Financial Performance - Chongqing Rural Commercial Bank reported a total revenue of RMB 3.046 per 10 shares as the proposed dividend for the year 2024, which includes a mid-year dividend of RMB 1.944 per 10 shares[10]. - Operating income and net profit grew by 0.98% and 5.97% year-on-year, achieving a dual increase in scale and efficiency[13]. - Net profit attributable to shareholders rose by 5.60% to RMB 11,512.7 million, compared to RMB 10,902.4 million in 2023[35]. - The company's net profit increased by CNY 666 million, a growth rate of 5.97%, driven by improved revenue and cost management[122]. - The company reported a significant increase in revenue, reaching $1.2 billion, representing a 15% year-over-year growth[1]. Asset and Liability Management - Total assets increased by 5.12% to RMB 1,515,381.8 million from RMB 1,441,522.1 million at the end of 2023[36]. - As of December 31, 2024, the total liabilities of the group amounted to RMB 1,381.33 billion, an increase of RMB 63.75 billion, representing a growth of 4.84% compared to the end of 2023[68]. - The total amount of loans and advances reached CNY 358.13 billion, an increase of CNY 30.35 billion, representing a growth of 9.26% compared to the end of the previous year[61]. - The group's issued debt securities increased by RMB 52.08 billion, a growth of 43.55% compared to the previous year, reflecting proactive adjustments in the liability structure[71]. Risk Management - The bank has no significant risks that require special attention from investors, and it has implemented measures to manage operational risks[11]. - The company has implemented proactive risk management measures, enhancing the risk control process and establishing a regular asset quality inspection mechanism[130]. - The company is actively managing market risks, focusing on interest rate and exchange rate risks, and has established a market risk management system[136]. - The provision coverage ratio stood at 363.44% at the end of 2024, maintaining a strong risk compensation capability[127]. Digital Transformation and Innovation - The company plans to enhance digital transformation and service capabilities through key project implementations and big data utilization[18]. - The bank's digital transformation included the launch of a marketing platform and a management platform, serving 417 enterprises[41]. - The bank's AI capabilities have been enhanced, with the completion of the intelligent call platform and the development of a facial recognition platform[112]. - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[5]. Governance and Compliance - The board of directors approved the annual report and performance announcement for 2024 during the meeting held on March 25, 2025, with full attendance of the board members[10]. - The company has established a comprehensive governance structure to enhance its operational effectiveness and compliance with regulations[162]. - The company has maintained compliance with regulatory requirements regarding related party transactions, with all related transaction concentration indicators meeting the standards[154]. - The company is focused on maintaining stability in its leadership structure while adapting to regulatory changes in the financial sector[171]. Market Expansion and Strategic Initiatives - The company aims to implement a development strategy focused on "retail banking, technology-driven operations, and talent enhancement" by 2025[161]. - Market expansion plans include entering three new countries by the end of the year, projected to increase user base by 30%[6]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[7]. - The company will actively pursue strategic opportunities in the western region's development and the Yangtze River Economic Belt, aiming to strengthen its service offerings in credit, bonds, and investment banking[161]. Customer and Community Engagement - The number of service outlets reached 1,743, covering all towns in Chongqing, with credit card and consumer loan balances nearing 150 billion yuan[14]. - The three agricultural service platforms served over 3 million households, including farmers, cooperatives, and collective economic organizations[116]. - The company provided credit support of RMB 126.24 billion to key projects in the Chengdu-Chongqing economic circle, covering 176 projects with a loan balance of RMB 26.47 billion[103]. - The group conducted 25,000 grid marketing activities in 2024, engaging 246,000 customers, leveraging its traditional advantages of familiarity with local conditions[118].

