892.3 billion, incremental of CNY 131 billion, mainly to the urban renovation as well as the social housing projects, et cetera, as well as the commercial projects with better promises and a stable cash flow. The client base also covers SOEs, mixed ownership, as well as the private companies.
You can see that with the urban real estate financing mechanism established, in the first half of the year, you can see the three batches of the White List. ABC strictly follow the regulators' requirements and also, you know, capture the projects and implement the closed-loop management of all the funds. Actually, the SOEs, mixed ownership, as well as the private developers, are all in the White List. Actually, we are also positively push forward the smooth progress of the projects. By the end of June, you can see that the real estate NPL ratio has remained flat, much lower than the peak time of the previous year. The newly added NPL is also decreasing.
Our bank will continue to strengthen risk control of the property sector to have full provisioning and to actually ensure the stability as well as the quality of our assets. So we will continue to construct a new model of real estate development to construct the good houses, satisfy with the needs of the people, so as to satisfy people's needs for living better and live a wealthy life. In the future, we will continue to implement the rules of the Third Plenum about the new decisions of the real estate, to satisfy the reasonable financing needs of the developers, so as to push for the sound and the positive development of the real estate sector. First, we will continue to ensure the delivery of the houses. We will strengthen the connection with the government to inevitably use different approach to finance the projects and to dispose the risks.
The second, we will continue to enhance the quality of the coordination mechanism, continue with the white list mechanism, so as to pay attention to both the quantity as well as the quality. Instead, we will continue to provide finance to the three major projects, in particular, for actually the real estate white list, to actually have the approval procedures accelerated for the social housing projects. Okay, that's all from my side. Thank you, President Liu. Next question, please. Thank you, management from Financial Times. My question is about rural revitalization. In promoting rural revitalization, what will be the major measures adopted by the management, and what will be the future outlook? In the future, how are you going to implement the spirit of the Third Plenary Session of the 20th Central Committee as to do a good job in the rural revitalization?
We would like to give the floor to President Lin Li. Okay, thank you for this question. In Agricultural Bank of China, we regularly emphasize one philosophy, which is also our working language. We always say that, you know, we should be agriculture prioritized, which means we should serve agriculture, rural areas, as well as the farmers. These are our main businesses. We delicately implement the spirit of the central government and state council on promoting comprehensive rural revitalization, and highlight the political centered as well as the people-centered nature, so strengthen serving the clients, product innovation, and tech empowerment, et cetera, so as to build us into a leading bank in terms of rural revitalization. In the first half of the year, the three agriculture balance is about RMB 6 trillion, an increase of about RMB 800 billion.
So you can see the growth is 1.6% higher than the average speed. So we have five major actions being taken. First, implemented the green finance. So in terms of the farmlands as well as the seeds, we actually formulated the specific and dedicated policies for farmlands and seeds. We had the farmlands loans and agriculture, and the green warehouse loans, as well as the other whole product or chain product. So you can see that the supply guarantee loan is more than CNY 900 billion, an increase of CNY 144 billion, and 10 percentage points higher than the average growth. And the second, we implemented and further expanded poverty alleviation achievements. So there is a dedicated campaign to do three things. First, we continue to consolidate achievements of the poverty alleviation.
The second, we continue to promote rural revitalization as an area. For those low-income people, we will also regularize their support. In 160 key supporting areas, we support in their featured products as well as the poverty alleviation. We coordinate eastern and western regions in terms of the support delivery. In 160 key counties, the total loan balance is at more than CNY 400 billion, an increase of about CNY 300 million. You can see that this is also a very big increase. Certainly, we also support the wealthy development project or campaign. We support more on the tourism, e-commerce, as well as the cold chain. By the end of June, you can see that the total loan balance is CNY 2.26 trillion and 15 percentage points higher than the global average growth.
