Core Viewpoint - Zhejiang Commercial Bank is facing scrutiny due to multiple regulatory violations related to deposit and loan management, raising concerns about its ability to attract deposits amid increasing competition in the banking sector [1][2][4]. Regulatory Violations - Zhejiang Commercial Bank's Shanghai branch was fined 16.8 million yuan for 15 violations, including inflating deposit figures and improper credit card management [1]. - The Chongqing branch was fined 1.7 million yuan for similar issues, including increasing corporate financing costs through disguised "deposit-loan linkage" practices [2]. Deposit Challenges - The bank's deposit growth has been under pressure, with a reported increase of only 8.297 billion yuan in the fourth quarter of 2024, and a decline in deposits compared to the first half of the year [4][5]. - As of September 30, 2024, the bank's total deposits were 19,139.92 billion yuan, reflecting a 2.43% increase year-on-year but a decrease of 24.487 billion yuan from the previous quarter [2]. Comparison with Peers - In contrast, other banks like Pudong Development Bank and Minsheng Bank reported significant deposit growth, with Pudong adding 213.229 billion yuan in a single quarter [4]. - The overall banking sector saw a substantial increase in deposits, exceeding 16.62 trillion yuan in the third quarter of 2024, highlighting Zhejiang Commercial Bank's struggles [4]. Internal Management Issues - The bank's management has faced significant changes, including the resignation of its president, which may have contributed to the decline in deposit levels [6][7]. - The bank's credit risk is rising, with overdue loans increasing by 20.6% year-on-year, and a decrease in the provision coverage ratio to 178.67%, the lowest in three years [8][10]. Financial Performance - As of December 31, 2024, the bank's overdue loans reached 391 billion yuan, a 40.77% increase from the previous year, indicating challenges in loan management [10]. - The bank's non-performing loan ratio increased to 1.42%, reflecting ongoing difficulties in maintaining loan quality [10].

Core Viewpoint - Zhejiang Commercial Bank reported a steady growth in its 2024 annual performance, with total operating income reaching 67.65 billion yuan, a year-on-year increase of 6.19%, and net profit attributable to shareholders at 15.19 billion yuan, up 0.92% [1][2]. Financial Performance - Interest income for 2024 was 45.16 billion yuan, a decrease of 5.0% year-on-year, while non-interest income surged to 22.49 billion yuan, marking a 39.1% increase, becoming a key driver for revenue growth [1][3]. - The bank's total assets reached 3.33 trillion yuan by the end of 2024, reflecting a growth of 5.78% compared to the end of 2023 [2]. - The non-interest income accounted for 33.25% of total operating income, an increase of 7.86 percentage points from the previous year [3]. Customer Base and Business Segments - By the end of 2024, the number of personal customers exceeded 11.67 million, with an annual growth rate of over 20%, while retail assets under management (AUM) grew nearly 10% [2]. - The bank served over 260,000 corporate clients, contributing more than 56% of total revenue [2]. Non-Interest Income Breakdown - The significant growth in non-interest income was attributed to improved market analysis and professional capabilities, capitalizing on opportunities in the bond market [4][5]. - The bank's fee and commission income decreased to 4.49 billion yuan, down 5.53 billion yuan year-on-year, primarily due to declines in guarantee and bond underwriting business [3][5]. Loan and Asset Quality - Total loans and advances reached 1.86 trillion yuan, an increase of 8.21% year-on-year, with corporate loans growing by 10.76% [6]. - Non-performing loans amounted to 25.49 billion yuan, an increase of 0.9 billion yuan, while the non-performing loan ratio decreased to 1.38%, down 0.06 percentage points [7]. Capital Adequacy and Dividends - The bank's total liabilities reached 31.23 trillion yuan, a growth of 5.7%, with capital adequacy ratios showing slight increases [7]. - A cash dividend of 4.28 billion yuan was announced, representing 30.12% of the net profit attributable to ordinary shareholders [7]. Management Changes - The sudden resignation of the bank's president, Zhang Rongseng, has raised concerns in the industry, with the position currently vacant [9][10].