Financial Performance - Total operating income for Q3 2024 was RMB 6,840.6 million, a decrease of 2.72% year-on-year[4] - Net profit for Q3 2024 reached RMB 3,013.4 million, a slight decrease of 0.34% compared to the same period last year[4] - Net profit attributable to shareholders was RMB 2,949.7 million, down 0.65% year-on-year[4] - The net profit for the first nine months of 2024 was RMB 10.574 billion, representing a year-on-year growth of 4.24%[18] - The operating income for the first nine months of 2024 was RMB 21.483 billion, a decrease of 1.91% year-on-year[19] - The bank's net profit for the three months ended September 30, 2024, was RMB 3,013,440 thousand, slightly down from RMB 3,023,674 thousand in the same period of 2023, representing a decrease of 0.5%[27] - Total operating income for the nine months ended September 30, 2024, was RMB 21,482,790 thousand, compared to RMB 21,901,004 thousand for the same period in 2023, indicating a decline of 1.9%[25] - The bank's total comprehensive income for the nine months ended September 30, 2024, was RMB 12,214,527 thousand, an increase of 13.5% compared to RMB 10,759,015 thousand in the same period of 2023[27] Assets and Liabilities - Total assets as of September 30, 2024, amounted to RMB 1,517,907.6 million, an increase of 5.30% from the end of 2023[6] - The group’s total liabilities reached RMB 1,385.390 billion, an increase of RMB 67.810 billion or 5.15% compared to the end of the previous year[17] - As of September 30, 2024, total assets increased to RMB 1,517,907,587 thousand from RMB 1,441,522,072 thousand as of December 31, 2023, representing a growth of approximately 5.3%[28] - Total liabilities increased to RMB 1,385,390,233 thousand from RMB 1,317,580,322 thousand, reflecting a growth of approximately 5.1%[29] Customer Loans - Total customer loans and advances reached RMB 715,376.1 million, reflecting a growth of 5.71% compared to the previous year[6] - The total customer loans and advances amounted to RMB 715.376 billion, up RMB 38.666 billion or 5.71% from the end of the previous year[17] - Customer loans and advances rose to RMB 685,480,580 thousand, up from RMB 647,276,750 thousand, indicating an increase of about 5.3%[28] Profitability Ratios - The return on average equity (annualized) was 9.01%, down 0.80 percentage points year-on-year[4] - The average total asset return (annualized) was 0.79%, a decrease of 0.04 percentage points compared to the previous year[4] - The annualized average return on total assets was 0.95%, a decrease of 0.02 percentage points year-on-year[18] - The cost-to-income ratio improved to 26.93%, down 4.13 percentage points from the same period last year[19] Non-Performing Loans - The non-performing loan ratio improved to 1.17% from 1.19% at the end of 2023[7] - The non-performing loan balance was RMB 8.372 billion, with a non-performing loan ratio of 1.17%, a decrease of 0.02 percentage points from the end of the previous year[19] Cash Flow and Liquidity - The net cash flow from operating activities increased by 98.67% year-on-year, primarily due to a decrease in the net increase of financial assets held for trading[9] - The liquidity coverage ratio as of September 30, 2024, was 407.76%, indicating a strong liquidity position[16] - The net cash generated from operating activities for the nine months ended September 30, 2024, was RMB 19,794,740 thousand, compared to RMB 9,963,580 thousand for the same period in 2023, showing a significant increase[30] Equity and Capital - The core tier 1 capital adequacy ratio stood at 13.83% as of September 30, 2024, compared to 13.53% at the end of 2023[13] - The total equity attributable to shareholders increased to RMB 130,602,181 thousand from RMB 122,173,769 thousand, reflecting a growth of approximately 6.5%[29] Investment and Other Activities - The company reported a pre-tax profit of RMB 11,627,404 thousand for the nine months ended September 30, 2024, slightly up from RMB 11,538,163 thousand in the previous year[30] - Cash and cash equivalents increased to RMB 56,808,706 thousand as of September 30, 2024, compared to RMB 31,908,158 thousand at the end of the same period in 2023, marking a rise of approximately 78%[31] - The company’s investment activities resulted in a net cash outflow of RMB 52,450,902 thousand for the nine months ended September 30, 2024, compared to a net inflow of RMB 21,284,445 thousand in the previous year[31] - The company issued bonds with net proceeds of RMB 233,464,283 thousand during the nine months ended September 30, 2024, compared to RMB 182,336,206 thousand in the same period of 2023[31] Strategic Focus - The bank's strategic focus includes enhancing user data analytics and expanding market presence, although specific figures were not provided in the content[24] - The bank continues to explore new product development and technological advancements to improve service offerings and operational efficiency[24]