Fourth, we support the farmers to become more wealthy. We greatly support the farm households loans development so as to develop the creditworthy households development. So you can see that the continued development has been further related to the farming households last year, with the loan balance exceeding trillion level. It also kept a faster growth. In the first half of the year, you can see that agriculture-related loans is about CNY 1.6 trillion, an increase of CNY 300 billion. So the growth is about 29.5%. The farming households is actually 6.95 million, and we accumulatively serve more than 17 million farming households. In particular, in the second half of the year, with the guidance of the MOHURD, we also have the dedicated product, Liangn ong e-Dai. So the balance is about CNY 94.3 billion.
It will be mainly targeted for the poverty area and major supported area, as well as the revolutionary area, and the balance is CNY 72.6 billion. Six, we also implemented the loans to support the livelihood development of different counties and the countryside. For example, the infrastructure and public utilities, as well as the other environmental improving projects. By the end of June, you can see that rural construction balance is CNY 2.2 trillion, an increase is CNY 200 billion and 5.8 percentage points higher than the bank's average growth. Third Plenum focus on promoting the China-style modernization, and also proposed the integrated development of rural and urban areas, and focusing on promoting the common development and prosperity of both areas to empower rural as well as the urban areas.
There's a series of the reform measures being adopted, so you can see that the county-level rural areas has a new round of opportunities. For example, we will see the faster development of the rural industries, and rural consumption will be further upgraded, and the rural infrastructure development will be further intensified, and rural basic public services and supporting facilities will be accelerated, et cetera. All of this will play a very important role for ABC to better serve rural revitalization, and in the future, ABC will continue to implement the spirit of the Third Plenum of the Twentieth Party Congress, in particular, focus on the key areas of rural revitalization. In five major priorities, we will make dedicated efforts.
First, we will intensify the loan extension to the Sanong as well as the county area to strengthen the food security development, to further upgrade the consumption in rural areas, and to develop the public utilities as well as infrastructures. And then second, we should focus on the policy product as well as service model innovation. In particular, we focus on the new business format, and new players, and new factors, and production players, so as to build a featured supply chain development for the rural areas to precisely satisfy the needs of rural areas as well as the agriculture. So here, I would like to say, for natural disasters as well as agriculture price downward trend, we will comprehensively consider about the loan extension, rollover, or the other solutions, so as to mitigate the challenges as well as difficulty of the farming households.
Third, we'll be very much dedicated to integrate technology with finance. We use a new generation of the fintech to build a more convenient and beneficial products to the farming households. In particular, we comply with the smart bank development trend, deeply dig into the value of the data in the rural areas, as to support the business model innovation, so that data can play a bigger role. The farming households, they will see more convenience, while at the same time, we use remote sensing of the satellites and big data and accelerate the AI deployment, so as to actually facilitate the rural revitalization.
First of all, we will further nurture compliant corporate culture and internal control, so that pre, during, and after loan disbursement, we can make full use of technical means to realize whole process, whole product, whole personnel risk control. Fifth, we will improve the mechanisms of the Sanong business unit in terms of authorization and incentives. We will strengthen support for them to nurture high caliber professional talents who understand agriculture and who love the rural areas. And we also work hard to build and make full use of our personnel, especially the personnel serving rural revitalization in rural areas. They are emotionally connected to the rural areas, and they will write new chapters for poor farmer development. Thank you.
Thank you, VP Lin, for your response. Next question, please.
Lady from the right. Thank you for the opportunity to raise a question.
I have a question regarding digital finance, which is one of the five chapters and also a main battlefield for modern banks. So what is your progress on digital transformation, and how you work on digital finance and provide a featured digital finance service system? Thank you for the question. I'd like to ask VP Xu Han to answer the question.
Thank you for the question. Digital transformation. Let me report to you what we have done and what we will do in the future. In the first half of the year, we worked hard in five aspects. First, we have improved digital products and service system. We launched a new generation online products, Fastrak 3.0. We have also made iterations and launched a new featured products.