Financial Performance - The bank's net profit continued to maintain positive growth, with non-interest income significantly increasing[11]. - In 2024, the company's operating income reached CNY 67.65 billion, an increase of 6.19% year-on-year[24]. - The net profit attributable to shareholders was CNY 15.19 billion, reflecting a growth of 0.92% compared to the previous year[24]. - The non-interest income for 2024 reached CNY 22.493 billion, a significant increase from CNY 16.176 billion in 2023, marking a growth of 39.0%[56]. - The bank's net profit for 2024 was CNY 15.693 billion, up from CNY 15.493 billion in 2023, indicating a growth of 1.3%[54]. - The bank's operating income for 2024 was CNY 67.65 billion, an increase from CNY 63.704 billion in 2023[55]. - The non-interest net income as a percentage of operating revenue increased to 33.25%, up 7.86 percentage points from 25.39% in 2023[62]. Asset Quality - The non-performing loan ratio has decreased for three consecutive years, indicating improved asset quality[14]. - The non-performing loan ratio stood at 1.38%, with a provision coverage ratio of 178.67%[24]. - The non-performing loan ratio improved to 1.38% in 2024, down from 1.44% in 2023[60]. - The non-performing loan (NPL) ratio stood at 1.38%, a decrease of 0.06 percentage points from the previous year, with total NPLs amounting to RMB 25.49 billion[128]. - The company maintained a stable loan quality, with normal loans increasing by RMB 130.04 billion, while the attention loans rose by RMB 9.41 billion, resulting in an attention loan ratio of 2.40%[128]. Capital and Liquidity - The capital adequacy ratio was 12.61%, with a Tier 1 capital ratio of 9.61% and a core Tier 1 capital ratio of 8.38%[24]. - The capital adequacy ratio improved to 12.61%, up 0.42 percentage points year-on-year[73]. - The company's liquidity ratio for both domestic and foreign currencies is 90.49% as of the reporting period end[169]. - The liquidity coverage ratio stands at 333.26%, with qualified high-quality liquid assets amounting to CNY 382.94 billion and net cash outflows over the next 30 days at CNY 114.91 billion[169]. - The net stable funding ratio is 110.31%, with available stable funding at CNY 1,795.46 billion and required stable funding at CNY 1,627.67 billion[169]. Loan and Financing Services - The total amount of loans and advances was CNY 18.6 trillion, representing an 8.21% increase year-on-year[24]. - The company achieved a total financing service volume of CNY 1,020.5 billion in Zhejiang province by the end of 2024, marking a growth of over CNY 230 billion in three years[42]. - The company ranked first in underwriting Zhejiang local government bonds, with an underwriting scale of CNY 40.3 billion in 2024, accounting for 8.48% of the market share[42]. - The balance of inclusive loans for small and micro enterprises was CNY 355.43 billion at the end of 2024, with an increase of CNY 35.3 billion, representing an 11% growth[38]. - The company provided over CNY 700 billion in financing across nearly 30 industries, including energy and modern communication, by the end of 2024[40]. Digital Transformation and Innovation - The bank is implementing a comprehensive collaborative reform centered on customer needs, focusing on digital transformation and agile organizational structure[16]. - The company has implemented a digital transformation strategy, enhancing its digital financial capabilities and improving service efficiency through new core system upgrades[40]. - The company has launched new products such as personal pledge loans and car loans, enhancing its retail credit product offerings[194]. - The company has implemented a digital reform strategy, improving its information technology governance and enhancing data security measures[188]. Risk Management - The company has established a comprehensive risk management framework, with the board of directors ultimately responsible for risk management[154]. - The company emphasizes a prudent and stable risk preference, focusing on a "customer-centric" approach to credit policies and asset management[157]. - The company has developed a digital risk management system for credit card and consumer finance businesses, focusing on pre-loan approval and post-loan monitoring[162]. - The company aims to optimize its credit asset structure while strictly controlling new non-performing loans[157]. Customer Base and Market Position - The company achieved a personal customer base of 11,166,540, representing a growth of 20.75% compared to the beginning of the year[192]. - The number of private banking clients increased to 14,533, a growth of 19.2% since the beginning of the year[199]. - The financial assets of private banking clients reached CNY 205 billion, marking an 11.9% increase from the start of the year[199]. - The company has established 362 branches across 22 provinces and regions, including Hong Kong, effectively covering key economic areas[24]. Strategic Initiatives - The bank aims to deepen its "Deepening Zhejiang" three-year action plan to further enhance its market presence and service quality[17]. - The bank's "123 Talent Plan" aims to enhance employee satisfaction and create a positive organizational culture[16]. - The bank's "3386 model" for comprehensive financial ecosystem construction has been successfully promoted across multiple regions[13].

自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度财务报表 (按中国企业会计准则编制) 浙商银行股份有限公司 浙商银行股份有限公司全体股东： 一、审计意见 我们审计了后附的浙商银行股份有限公司 (以下简称"浙商银行") 及其子公司 (以下统称 "贵集团") 财务报表，包括 2024 年 12 月 31 日的合并及银行资产负债表，2024 年度的合并 及银行利润表、合并及银行现金流量表、合并及银行股东权益变动表以及相关财务报表附注。 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2507068 号 我们认为，后附的财务报表在所有重大方面按照中华人民共和国财政部颁布的企业会计准 则 (以下简称"企业会计准则") 的规定编制，公允反映了浙商银行 2024 年 12 月 31 日的合并 及银行财务状况以及 2024 年度的合并及银行经营成果和现金流量。 二、形成审计意见的基 ...