Dividend Distribution and Shareholder Returns - The company plans to implement an interim dividend distribution for 2024 to enhance investor returns and boost long-term shareholder confidence[4] - The company distributed a cash dividend of RMB 0.2885 per share (tax included) for the 2023 fiscal year, totaling RMB 3.276 billion, with RMB 2.551 billion distributed to A-share holders and RMB 725 million to H-share holders[188] - The company's cash dividend payout ratio for 2023 was 30.05% of the net profit attributable to shareholders, consistent with the 30% payout ratio in 2022 and 2021[188] - The company plans to implement an interim dividend distribution to enhance investor returns and boost long-term shareholder confidence, with specific details to be announced after corporate governance procedures[189] Financial Performance and Key Metrics - Total assets increased by 4.77% to RMB 1,510.31 billion as of June 30, 2024, compared to RMB 1,441.52 billion at the end of 2023[19] - Net profit for the first half of 2024 reached RMB 7.56 billion, a year-on-year increase of 6.18%[18] - Non-performing loan ratio remained stable at 1.19% as of June 30, 2024, unchanged from the end of 2023[19] - Provision coverage ratio stood at 360.29% as of June 30, 2024, down by 6.41 percentage points from the end of 2023[19] - Capital adequacy ratio was 15.71% as of June 30, 2024, a decrease of 0.28 percentage points from the end of 2023[19] - Net interest income decreased by 7.99% to RMB 110.81 billion in the first half of 2024 compared to the same period in 2023[18] - Non-interest income increased by 26.03% to RMB 35.61 billion in the first half of 2024 compared to the same period in 2023[18] - Cost-to-income ratio improved to 25.28% in the first half of 2024, down by 5.92 percentage points from the same period in 2023[18] - Customer deposits grew by 5.07% to RMB 941.65 billion as of June 30, 2024, compared to RMB 896.20 billion at the end of 2023[19] - Core tier 1 capital adequacy ratio increased to 13.83% as of June 30, 2024, up by 0.30 percentage points from the end of 2023[19] - Net profit increased by 440 million yuan, a year-on-year growth of 6.18%[119] - Non-performing loan (NPL) ratio remained stable at 1.19% as of June 2024[120] - Overdue loan ratio slightly increased to 1.52%, up by 0.1 percentage points compared to the end of the previous year[120] - Special mention loans ratio rose to 1.41%, up by 0.27 percentage points, with 90.04% of these loans being secured[121] - The average provision ratio for special mention loans reached 32.56% as of June 2024[121] - Corporate loan NPL ratio increased slightly to 1.07%, but the NPL formation rate continued to decline year-on-year[121] - The company achieved operating income of 14.642 billion yuan, with a year-on-year decline narrowing by 1.41 percentage points compared to Q1[118] Risk Management and Asset Quality - The company does not have any significant risks that require special attention from investors, with detailed risk management measures outlined in Chapter 3[5] - Non-performing loan (NPL) balance increased to RMB 8,395.0 million, up by RMB 336 million from the end of 2023, with the NPL ratio remaining stable at 1.19%[72] - Corporate NPL balance increased by RMB 366 million, with the NPL ratio rising by 0.03 percentage points, while retail NPL balance decreased by RMB 30 million, with the NPL ratio dropping by 0.02 percentage points[73] - The largest single borrower's loan accounted for 3.68% of net capital, and the top ten borrowers' loans accounted for 23.14% of net capital, with no NPLs among the top ten borrowers[74] - Manufacturing sector loans accounted for 10.25% of total loans, with an NPL ratio of 0.82%, while the real estate sector had an NPL ratio of 6.88%[73] - Loans to the water, environment, and public facilities management sector accounted for 10.85% of total loans, with an NPL ratio of 0.53%[73] - The top ten single borrowers were primarily from sectors such as water management, transportation, and leasing services, with no NPLs reported[76] - The company maintained strict credit risk management and optimized its loan structure, focusing on reducing NPLs and improving asset quality[72][73] - Total customer loans and advances increased to RMB 706.86 billion as of June 30, 2024, with a non-performing loan (NPL) ratio of 1.19%, unchanged from the end of 2023[77] - Corporate loans NPL ratio rose by 0.03 percentage points to 1.07%, while retail loans NPL ratio decreased by 0.02 percentage points to 1.58% as of June 30, 2024[77] - Restructured customer loans and advances increased to RMB 3.15 billion, accounting for 0.45% of total loans and advances, up from RMB 614.5 million (0.09%) at the end of 2023[78] - Overdue customer loans and advances totaled RMB 10.75 billion, representing 1.52% of total loans and advances, an increase of RMB 1.14 billion and 0.10 percentage points from the end of 2023[79] - Loan impairment provisions increased to RMB 30.13 billion as of June 30, 2024, up from RMB 29.43 billion at the end of 2023[80] - Credit loans accounted for 20.78% of total loans and advances, up from 19.80% at the end of 2023[81] - The migration rate for normal loans increased to 2.20% as of June 30, 2024, compared to 1.43% at the end of 2023[82] - County deposits accounted for 73.79% of total deposits, up 1.61 percentage points from the end of 2023, while county loans accounted for 48.91%, down 0.39 percentage points[83] - Credit risk loss provision balance reached 34.263 billion yuan, an increase of 617 million yuan compared to the end of the previous year, with credit asset impairment provision balance at 30.246 billion yuan[123] - Provision coverage ratio stood at 360.29%, and the provision-to-loan ratio was 4.28%, maintaining a high level among listed banks[123] - Overdue loans coverage ratios were 477.01% for loans overdue for more than 90 days and 413.32% for loans overdue for more than 60 days[123] - Credit impairment losses for the first half of 2024 amounted to 2.457 billion yuan, an increase of 612 million yuan year-on-year, up by 33.18%[123] - Loan and advances credit impairment losses were 2.535 billion yuan, an increase of 1.165 billion yuan year-on-year, up by 85.06%[123] - The company's debt investment asset quality remained stable, with a decrease of 445 million yuan in impairment provisions compared to the same period last year[123] - The company completed the optimization and update of the retail