We have strengthened support for SMEs and sci-tech enterprises by improved the financial services for different scenarios, like education, government, business, et cetera, so that G, B, and C are having win-win results through our ecosystems. Second, we are strengthening sci-tech empowerment for Sanong. We have launched Digital Village Platform and other agriculture-related applications. By the end of June, the platform has welcomed 260,000 entities, covering more than 6,000 counties, serving more than 6 million customers. And farmers' credit size has been expanding. By the end of June, the loans balance is CNY 1.4 trillion, an increase of CNY 319.7 billion compared with year beginning. Thirdly, we are deepening the channels of digital finance and operational capabilities. We have launched
Palm Banking 9.2 by the end of February. 231 million MAUs. Daily serving 996,000 person times every day. We have also optimized the procedure for opening accounts to support mobile banking services for new account opening through fast and convenient services for our customers. Firstly, we are enhancing the application of AI for key areas. AI utilization share is increased. We pay special attention to the empowerment of AI for our business operations through intelligent outbound calling and manual outbound calling and our outlets. We are integrating the three. We have also launched the Nongy in e-Guanj ia for travelers, so that travelers' business can be handled online through Palm Banking. We're also efficiently empowering the daily operations of our business managers. AI is very popular right now.
We have worked very hard on AI. In addition to big model, big data model, we have also worked hard on decision-making AIs. Thirdly, we are solidifying the digital infrastructure to accelerate enterprise level, wide coverage, enterprise architecture, so that enterprises can enjoy the bottom data, bottom layer data support from us. The unit is 10,000. So originally, it was more than 10,000. Now, we focus on between 200 and 300 more frequently used items. It is a huge systematic project. You can also make a comparison between ABC and other banks. So we have worked very hard and effectively in terms of the utilization of SciTech.
We have also integrated the data centers of three places to progress with the distributed core project to increase our cybersecurity protection capabilities to strengthen guarantee for business continuity with safe, reliable, and stable financial services. So that's a five-pronged answer regarding what we have done in the first half of the year. Next, I would like to focus on what we will do in the future. Mainly, the following: We will go all out for smart bank, centering on AI. Deep application will do well in the following. First of all, business readiness to accurately identify the directions for utilization of AI tool, so that operation model and business processes can be coordinated and aligned with each other, so that we can provide better services and convenient services for customers. Second, data readiness.
Through data and knowledge projects, we can accumulate high-quality data and solidify the data foundation for AI application. Maybe after another one or two years, you will find that the bottlenecks of AI is not the computing algorithms and computing resources, but data. So the key is the data, so we need to work hard on data. Third, do well in technology readiness. Technology+ model will be our IT's architecture for IT. R&D and operational efficiency will be increased. Current architecture and processes are for the existing business processes. Previously, it was reliant on manual labor, but now we are using systems. But if you use data, AI, the models, very quickly, that is a big challenge for the system architecture of banks. Big challenge for traditional architecture.
Firstly, we will do well in management of models to improve whole lifecycle management models, so that we can strengthen our continuous operation capability and keep improving data model capabilities. Previously, we didn't have models, but now we have too many models. They may be conflicting with each other and present problems to us. So new problems. Fifthly, we'll ensure personal readiness to have high-quality talents to get the talents ready for AI application in the future. That's my five-prong response to the question.
Thank you, VP Xu, for the answer. Now, let's invite another question from online meeting room.
Can you hear me?
Yes.
Thank you. I'm from Bank of America Securities. I'm Winnie. I have a question related to inclusive finance. Over the past several years, the regulators have been promoting the banking sector to develop inclusive finance loans. ABC has been very active. Your inclusive finance business has been developing rapidly, loan balance more than CNY 4.5 trillion. But the economy is down, so people are concerned for SMEs and private enterprises, they may not be strong enough in resilience, in being resilient in risks, and some assets may expose the risk. So how do you guard against the credit risks in terms of inclusive finance? And going forward, how do you strike a balance between scale growth and risk control? Thank you.
I would like to invite VP Liu Hong to take the question.
Thank you for the question. In the first half of the year, ABC has been actively honoring the spirit that financial work is of political nature to serve the people. To strengthen support for inclusive finance, we support SMEs for their operations, which has greatly promoted the real economy to turn for the better. By the end of June, inclusive finance loan balance of ABC reached CNY 4.5 trillion, an increase of CNY 923.6 billion. And for SMEs, inclusive finance loans increased by CNY 3.2 trillion, an increase of more than CNY 500 billion compared with the beginning. Effective users, an increase of 890,000 compared with the beginning. So in SMEs and inclusive finance loans are our main feature in ABC.
