Core Viewpoint - Chongqing Rural Commercial Bank reported a slight increase in revenue and net profit for the first three quarters of 2025, indicating stable performance despite some declines in operational efficiency metrics [1][2]. Financial Performance - The bank achieved an operating income of 21.658 billion yuan, a year-on-year increase of 0.67% [1]. - Net interest income reached 17.850 billion yuan, growing by 6.88% compared to the previous year [1]. - Net profit for the first three quarters was 10.925 billion yuan, reflecting a 3.32% increase year-on-year [1]. - The net profit attributable to shareholders was 10.694 billion yuan, up 3.74% from the same period last year [1]. Operational Efficiency - The net interest margin was 1.59%, a decrease of 0.02 percentage points from the previous year, although the decline was narrower than the previous year's drop of 0.14 percentage points [1]. - The annualized average return on total assets was 0.92%, down 0.03 percentage points year-on-year [1]. - The annualized weighted average return on equity was 10.86%, a decrease of 0.30 percentage points compared to the previous year [1]. Asset Quality - As of September 30, 2025, the bank's non-performing loan balance was 8.711 billion yuan, with a non-performing loan ratio of 1.12%, down 0.06 percentage points from the end of the previous year [1]. - The provision coverage ratio stood at 364.82%, an increase of 1.38 percentage points from the end of the previous year [1]. Asset and Liability Growth - The total assets of the bank reached 1.66 trillion yuan, an increase of 140.869 billion yuan, representing a growth of 9.30% compared to the end of the previous year [2]. - Total liabilities amounted to 1.51 trillion yuan, increasing by 134.801 billion yuan, which is a growth of 9.76% from the previous year-end [2].

Investment Rating - The report maintains a "Recommended" rating for Chongqing Rural Commercial Bank (601077) with a target price of 8.36 CNY / 7.60 HKD, compared to the current price of 6.96 CNY / 6.45 HKD [2]. Core Views - The bank's net interest margin has stabilized, and its risk compensation ability remains strong. The bank reported a 0.67% year-on-year increase in operating income for the first three quarters, reaching 21.658 billion CNY, and a 3.74% increase in net profit attributable to shareholders, totaling 10.694 billion CNY [2]. - The non-performing loan (NPL) ratio decreased by 5 basis points to 1.12%, while the provision coverage ratio increased by 9 percentage points to 365% [2]. - The bank's core revenue-generating capacity continues to improve, driven by net interest income, which grew by 8.7% year-on-year to 6.11 billion CNY in Q3 2025 [2][5]. - The bank's asset quality remains stable, with a slight increase in retail loan risks expected due to macroeconomic conditions [2]. Summary by Sections Financial Performance - For the first three quarters of 2025, the bank achieved operating income of 216.58 billion CNY, a year-on-year growth of 0.67%, and a net profit of 106.94 billion CNY, reflecting a 3.74% increase [2]. - The bank's total loans reached 777.973 billion CNY, with a year-on-year growth of 8.75% [2]. - The bank's net interest margin for the first three quarters was 1.59%, showing a minor decline of 1 basis point from the first half of 2025 [2]. Asset Quality - The overall NPL ratio decreased to 1.12%, with a quarterly NPL net generation rate rising to 0.67% [2][8]. - The provision coverage ratio increased to 365%, indicating strong risk compensation capabilities [2][8]. Future Outlook - The bank is expected to benefit from strategic opportunities in the Chengdu-Chongqing economic circle and the "33618" modern manufacturing cluster, which will support future performance growth [2]. - Revenue growth projections for 2025E-2027E are 1.5%, 4.5%, and 5.8% respectively, with net profit growth of 4.6%, 4.8%, and 5.3% [2][6].

格隆汇10月28日丨渝农商行(601077.SH)发布三季报，2025年前三季度实现营业总收入216.58亿元，同比 增长0.67%；归属母公司股东净利润106.94亿元，同比增长3.74%；基本每股收益为0.92元。 ...