internal rating model, with coverage of retail products increasing to 99%[125] - The company initiated the construction of a model risk management system and the optimization of the operational risk management system[125] - The company conducted stress tests on credit, market, and liquidity risks, and quantified the impact of extreme risks on capital adequacy levels[125] - The company's large risk exposure indicators as of the end of June 2024 were better than regulatory standards[129] - The company strengthened its operational risk management system, including optimizing monitoring indicators and enhancing risk prevention capabilities[146] - The company improved its reputation risk management mechanism, focusing on crisis response, complaint handling, and public relations[147] - The company optimized its information technology risk management system and updated the "Information Technology Risk Management Measures" to enhance the comprehensiveness, effectiveness, and operability of the system[148] - The company strengthened 7×24 operation and maintenance management, ensuring network security during key periods such as New Year's Day and Spring Festival, effectively maintaining the stable operation of important businesses[148] - The company revised anti-money laundering internal control systems, optimized monitoring models, and applied technologies such as artificial intelligence and machine learning to efficiently screen and report suspicious transactions[149] Digital Transformation and Technology - The company is accelerating digital transformation, focusing on "digital development, intelligent risk control, smart branches, and efficient operations"[14] - The company's financial technology personnel exceeded 600, with over 20% of talent in the technology finance sector[103] - External data service interfaces were accessed 191 million times in the first half of 2024, with a decision success rate exceeding 99.99%[104] - The company submitted 12 invention patent applications in 2024, with a cumulative total of 157 patents and 8 software copyrights[105] - Mobile banking users reached 14.7616 million, with a net increase of 379,200 users and transaction volume of 703.427 billion yuan in 2024[106] - Corporate internet banking customers totaled 165,900, with a net increase of 6,200 and transaction volume of 538.168 billion yuan in 2024[106] - The company's call center handled 3.5117 million calls with a customer satisfaction rate of 99.34% and an artificial response rate of 92.82%[106] - The company's robot outbound calls reached 5.8608 million, accounting for 98.07% of total outbound calls[106] - The company's wealth management product system includes multiple branded products such as rural revitalization and the Chengdu-Chongqing economic circle[101] - The company has established 5 branches, 26 primary sub-branches, 126 secondary sub-branches, 1,283 sub-offices, 1 community branch, and 12 village banks in county areas by the end of June 2024[108] - The company has issued 23.6525 million debit cards in county areas, accounting for 78.81% of the total debit cards issued by the bank[108] - The company has 11.7306 million mobile banking users in county areas, accounting for 79.47% of the total mobile banking users, with an increase of 302,900 users compared to the end of the previous year[108] - The company's personal deposits in county areas reached 635.261 billion yuan, accounting for 78.65% of the total personal deposits[109] - The company's rural revitalization series wealth management products have accumulated over 16 billion yuan in issuance and created nearly 400 million yuan in profits for customers[110] - The company's leasing asset balance in Chongqing is 14 billion yuan, with 77% in county areas, and new leasing projects in Chongqing in 2024 amounted to 2.96 billion yuan, with 56.32% in county areas[110] - The company's rural revitalization digital financial service platform has achieved full coverage in 38 agricultural counties in Chongqing, covering 7,752 villages with a coverage rate of nearly 98%, and pre-approved credit for 1.33 million farmers exceeded 20.2 billion yuan[111] - The company's 12 village banks have a total registered capital of 1.662 billion yuan, total assets of 5.246 billion yuan, and a non-performing loan ratio of 1.47%[112] - The company's financial leasing subsidiary has total assets of 65.679 billion yuan and achieved a net profit of 1.018 billion yuan in the reporting period[113] - The company aims to accelerate digital transformation by integrating into the digital Chongqing initiative, enhancing operational efficiency through standardization and digitalization[168] Green Finance and Sustainability - The company is targeting to become a green finance benchmark bank, integrating into green finance reform and innovation pilot zones, and forming a comprehensive green finance service system[16] - The company's green credit balance reached 67.46 billion yuan, an increase of 5.47 billion yuan from the end of the previous year, achieving 91.2% of the target plan, with the green credit ratio increasing by 0.4 percentage points to 10.6%[94] - The company has supported 9 ecological restoration and environmental protection projects in the Yangtze Economic Belt, with a total credit line of 6.385 billion yuan and a loan balance of 557 million yuan as of June 2024[191] - The company has launched innovative green financial products such as "Solid Waste Loan" and "Green Electricity Loan," forming a comprehensive green financial service system[191] - The company has collaborated with State Grid Chongqing Electric Power Company to develop green financial solutions for the new power system, aiming to promote the