Now, the Chinese economy overall is having a very good fundamentals. Good momentum is being accumulated, providing a solid foundation for healthy and sound development in this area. ABC will continue to strengthen support for inclusive finance by expanding the coverage and making the services more convenient. First of all, we focus on major strategies, major areas, and the vulnerabilities, and strengthen the loan disbursements for inclusive finance, optimize the credit structure to meet the agriculture-related, sci-tech, green, and manufacturing industries', loan needs, and also the inclusive finance market financing needs in northeast of China, so that we can serve the high-quality development of the real economy.
Second, we'll promote the development of the digital inclusive finance Version 2.0 oh, so that we can have the product system and have a dedicated platforms for SMEs and pro-farmer platforms, so that we can further improve our services for inclusive finance. Third, we will give full play to ABC's feature of having wide coverage in rural areas. We will combine offline and online, and work on two legs, rural and urban, so that resources can be more reasonably and fairly distributed, and financial development can benefit more general public. ABC will uphold the philosophy of high-quality development, strike a balance between business growth and risk control, and ensure compliance and internal control. Inclusive finance loans overall risk has been kept at a low level for many years.
Asset quality has been kept within the range of regulators' requirement. With the macroeconomic policies, results begin to play out, the market players will resume. ABC has the confidence and capability to continue to realize the high quality and sustainable development of inclusive finance. Thank you.
Thank you, VP Liu, for the answer. Next question? Gentleman in the middle.
Chen from Economic Daily, and my question is related to retail business. We can see ABC announcement of results, be it personal loans or credit card business. For retail business, it has been growing very well, but for the banking sector, overall, the growth margin is declining. So can you explain to us the development priorities for retail banking of ABC?
Now I would like to ask VP Lin to answer the question.
Over the past three years, among the 700 commercial banks in the world, ABC, for three consecutive years, has been awarded the most, the largest retail banking with the largest brand value. For financial sector and banking sector of China, ABC is the only bank that has been awarded this title, and that shows the high recognition of the work by ABC. It also shows the retail business changes in banking sector of China. In ABC's operations and development, I think retail business has very important position, a strategic position. In specific practice, we have been earnestly practicing the philosophy of people's finance for the people. We uphold the three drivers, that is, innovation, sci-tech, and service.
In this process, internally, we have also taken stock of the experience, that is, walking into tens of thousands of rural households, racking our brains, making every possible means to promote such development and kept very good momentum. By the end of June, for ABC's personal customers, total is 870 million, which has kept our leading position in our peers.
You can see that for the new citizens as well as the elderly people, we pay special attention. We have to fully respect those elderly people. We also have the commercial clients.
... and the countryside clients, et cetera. We have very effective measures adopted for different kinds of client base. Individual clients' financial assets altogether, CNY 21.18 trillion. And you can see that the individual deposit daily is CNY 17.55 trillion, all among the first for the peers, and individual loans is CNY 8.65 trillion. In the future, for ABC, we will continue to implement the third plenum of the twentieth Party Congress, as well as the Central Financial Conference period. In particular, we would like to focus on the priority area for the general public, continue to deepen reform and opening up, to do the difficult but correct things, so as to enhance the quantity as well as the quality of the financial services. In the future retail business, there will be three focuses.
First, focus on inclusive finance to increase the convenience as well as the availability of the services. First, to strengthen the accountability of the services. For the integration of the rural and urban areas, we would like to specifically provide good services for the new citizens. In particular, for the May 21st financial service plans, and to further enhance the so-called, actually, the blessing card for the migrant workers, SME cards, as well as the other future products promotion, so as to facilitate new citizens to be better integrated into the new urbanization process. The second, we would like to continue to expand financial supply. We abide by the open bank philosophy to insist on the client-centered approach to optimize the ecology of the services.