Core Insights - Chongqing Rural Commercial Bank reported a net profit of 10.925 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 3.32% [2] - The bank's operating income reached 21.658 billion yuan, showing a slight growth of 0.67% compared to the same period last year [2] Financial Performance - The net profit attributable to shareholders was 10.694 billion yuan, up 3.74% year-on-year [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 10.675 billion yuan, reflecting a growth of 7.11% year-on-year [2] - Net interest income amounted to 17.850 billion yuan, an increase of 6.88% from the previous year [2] - The net interest margin was 1.59%, a decrease of 0.02 percentage points year-on-year, but the decline was narrowed by 0.14 percentage points [2] Asset Quality - As of September 30, 2025, the bank's non-performing loan balance stood at 8.711 billion yuan, with a non-performing loan ratio of 1.12%, down 0.06 percentage points from the end of the previous year [2] - The provision coverage ratio was 364.82%, an increase of 1.38 percentage points compared to the end of the previous year [2]

Core Viewpoint - Chongqing Rural Commercial Bank (Yunong Bank) reported a slight increase in revenue and net profit for the first three quarters of 2025, but faced significant declines in non-interest income, which negatively impacted overall revenue growth [1][4]. Financial Performance - For the first nine months of 2025, the bank achieved operating income of 21.658 billion yuan, a year-on-year increase of 0.67%, and a net profit attributable to shareholders of 10.694 billion yuan, up 3.74% year-on-year [1]. - Non-interest income saw a significant decline of 20.9% year-on-year, with the drop accelerating each quarter [1][4]. - The bank's total assets reached approximately 1.66 trillion yuan by the end of September, marking a 9.3% increase from the beginning of the year, the highest growth rate for the same period in nearly four years [2]. Loan Growth and Strategy - Customer loans and advances totaled nearly 778 billion yuan, reflecting an 8.92% increase year-to-date, also the highest growth in four years, primarily driven by corporate loans [2]. - The bank aims to achieve an average annual asset growth of 100 billion yuan over the next three years, focusing on agricultural loans and inclusive small and micro loans [2][3]. Non-Interest Income Challenges - The bank's non-interest income accounted for about 20% of total income, but the decline in this area has been a drag on overall revenue growth [4]. - The bank's fee and commission income decreased by 2.12 billion yuan, while investment income and fair value changes dropped by 6.3 billion yuan year-on-year [5]. Management Changes - In April 2023, Liu Xiaojun was appointed as the new chairman, marking a significant leadership change for the bank [6]. - A series of executive changes occurred, including the retirement and resignation of several vice presidents, leading to a new executive structure [6][7].

格隆汇10月28日丨渝农商行(601077.SH)发布三季报，2025年前三季度实现营业总收入216.58亿元，同比 增长0.67%；归属母公司股东净利润106.94亿元，同比增长3.74%；基本每股收益为0.92元。 ...

2025年1至9月，重庆农商行实现营业收入216.58亿元，较上年同期增长0.67%。其中，利息净收入 178.50亿元，较上年同期增长6.88%，手续费及佣金净收入10.57亿元。净利息收益率为1.59%，较上年 同期下降0.02个百分点，降幅收窄0.14个百分点。 北京商报讯（记者 宋亦桐）10月28日，重庆农商行发布2025年三季度报告，数据显示，2025年1至9 月，该行实现净利润109.25亿元，较上年同期增长3.32%；其中归属于该行股东的净利润106.94亿元， 较上年同期增长3.74%。扣除非经常性损益后归属于该行股东的净利润106.75亿元，较上年同期增长 7.11%。 资产质量方面，截至2025年9月30日，重庆农商行不良贷款余额87.11亿元；不良贷款率1.12%，较上年 末下降0.06个百分点；拨备覆盖率364.82%，较上年末上升1.38个百分点。 ...