clean energy industry chain[192] - The company's agricultural loan balance reached 240.457 billion yuan as of June 2024, supporting rural revitalization and poverty alleviation efforts[193] - The company has pre-approved credit for 1.33 million rural households, exceeding 20.2 billion yuan, through its digital rural financial service platform[194] - The company has launched over 20 standardized credit products tailored to local agricultural industries, such as "Pickled Mustard Loan" and "Orange Loan"[195] Corporate Governance and Compliance - The 2024 interim financial report has been reviewed by KPMG Huazhen LLP under Chinese review standards and by KPMG under international review standards[4] - The company's registered and office address is at No. 36 Jinshamen Road, Jiangbei District, Chongqing, with a postal code of 400023[7] - The company's A-share stock is listed on the Shanghai Stock Exchange with the stock code 601077, and its H-share stock is listed on the Hong Kong Stock Exchange with the stock code 03618[8] - The company was established in 2008, listed on the H-share main board in 2010, and listed on the A-share main board in 2019, with main businesses including inclusive finance, corporate finance, and financial markets[10] - The company has 1 non-bank wholly-owned subsidiary and 1 non-bank controlled subsidiary, engaged in wealth management and financial leasing, and controls 12 village banks[10] - The company aims to become a nationally leading regional bank, focusing on "supporting agriculture and small businesses, serving the real economy"[11] - The company is leveraging its retail financial advantages, including a wide network of branches and leading customer groups, to drive the development of "pension finance" and "inclusive finance"[15] - The company is aiming to become a comprehensive financial market operator, promoting synergy across the group, and forming a full-chain customer service system of "investment + funds + custody"[17] - The company held 1 shareholders' meeting, 7 board meetings, and 6 supervisory board meetings during the reporting period, reviewing a total of 93 proposals and 68 reports[169] - The bank has adopted the "Standard Code for Securities Transactions by Directors of Listed Companies" and confirmed that all directors and supervisors complied with the code during the first half of 2024[171] - The bank's board of directors includes 9 members, with Chairman Xie Wenhui and President Sui Jun being key executives, and the board composition reflects a mix of executive, non-executive, and independent directors[174] - The bank's supervisory board consists of 7 members, including shareholder representatives, external supervisors, and employee representatives, ensuring diverse oversight[175] - The company and its shareholders, directors, supervisors, and senior management strictly fulfilled the commitments disclosed in the IPO prospectus and listing announcement[200] - Major shareholders committed not to transfer or entrust others to manage their shares within 36 months after the listing, with possible extensions under certain conditions[200] - After the lock-up period, shareholders must notify the company in writing before selling shares and comply with relevant regulations[200] - Internal employees holding shares over 50,000 committed not to transfer shares within 3 years after listing and to limit annual sales to 15% of their holdings thereafter[200] - Shareholders holding more than 1% of shares committed to comply with CSRC and SSE regulations on share reduction[200] Employee Structure and Training - The company has a total of 14,156 in-service employees, with 10,501 in business development, 530 in technology information, 1,017 in risk control, and 2,108 in operations and comprehensive management[180] - The age structure of employees is as follows: 1,573 aged 30 and below, 6,704 aged 31-40, 3,343 aged 41-50, and 2,536 aged 51 and above[180] - The educational structure of employees includes 1,019 with a master's degree or higher, 10,418 with a bachelor's degree, and 2,719 with a college degree or below[180] - As of the end of June 2024, the group has 14,592 in-service employees, including 14,156 in the bank and 436 in subsidiaries[181] - The bank also has 385 dispatched workers, 292 retired employees, and 7,587 retired employees[181] - The number of technology information employees decreased slightly compared to the end of the previous year due to some employees being formally transferred to Chongqing Yuyin Financial Technology Co., Ltd[181] - The bank's compensation policy includes basic salary, performance salary, and welfare income, with performance salary linked to annual operating performance[182] - In the first half of 2024, the bank conducted over 750 training sessions with more than 60,000 participants[184] - The proportion of employees with a bachelor's degree or higher has increased to 80.79%[184] Branch Network and Customer Service - The company has a total of 1,743 branches, including 1,439 in Chongqing's counties and 302 in Chongqing's main urban area, with a branch network covering all 38 administrative districts and counties in Chongqing[185] - The company has established 74 24-hour self-service banking centers and deployed 6,149 self-service devices, with a machine-to-branch ratio of 3