We insist on that the team building will be the key to enhance the comprehensive services capabilities and to focus on innovation of the product as well as the services. Insist on digital finance, so as to construct the competitiveness of our businesses. And here, we would like to coordinate, consolidate overseas as well as domestic business resources to promote insurance, wealth management, precious metal, metal, as well as the family trust, as well as the private banking businesses, so as to link the entire market to cover the whole spectrum of the businesses. And of course, during this process, we're going to manage our expectation as well as to have the qualified delivery, to have the crossover cooperation, so as to provide more and high quality product and services to our clients, so as to satisfy their diversified needs and to facilitate their wealth-related income.
Third, continuously to enhance the availability as well as the convenience of the financial services. We have to make good usage of the platform-based instrument to go to the schools and the enterprises, as well as the campus, so as to reach out to more clients. In terms of the outlets deployment, we have been promoting the development of the community-based outlets, so that ABC will become the bank nearby or the next door bank. We will continue to optimize the process of our businesses, so as to enhance the convenience of the foreigners as well as the elderly people, in particular, in terms of the payment. Second, we have to focus on the pension-related finance.
And first, we have to provide the stable and sound financial services, continue to do a good job for the pension finance, to promote the pension-related services all over China, to have the consumption credit as well as the other pension-related services, so that the elderly people will get better product as well as services during their whole life cycle. And we should also assist our clients to have a safe and sound, as well as the appreciated wealth for the elderly support.
And the second, to enhance the warmth of the financial services, we have to further penetrate to our client, to further expand the coverage of the urban and rural areas in terms of the pension finance, to make our outlets more elderly adaptive, and to positively explore the so-called digital engineering service, so as to enhance the precision as well as the warmth of the financial services. And third, to further do a good job in terms of the financial education. We should take good advantage of the 22,000 outlets of ABC. We should also enter into the communities, the service providers, as well as the elderly universities, and to provide all kinds of promotion campaigns, such as anti-fake campaigns, so as to safeguard the pocket as well as the wealth of the elderly people. And third, focus on customer services, so as to enhance the satisfaction.
We have to provide precise services to our clients. In particular, five capabilities. First, comprehensive service capabilities and digital support capabilities, precise operation capabilities, professional investment advisor capabilities, as well as the very people-centered insights capabilities. Through these five capabilities, the retail business of ABC will shift from product-centered to the client-centered philosophy. In the past three years, ABC, in our retail businesses, we have been insist on this principle. The shift from product-centered to the client-centered approach. While at the same time, we will continue to strengthen one client and one bank philosophy, continue to provide layered services to a different segment of the people so as to satisfy their differentiated needs, and further to consolidate the consolidation of the resources. Now, we have been thinking about the unified client benefits system so as to enhance their experiences.
And second, to even enhance the precise services, in particular, the tech-led, as well as the data-empowered services. Data should further facilitate our AI+ services. In ABC, we have been promoting AI+ . There are seven projects altogether. Two of them are in the retail segment. So then online as well offline will be better converged together in terms of service delivery. First, we have to take a deep insight into the demand and then match the relevant product, and then reach out to the clients, and then finally accompany our clients during the whole process.
And third, optimize the scenario-based services to build the multiple scenarios to serve the clients and to integrate the bank services into people's daily life and work, and to further enhance stickiness of the clients and enhance finance, plus non-finance, one-stop financial services capabilities and force, very importantly, to further consolidate the consumer interest rights protection. We insist on that. Actually, the client's interest will be our utmost interest, so we will respond to the needs of our clients. In particular, from the root level, we have to consolidate the foundation of consumer protection. We believe that for consumer protection, we shouldn't just, talk about consumer protection for consumer protection's sake. We have to do a good job from the root in our businesses, but at the same time, do a good financial knowledge, dissemination, and publication work.
And in a word, high quality development still needs have efforts being made, but we still have confidence to make a positive trend.
Thank you, President Lin. Next one, please. This lady.
I come from Securities Daily. My name is Sun Lulu. My question is that ABC, in terms of the personal credit business, you have been outperforming the other peers. Do you feel there are pressure in your credit asset quality in the future in terms of the measures? What will be the new measures being adopted to safeguard the stability? Okay, this is also about the retail business.