浙商银行股份有限公司 内部控制审计报告 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见，并 对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变化可 能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审计结果推 测未来内部控制的有效性具有一定风险。 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2506192 号 浙商银行股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了浙商 银行股份有限公司 (以下简称"浙商银行") 2024 年 12 月 31 日的财务报告内部控制的有效 性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的 ...

浙商银行股份有限公司 2024 年度独立董事述职报告 二 二五年三月二十八日 〇 1 2024 年度独立董事述职报告 （周志方） 根据《上市公司独立董事管理办法》及《浙商银行股份 有限公司独立董事管理办法》等规定，本人 2024 年 1 月至 9 月作为浙商银行独立董事，期间积极参加股东大会、董事会 及其专门委员会会议，积极履行职责，独立自主决策，努力 推动和完善浙商银行公司法人治理，切实维护浙商银行和全 体股东的利益。现向董事会和股东大会提交年度述职报告， 对履行职责的情况报告如下。 一、基本情况 （一）工作履历、专业背景以及兼职情况 本人周志方，大学学历，高级经济师，曾任中国人民银 行江山支行副股长，中国工商银行江山支行副股长，中国工 商银行衢州分行营业部主任、储蓄部主任、副行长、党组成 员、纪检组长、党组副书记、副行长（主持工作）、党委书 记、行长，中国工商银行江西省分行副行长、党委委员，中 国工商银行广东省分行副行长、党委委员兼广东省分行营业 部总经理、党委书记，中国工商银行宁波分行行长、党委书 记，中国工商银行内部审计局上海分局局长，中国工商银行 浙江省分行资深专家（正行级），期间担任中国工商银行总 ...

Financial Performance - The total assets of China Zheshang Bank reached RMB 3.3 trillion, marking a significant milestone[10]. - The bank's revenue growth continues to lead the industry, with non-interest income showing substantial improvement[10]. - The net profit maintained positive growth, reflecting the bank's strong financial performance[10]. - In 2024, the company's operating income reached 67.702 billion yuan, an increase of 6.18% compared to the previous year[22]. - The net profit attributable to shareholders was 15.186 billion yuan, reflecting a growth of 0.92% year-on-year[22]. - Total assets amounted to 3.33 trillion yuan, up 5.78% from the end of the previous year[22]. - The total amount of loans and advances was 18.6 trillion yuan, increasing by 8.21% year-on-year[22]. - The non-performing loan ratio stood at 1.38%, with a provision coverage ratio of 178.67%[22]. - The capital adequacy ratio was 12.61%, with a Tier 1 capital adequacy ratio of 9.61% and a core Tier 1 capital adequacy ratio of 8.38%[22]. - The cost-to-income ratio for 2024 was 31.16%, slightly higher than 30.43% in 2023, indicating increased operational costs[57]. Strategic Initiatives - The bank aims to enhance its competitive edge through digitalization and scenario-based services, focusing on high-quality development[11]. - The bank's strategic focus includes strengthening management and building distinctive features to adapt to changes in the financial landscape[11]. - The company aims to enhance its customer-centric comprehensive collaborative reform and digital transformation initiatives[22]. - The company aims to become a "first-class commercial bank" and has set three strategic goals: social influence, industry competitiveness, and corporate cohesion[26]. - The company has initiated a digital reform system, focusing on five major business sectors: retail, corporate, investment banking, asset management, and cross-border finance[28]. Risk Management - The company has established a comprehensive risk management framework, emphasizing a "prudent and stable" risk preference and a "small and diversified" credit principle[31]. - The company maintains a "prudent and stable" risk preference, focusing on "small and diversified" credit principles[127]. - The company has established a unified credit management system for corporate clients, ensuring comprehensive assessment and approval processes for credit limits[156]. - The company has implemented a comprehensive risk management framework for operational risks, including internal fraud, external fraud, and technology system events[166]. - The company actively manages reputation risks through a comprehensive system that includes risk assessment, monitoring, and response measures[175]. Customer Engagement and Services - The bank has established 235 financial advisory studios and a team of over 4,200 financial advisors across 16 provinces, enhancing its service capabilities[12]. - The company has reported a total of 11.67 million personal customers, representing a growth of 20.75% compared to the beginning of the year[185]. - The total number of retail customers, including online loan customers, reached 28.39 million by the end of the reporting period[186]. - The company has focused on enhancing customer segmentation and service systems to improve retail business performance[185]. - The company has launched several influential financial brands, including supply chain finance and integrated financial services for parks[22]. Sustainable Development - The bank is committed to deepening its "Good Financial" innovation, embedding social responsibility into its financial services[12]. - The bank's credit evaluation system, "Zhiyin Credit," is gradually showing effectiveness, directing resources towards socially responsible enterprises[12]. - By the end of 2024, the balance of green loans reached CNY 247.737 billion, an increase of 21.78% compared to the beginning of the year, outpacing the growth rate of all loans[36]. - The balance of inclusive small and micro enterprise loans was CNY 355.425 billion at the end of 2024, with a net increase of CNY 35.298 billion, representing an 11% growth, exceeding regulatory targets[37]. - The company is focused on supporting national strategies and key economic sectors, reinforcing its commitment to high-quality development in the real economy[34]. Digital Transformation - The company is committed to enhancing its digital capabilities through the "Core System Upgrade" project, aiming to strengthen its technological foundation[32]. - The company has implemented a digital transformation strategy to enhance information technology governance and improve data security measures[182]. - The company has developed a new generation anti-money laundering system to enhance digital capabilities and improve data quality[183]. - The company has established a comprehensive digital risk management system for credit card (consumer finance) business, implementing unified credit management and differentiated risk control strategies based on regional and industry characteristics[158]. - The "Zhejiang Bank Digital Inclusive" brand is being developed based on a comprehensive digital product service system, including new marketing channels[199].