Financial Performance - Chongqing Rural Commercial Bank reported its unaudited interim consolidated results for the six months ended June 30, 2024[4]. - The bank's total assets reached RMB 1.2 trillion, representing a year-on-year increase of 8%[4]. - Net profit attributable to shareholders for the period was RMB 3.5 billion, up 12% compared to the same period last year[4]. - Customer deposits increased by 10% year-on-year, totaling RMB 900 billion[4]. - Net interest income for the first half of 2024 was RMB 11,081 million, a decrease of 7.99% compared to RMB 12,044 million in the same period of 2023[30]. - Non-interest income increased by 26.03% to RMB 3,561 million, up from RMB 2,826 million year-on-year[30]. - Total operating income for the first half of 2024 was RMB 14,642 million, a slight decline of 1.53% from RMB 14,869 million in the previous year[30]. - Net profit for the first half of 2024 reached RMB 7,561 million, representing a year-on-year growth of 6.18% from RMB 7,121 million[30]. - Total operating expenses decreased by RMB 876.1 million to RMB 3.930 billion, a decline of 18.23%, with employee costs comprising 54.17% of total operating expenses[63]. - The pre-tax profit for the six months ended June 30, 2024, was RMB 8.25 billion, a slight increase of RMB 32.6 million or 0.40% compared to the same period in 2023[65]. Asset Quality and Risk Management - The bank's non-performing loan ratio improved to 1.5%, down from 1.7% in the previous year[4]. - The non-performing loan ratio remained stable at 1.19%, unchanged from the end of 2023[32]. - The company has maintained a strict credit policy, optimizing the credit structure and increasing efforts in disposing of non-performing assets throughout 2024[94]. - The company reported a decrease in retail non-performing loans by RMB 30 million compared to the end of the previous year, reflecting improved asset quality in this segment[94]. - The impairment provision for loans increased to RMB 30.1265 billion as of June 30, 2024, from RMB 29.4338 billion at the end of 2023, reflecting a proactive approach to credit risk management[100]. - The group made a credit impairment loss provision of 2.457 billion yuan in the first half of 2024, an increase of 33.18% year-on-year, primarily due to a rise in loan and advance provisions[146]. - The group plans to enhance financial support for local economic development by focusing on rural markets and major strategic projects in the second half of 2024[144]. - The group aims to improve risk assessment processes across the loan lifecycle, adhering to regulatory requirements for financial asset classification and proactive impairment provisioning[144]. Strategic Initiatives and Future Outlook - Future outlook includes expanding digital banking services and enhancing risk management strategies[10]. - The bank plans to implement a mid-year cash dividend to enhance investor returns, details to be announced later[9]. - The company is implementing a development strategy centered on "retail banking, technology-driven operations, and talent enhancement," aiming for high-quality and sustainable growth[21]. - The company aims to support the construction of the Chengdu-Chongqing economic circle and the new western land-sea corridor, focusing on high-quality development[195]. - The company plans to increase its investment in key strategic projects, including new productivity, technological innovation, and green low-carbon initiatives, particularly in the Chengdu-Chongqing economic circle[196]. - The company is committed to accelerating digital transformation by enhancing efficiency through standardization and digitalization[196]. Customer and Market Engagement - The company is focusing on developing new financial products to cater to rural customers and small enterprises[10]. - The retail finance segment is positioned as a core business, leveraging extensive branch networks and customer bases to drive growth in inclusive and pension finance[27]. - The company’s strategy focuses on enhancing financial services in rural areas, with rural deposits accounting for 73.79% of total deposits, an increase of 1.61 percentage points from the previous year[103]. - The company launched a series of financial products for rural revitalization, raising over CNY 16 billion and generating nearly CNY 400 million in profits for clients[133]. - The number of micro-enterprise loan customers surpassed 200,000, reaching 203,400, with a loan balance of CNY 136.745 billion, achieving both growth in number and balance, ranking first in the city[112]. Digital Transformation and Technology - The digital transformation initiative focuses on creating a "digital rural commercial bank," enhancing customer experience and operational efficiency through technology[26]. - The company has implemented 33 key projects as part of its digital transformation plan, enhancing its digital risk management capabilities[39]. - The bank's financial technology personnel exceeded 600, supporting over 10 million online customers[124]. - The bank's decision-making platform processed an average of 865,000 decisions daily, achieving a success rate of over 99.99%[125]. Capital and Funding - The bank's capital adequacy ratio stands at 13.5%, above the regulatory requirement[4]. - The capital adequacy ratio was reported at 15.71%, a slight decrease of 0.28 percentage points from 15.99% at the end of 2023[32]. - The group has implemented a comprehensive capital management strategy, maintaining capital levels above regulatory requirements and ensuring continuous capital growth during the first half of 2024[181]. - The group has optimized its information technology risk management system, with no significant information technology risk events occurring during the reporting period[173]. Governance and Compliance - The company adheres to the corporate governance code and has purchased liability insurance for all directors and senior management[198]. - The company confirms compliance with the securities trading standards for directors and supervisors throughout the reporting period[200].