Okay, thank you for raising this question. So we can respond from three different aspects. For ABC, you can see that the personal credit business, on the one hand, we implemented the central government guidance about stimulating consumption and to expand the service coverage.
We pay high attention to the businesses with clear inclusive finance features. The business strategy is very clear. We insist on making progress is through stability and to actually have more innovations among stability to connect different dots into a business line, so as to strengthen our credit extension. By the June, you can see that the balance is CNY 8.65 for individual clients. You can see on a year-on-year basis, there's an increase of about CNY 112 billion, increased by 7.3%, and taking the lead in terms of the amount as well as the growth speed. Individual consumption balance and 1.2 trillion increase by about CNY 84 billion, and we also extend CNY 330 billion and an increase of CNY 120 billion.
Credit consumption, CNY 1.1 trillion, increased by CNY 35.1 billion. Individual operation-related loans, more than CNY 2 trillion, CNY 2.38 trillion, an annual increase of CNY 595 billion. We extended CNY 1.94 trillion, an increase of CNY 570 billion. Individual mortgage, CNY 5.07 trillion. We extended CNY 309.6 billion. You can see from all different aspects, we have been further stimulating consumption and expand domestic demand. For the individual credit business, you can see that the quality of the asset is quite stable and controllable. Among different months, you will see that there will be some volatility of the asset quality, but generally speaking, the overall quality is still stable and controllable. The NPL rate is 0.79%.
Provisioning rate is 395.1%. In terms of the asset quality as well as the cushion and buffer, we can see that this is a very good protection. Individual NPL ratio is 0.58%. Credit card and individual consumption loan NPL rate one point one seven percent of credit card, NPL is 1.42%, and individual operation loans, 0.95% in terms of NPL rate. So from these statistics, we can understand that the individual loans risk control, as well as the asset quality, are quite stable and basically controllable. But we still keep a close eye on that. Sometimes there will be some volatility. We should pay higher attention to that so as to fight against all kinds of risks, and certainly, we have to further strengthen the risk prevention and mitigation.
We should implement it. The central government decision and deployment are mitigating and the resolute risk of the finance, so as to prevent the systemic risk from happening. This is our mission. During our daily work, we have been adopting different measures. In summary, there are four characters, which is actually controlled new and to a bit the old. First, we have to further integrate it, the risk control, with the business development. First, insist on compliant business development to further actually have a better control about the compliance work. We think that there are thousands of different businesses, but compliance is the utmost priority. First, we have to optimize the whole process, risk monitoring mechanism. The depths of the risk control should be integrated into the policy adjustment, the client access, as well as the other things, so as to consolidate risk control from the source.
For personal loans, if we innovate a product, the leading department is not business department, but the risk department. So we can stem the source of risks, like risk control requirements, risk control arrangements are embedded into the products, product by design, and this is a very effective approach. Thirdly, we have established at the head office level, a dedicated personal credit model monitoring committee, because now for many business, it is online. This way it is more efficient, but that means for model control, optimization and improvement, in risk control is a key factor. Every month, we'll have regular meetings on market access and credit extension model to have iteration and optimization to have early identification of risks, early warning, and early disposal.
For those that cannot pass the risk control requirement, we must suspend or stop it to ensure the risks are controllable. Second, we push ahead the risks into the front part so that we can ensure authenticity, fight against the fraud, and illegal intermediaries or brokers. In the context of complicated environment, we need to have strict control of various substantive risks. First of all, we need to make full use of blockchain technology to have a good optimization of pre-lending investigation, and the rules and procedures are implemented. On the other hand, we have enhanced the cross-validation of model and data to improve the truthfulness of a pre-lending credit investigation. Three truthfulness, that is true person. Second, true transaction. Third, true mortgage or collateral, and on-site investigation.
For personal business and loan business, we have introduced factors such as external data from Industrial and Commercial Bureau and Uncertain China UnionPay, with very good effect. And we have a red line that cannot be touched. That is, in ABC, we prohibit various level of institutions to cooperate with various illegal brokers and intermediaries to guard against professional ethics risks. And we also pay attention to empowerment by SciTech, to make sure that the pre-lending, during lending and post-lending management is very intelligent. Through establishing online plus offline collaboration, we can improve such management from manual labor to data-driven.