Core Viewpoint - Chongqing Rural Commercial Bank reported a net profit of 10.925 billion yuan for the first nine months of 2025, representing a year-on-year growth of 3.32% [2] Financial Performance - The bank's net profit attributable to shareholders reached 10.694 billion yuan, an increase of 3.74% compared to the same period last year [2] - The annualized average return on total assets was 0.92%, a decrease of 0.03 percentage points year-on-year [2] - The annualized weighted average return on equity was 10.82%, down by 0.30 percentage points from the previous year [2] - Total operating income for the first nine months was 21.657 billion yuan, reflecting a growth of 0.81% year-on-year [2] - Net interest income amounted to 17.850 billion yuan, showing an increase of 6.88% compared to the same period last year [2] - Net interest margin was 1.59%, a decline of 0.02 percentage points year-on-year, although the decline was narrowed by 0.14 percentage points [2] Asset Quality - As of September 30, 2025, the bank's non-performing loan balance stood at 8.711 billion yuan [2] - The non-performing loan ratio was 1.12%, a decrease of 0.06 percentage points from the end of the previous year [2] - The provision coverage ratio improved to 364.82%, an increase of 1.38 percentage points compared to the end of last year [2]

Group 1 - The core viewpoint of the articles highlights the financial performance of Chongqing Rural Commercial Bank for the first nine months of 2025, showing a modest growth in net profit and operating income compared to the previous year [1][2] Group 2 - For the period from January to September 2025, the group achieved a net profit of 10.925 billion yuan, an increase of 3.32% year-on-year, with net profit attributable to shareholders at 10.694 billion yuan, up 3.74% year-on-year [1] - The annualized average return on total assets was 0.92%, a decrease of 0.03 percentage points from the same period last year, while the annualized weighted average return on equity was 10.82%, down 0.30 percentage points year-on-year [1] - The group reported operating income of 21.657 billion yuan, a year-on-year increase of 0.81%, with net interest income at 17.850 billion yuan, up 6.88% year-on-year [1] - The net interest margin was 1.59%, a decrease of 0.02 percentage points year-on-year, but the decline was narrowed by 0.14 percentage points [1] - Operating expenses for the group were 6.124 billion yuan, an increase of 0.71% year-on-year, while other general and administrative expenses decreased by 9.17% [1] - The cost-to-income ratio was 27.21%, an increase of 0.28 percentage points year-on-year, and credit impairment losses were 3.229 billion yuan, down 14.31% year-on-year [1] Group 3 - As of September 30, 2025, the group's total assets amounted to 1,656.25 billion yuan, an increase of 140.869 billion yuan, or 9.30%, from the end of the previous year [2] - The total amount of customer loans and advances reached 777.973 billion yuan, an increase of 63.7 billion yuan, or 8.92%, with corporate loans at 418.734 billion yuan, retail loans at 303.676 billion yuan, and discounted bills at 55.563 billion yuan [2] - Financial investments totaled 656.498 billion yuan, an increase of 28.495 billion yuan, or 4.54%, from the end of the previous year [2]

2025年1至9月，集团实现营业收入216.57亿元，较上年同期增长0.81%。其中，利息净收入178.50亿 元，较上年同期增长6.88%，手续费及佣金净收入10.57亿元。净利息收益率为1.59%，较上年同期下降 0.02个百分点，降幅收窄0.14个百分点。 格隆汇10月28日丨重庆农村商业银行(03618.HK)公告，2025年1至9月，集团实现净利润109.25亿元，较 上年同期增长3.32%；其中归属于股东的净利润106.94亿元，较上年同期增长3.74%。年化平均总资产回 报率0.92%，较上年同期下降0.03个百分点。年化加权平均净资产收益率10.82%，较上年同期下降0.30 个百分点。 2025年1至9月，集团营业支出为61.24亿元，较上年同期增加0.71%。其中，其他一般及行政开支较上年 同期下降9.17%，集团持续推进降本增效"四步法"落地实施，多措并举实施精细化管理。成本收入比 27.21%，较上年同期增长0.28个百分点。信用减值损失32.29亿元，较上年同期下降14.31%。 截至2025年9月30日，集团资产总额16,562.50亿元，较上年末增加1,408.69亿元，增幅9. ...