Investment Rating - The report maintains a "Buy" rating for Chongqing Rural Commercial Bank [5][3]. Core Views - The bank's Q1 2024 performance met expectations, with stable revenue and a slight decline in net profit. Credit issuance is becoming more balanced, and asset quality remains stable [3][4]. - The report adjusts the net profit growth forecast for 2024-2026 to 3.23%/5.40%/7.45%, with corresponding EPS of 0.99/1.04/1.12 RMB. The target price is set at 4.45 HKD, corresponding to a 0.38x PB for 2024 [3][4]. Financial Summary - Revenue for Q1 2024 decreased by 2.9% year-on-year, while other non-interest income grew by 46.7%. Investment income significantly increased, supporting revenue performance [3]. - The cost-to-income ratio decreased by 5.81 percentage points to 27.21%, leading to a 5.44% year-on-year increase in pre-provision profit [3]. - Net profit growth declined by 10.8% year-on-year due to a low base from significant bad asset recoveries in Q1 2023 [3]. - Total assets grew by 4.1% year-on-year, with loans increasing by 4.9%. Corporate loans grew by 7.0%, while retail loans increased by 1.4% [3][4]. - The net interest margin for Q1 was estimated at 1.50%, with net interest income declining by 9.2% year-on-year [3]. - As of the end of Q1, the non-performing loan balance increased by 215 million RMB, with a non-performing loan ratio of 1.19%, unchanged from the end of 2023 [3][4].

Financial Performance - Operating income for Q1 2024 was RMB 7,125.5 million, a decrease of 2.94% compared to RMB 7,341.6 million in Q1 2023[4] - Net profit for Q1 2024 was RMB 3,661.6 million, down 8.77% from RMB 4,013.7 million in Q1 2023[4] - Net profit attributable to shareholders was RMB 3,524.3 million, reflecting a decline of 10.81% from RMB 3,951.4 million in the same period last year[4] - In Q1 2024, the group achieved a net profit of 3.662 billion yuan, a decrease of 8.77% year-on-year, primarily due to changes in credit impairment losses[14] - The group's operating income for the period was 7.125 billion yuan, down 2.94% year-on-year, with net interest income at 5.519 billion yuan[14] - The group's pre-provision profit was 5.123 billion yuan, an increase of 5.44% year-on-year, while the annualized return on total assets was 1.00%, down 0.17 percentage points[14] - The pre-tax profit for the three months ended March 31, 2024, was RMB 3,789,605, a decrease of 20% compared to RMB 4,728,494 in the same period of 2023[26] - The bank reported a basic and diluted earnings per share of RMB 0.31 for the current quarter, down from RMB 0.35 in the same period last year, reflecting a decrease of approximately 11.4%[22] Cash Flow and Liquidity - Cash flow from operating activities increased significantly by 83.14% to RMB 69,904.6 million, compared to RMB 38,170.9 million in Q1 2023[5] - The net cash flow from operating activities for the three months ended March 31, 2024, was RMB 69,904,634, an increase of 83% from RMB 38,170,881 in the same period of 2023[26] - Cash and cash equivalents as of March 31, 2024, totaled RMB 67,727,691, significantly up from RMB 26,997,573 at the same date in 2023[27] - The liquidity coverage ratio stood at 306.78% as of March 31, 2024, indicating strong liquidity position[13] Assets and Liabilities - Total assets as of March 31, 2024, reached RMB 1,491,522.8 million, representing a growth of 3.47% from RMB 1,441,522.1 million at the end of 2023[4] - Total customer loans and advances amounted to RMB 696,970.7 million, an increase of 2.99% from RMB 676,710.6 million at the end of 2023[4] - Total liabilities increased by 3.45% to RMB 1,363,024.5 million, up from RMB 1,317,580.3 million at the end of 2023[4] - The non-performing loan balance was 8.274 billion yuan, with a non-performing loan ratio of 1.19%, remaining stable compared to the end of the previous year[15] - The bank's total liabilities amounted to RMB 1,363,024,517 thousand, up from RMB 1,317,580,322 thousand, representing an increase of approximately 3.4%[25] - Customer loans and advances increased to RMB 666,682,870 thousand as of March 31, 2024, up from RMB 647,276,750 thousand at the end of 2023, reflecting a growth of approximately 3.1%[24] Credit and Impairment - Credit impairment losses for the period were 1.333 billion yuan, an increase of 1.203 billion yuan compared to the same period last year[14] - The company experienced a credit impairment loss of RMB 1,333,226 for the three months ended March 31, 2024, compared to RMB 130,247 in the same period of 2023, indicating a substantial increase in credit risk[26] - The group plans to continue enhancing the recovery of non-performing assets while maintaining prudent provisioning for impairment losses[14] Cost and Efficiency - The group’s cost-to-income ratio improved to 27.22%, a decrease of 5.79 percentage points year-on-year, attributed to resource optimization efforts[14]