We rely on big data, modeling technology to extract risk features, to build, optimize, and share early warning models to make sure that the clues of early warning are more accurate, so that grassroots level banks can have better management, and we can relieve their burden. Firstly, we are having diversified disposal of non-performing assets. We have established and improved, non-performing assets long-term mechanism. We made full use of, collection, write-off assets, securitization, and reorganization means to accelerate the disposal of non-performing assets so that we can dissolve the existing risks. Going forward, ABC will further stick to coordinated develop-- striking a balance between development and security, pay attention to livelihood areas. Internally, we think to do well, the simple things, that is no simple job.
We have been expanding supply of sustained high quality financial services to resolve various risks and challenges so that personal credit business can have very good development, and so that people can have a very good sense of gain. Thank you, VP Lin, for your answer. Next question. Gentleman in the middle, please. I'm from Everbright Securities. My name is Wang Feng. We can see this year we have the pressure of economic downturn, and the pressure is increasing, but your asset quality is quite good. Even the interim asset quality is even better than your beginning. So my question is, in the current context, in terms of the generation of NPL loans, in what areas the risks are higher, that should still grab more of our attention? And going forward, how to assess the evolution of asset quality?
Thank you. I would like to ask VP Xu Han to answer the question.
Thank you for the questions. Thank you for your attention to asset quality of ABC and for your recognition of our asset quality. ABC has always deemed risk control as an eternal theme, to resolve the real estate debt and local government's debt to improve the NPL disposal. By the end of June, NPL ratio is 1.42%, down by 0.01 percentage point compared with the beginning. If you look at other indicators, overall, ABC's NPL pressure is not very big for loans of concern, 1.42. We keep it flat at beginning, and overdue rate down by 0.01 percentage points.
ABC has always stick to prudent risk classification for overdue and NPL. See, the difference is more than is negative CNY 26.8 billion for NPL, legal persons and retail business. For legal persons, you pay a lot of attention to local government debt and real estate sector. With the national policies implementation in these two sectors, coupled with our own efforts, the loan risks in real estate sector are kept flat in ABC. NPL ratio is kept flat compared with year beginning, much lower than the peak value of last year. For urban investment assets, NPL ratio is kept stable, and NPL ratio has realized a double decline. For retail business, NPL ratio has always kept at a low level.
And the journalists have asked questions about inclusive finance, personal loans, and our president and VPs have given very good explanations. I will not go into details again. ABC has kept a very good track record in this regard. Going forward, for the second half of the year, we will be vigilant in terms of NPL ratio, but we are confident of keeping long-term stability of our asset quality. Main reasons are: Chinese economy is turning for the better, and the momentum is still there, and the Chinese government has taken a series of measures to stable growth, which has very good effect. It is a very good macroeconomic environment, and ABC has been trying hard to serve the economy, to optimize our credit structure. Credit extension is highly aligned with the national strategy and economic transformation.
That is a foundation for good asset quality for us. At the same time, ABC has been consolidating credit as foundation to strengthen risk control of key areas. We have been conducting stress testing, and for potential customer prospects, we are also been guarding against the risks. The digitalization have been expanded to pre-lending, during lending, and post-lending. We have good customer management, and the risk estimate capability and accuracy is improved. So we are confident of the future asset quality of ABC. Thank you.
Thank you, VP Xu, for your response. Next question. Lady from the left.
Thank you, madam moderator. I'm from Shanghai Daily. I have a question related to Fintech. Fintech is one of the top five chapters and top chapter. So what has been your achievements in using Fintech to serve SMEs?
Any innovation in this model, and what is your next step plan? Thank you. I would like to invite VP Liu Hong to answer the question.
Thank you for the question. In the first half of the year, we have been sticking to the principle of making steady progress while keeping stability by nurturing emerging industries and making deployment for future industries, while keeping good job at current industries. For high-tech industries growth momentum, it is very promising, showing great resilience and endogenous demand. For example, new energy vehicles. The sales of new energy vehicles grew by 32% year on year, and high-tech manufacturing and service sector investment have realized double-digit growth for both industries. That shows the promising aspects for emerging industries.