二、审计委员会履职情况 （一）审计委员会主要职责 本行董事会审计委员会主要负责监督及评估本行内部 控制的有效性；监督及评估外部审计机构工作；指导本行内 部审计工作；协调管理层、内部审计部门及相关部门与外部 审计机构之间的沟通；审阅本行的财务报告并对其发表意见； 1 / 4 浙商银行股份有限公司 董事会审计委员会2024年度履职情况报告 根据《上海证券交易所上市公司自律监管指引第 1 号— —规范运作》（上证发〔2023〕193 号）等监管规定，以及《浙 商银行股份有限公司章程》（以下简称《公司章程》）、《浙商 银行股份有限公司董事会审计委员会议事规则（2024 年版）》 （以下简称《审计委员会议事规则》）等制度要求，现将 2024 年度董事会审计委员会履职情况报告如下： 一、审计委员会组成情况 截至 2024 年 12 月 31 日，本行董事会审计委员会由 3 名委员组成，分别为独立非执行董事许永斌先生、汪炜先生 以及非执行董事胡天高先生。审计委员会主任委员由独立非 执行董事许永斌先生担任，全部委员均具有履行审计委员会 工作职责的专业知识和相关经验,符合《审计委员会议事规 则》对委员任职资格及公司治理等相关要 ...

浙商银 1/1 根据《上市公司独立董事管理办法》《上海证券交易所上市公司自律监 管 指引 第 1 号 -- 规范运作 》 等 要 求, 浙 商 银 行 股 份 有 限 公 司 ( 以 下 简 称 "公司")董事会,就公司在任独立董事汪炜、许永斌、傅廷美、施浩、楼 伟中的独立性情况进行评估并出具如下专项意见: 经核查独立董事汪炜、许永斌、傅廷美、施浩、楼伟中及前述独立董事 的直系亲属和主要社会关系人员的任职经历以及独立董事签署的相关自查文 件,上述独立董事不存在《上市公司独立董事管理办法》第六条不得担任独 立董事的情形,在担任公司独立董事期间,独立董事已严格遵守中国证监会 和上海证券交易所的相关规定,确保有足够的时间和精力勤勉尽责地履行职 责,作出独立判断时不受公司主要股东或其他与公司存在利害关系的单位或 个人的影响。公司独立董事符合《上市公司独立董事管理办法》《上海证券 交易所上市公司自律监管指引第1 号 -- 规范运作》中对独立董事独立性的 相关要求。 浙商银行股份有限公司董事会 关于独立董事独立性情况的专项意见 ...

浙商银行股份有限公司董事会审计委员会 2024 年度对会计师事务所履行监督职责情 况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司治理准则》《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》《国有企业、上市公司选聘会计 师事务所管理办法》和浙商银行股份有限公司（以下简称"本 行"）公司章程等规定和要求，审计委员会本着勤勉尽责的原 则，恪尽职守，认真履职。现将审计委员会 2024 年度对会计 师事务所审计工作履行监督职责的情况汇报如下： 2024 年 3 月 28 日，本行第六届董事会第十二次会议审 议通过了《关于聘请 2024 年度会计师事务所的议案》，根据 本行公司章程等有关规定，董事会续聘毕马威华振会计师事 务所（特殊普通合伙）为本行 2024 年度境内财务报表审计及 内部控制审计的会计师事务所，续聘毕马威会计师事务所为 本行 2024 年度境外财务报表审计的会计师事务所（统称为 "受聘会计师事务所"）。 一、受聘会计师事务所履职情况评估 （一）审计工作质量 2024 年，受聘会计师事务所根据相关审计准则的规定， 按照审计计划设计了相应的程序，对本行财务报表及与财务 1 ...