ABC has been honoring the spirit of the central economic work conference so that we are innovation-driven to grab the opportunities. We have been innovating financial products and service mechanisms to have high-level self-reliance on Fintech. By the end of June, ABC's strategic emerging industries loan balance, it reached CNY 2.63 trillion, and our practices are the following: First, we innovated and improved the dedicated credit policy system. We have been keeping improving sci-tech innovation industrial policies and operational policy guidance to have differentiated policies, targeted policies. For sci-tech enterprises in different development stages, we have dedicated credit solutions for them, so that sci-tech enterprises can have all-around whole life-cycle credit demand satisfied. Second, we have innovated and launched the new products.
For example, emerging industry empowerment loan to optimize the loans for specialized and new Little Giant enterprises. And we also encourage branches to accelerate innovations for local products to better serve new industries, new models, and new growth drivers. Third, we have innovated and improved the dedicated institutions' service capabilities. We have established the 19 Sci-Tech financial service centers, more than 300 fintech-featured branches to explore diversified organizational structure and business models. We have also been strengthening staffing of fintech talents, especially the R&D talents, so that Sci-Tech finance can have high quality development. We have also been working on the ecosystems. These are our strong features centered around the Sci-Tech finance.
The government, financial institutions and enterprises, industry, academia, we have a batch customer acquisition, and we have diversified financial services, including debt, investments, and bonds, so that industry chain, value chain, industry chain, and value chain, and talents chain are deeply integrated. At present, China is working hard on frontier leading technology to disruptive technology and common technology. In light of the new opportunities and new challenges in such a disruption track, ABC will intensify its efforts for these development, the support for strategic and emerging industries, and encourage the development of new technologies to promote new quality productive forces. In...
Going forward, we will optimize the organizational structure to serve Sci-Tech finance innovations, so that we can have more credit products that are suited to Sci-Tech enterprises, so that we can make sure our services are more efficient and effective. We can give full play to our advantages and enhance internal and external cooperation, so that Sci-Tech enterprises can enjoy diversified relay type financial services, so that strategic and emerging industries, high-tech manufacturing, and agricultural technology enterprises loan scale and share can have big improvements. Thank you. Thank you, VP Lin Li, for your answer. We have had full communication. Due to time constraint, we have last question, a question from the online meeting room. Please select a very hard question that has not been touched before.
The question from online is: this year, dividend distribution ratio of ABC, will it be kept up above 30%? How about the interim period, and what are the specific arrangements? Thank you. Let me take this question. I would like to thank the netizen for the question. You're concerned, you are interested in knowing the dividend distribution of ABC. You can see, since our listing, ABC has been upholding the principle of maximizing the shareholders' interests. We have stricken a balance of immediate return to shareholders and the long-term development of ABC. We have kept a high and stable payout ratio of dividend kept at above 30%, with very good return for our shareholders.
Going forward, we will continue to pay attention to the interests of the shareholders and keep the payout ratio of our dividend very stable, and strike a balance of the interests of different groups and protect shareholders' interests. In terms of the interim dividend distribution, we are still working on it as scheduled. According to our plan, prior to Spring Festival, we want to complete the interim dividend distribution so that the shareholders can benefit from that.
In the morning, the board already reviewed our interim profit distribution. It is suggested that actually, tax included, CNY 40.738 billion, which is CNY 1.16 per share, and we are going to propose this to the board for the review. After the board made a decision, we will continue with all kinds of work, so that before the Spring Festival of next year, we're going to finish the dividend payout. Thank you.
Thank you, President Wang. Ladies and gentlemen, I sincerely thank you for participating in Agricultural Bank of China 2024 interim results announcement. I would like to thank the investors, analysts, as well as media friends for your continuous interest and long-term support to ABC. I'd also like to thank the top management for the comprehensive interpretation of our results announcement.
If you have follow-up questions, please continue to contact our PR team as well as media team. That's the end for this results announcement. Thank you for your participation. See you next time.