Financial Performance - Net profit for 2023 reached RMB 11.125 billion, marking a 6.18% increase from the previous year[5]. - Total operating income for 2023 was RMB 27,957.2 million, down 3.40% from RMB 28,941.3 million in 2022[41]. - Revenue for the year was CNY 128 billion, with a net profit of CNY 11.1 billion, showing a growth rate of 6.18%[24]. - Net profit attributable to shareholders was RMB 10,902.4 million, a rise of 6.10% compared to RMB 10,275.6 million in 2022[41]. - Non-interest income reached RMB 4,464.1 million, representing an increase of 26.21% from RMB 3,537.1 million in the previous year[41]. - Total interest expense for 2023 was CNY 26.394 billion, an increase of CNY 0.540 billion, representing a growth of 2.09% driven by the growth in interest-bearing liabilities[56]. - The total amount of corporate loans and advances was RMB 327.78 billion, an increase of RMB 290.96 billion or 9.74% from the previous year[81]. Asset and Liability Management - Total assets increased to RMB 1,441.5 billion in 2023, representing a growth of 6.60% compared to 2022[5]. - Total liabilities reached RMB 1,317.58 billion, an increase of RMB 80.74 billion, representing a growth of 6.53%[92]. - The capital adequacy ratio increased to 15.99%, up from 15.62% in 2022, demonstrating robust capital management[11]. - The leverage ratio as of December 31, 2023, was 8.40%, up by 0.13 percentage points compared to the end of the previous year, driven by a higher growth rate of tier 1 capital[122]. - The net stable funding ratio stood at 126.22%, and the liquidity coverage ratio was 414.05%[100]. Loan and Deposit Growth - Total loans amounted to RMB 676.7 billion, up 6.96% year-on-year, while total deposits rose to RMB 824.9 billion, reflecting an 8.64% increase[5]. - Customer deposits totaled RMB 896.20 billion, an increase of RMB 71.26 billion, representing a growth of 8.64% compared to the previous year[93]. - The retail loan non-performing loan ratio increased to 1.60%, up 0.43 percentage points from the previous year, influenced by a slowdown in macroeconomic growth[110]. - The company provided a loan balance of 26 billion yuan for major projects in the Chengdu-Chongqing economic circle, enhancing its role in regional economic development[20]. Risk Management - The non-performing loan ratio improved to 1.22% in 2023, down from 1.25% in 2022[6][7]. - The provision coverage ratio stood at 366.70%, indicating strong risk management practices[8]. - The company has implemented a comprehensive risk management system, enhancing proactive risk management and monitoring capabilities in response to changing risk conditions[170]. - The company’s focus on risk monitoring in key sectors has led to a continuous improvement in asset quality, despite challenges in the retail loan segment[106]. Digital Transformation and Innovation - The company plans to accelerate its digital transformation in 2024, emphasizing a customer-centric organizational structure and innovative service models[21]. - The company has launched three "billion-level" online products to enhance financial service convenience and efficiency[18]. - The intelligent data decision platform provided a total of 422 million decision services in 2023, with a daily average of 1.156 million, representing a year-on-year increase of 156% and a decision success rate of 99.9%[145]. - The company has established a digital transformation strategy for its asset custody business, enhancing technological support for steady growth[143]. Strategic Focus and Market Position - The bank plans to distribute a dividend of RMB 2.885 per 10 shares for the 2023 fiscal year, subject to shareholder approval[12]. - The company's strategic vision aims to build the company into a leading regional bank in China, emphasizing a "customer-centric" approach and a "big retail" business model as the core competitive strength[31]. - The company achieved a global bank ranking of 115, reflecting significant growth and improvement in its operational performance[17]. - The company aims to enhance its financial services capabilities to support the real economy and contribute to national strategic initiatives[31]. Employee and Operational Efficiency - Employee costs accounted for 58.40% of total operating expenses in 2023, totaling RMB 573.5 million, a year-on-year increase of RMB 9.5 million[69]. - The company has increased its investment in financial technology talent, contributing to the rise in employee costs[69]. - The internal audit system was strengthened, focusing on strategic priorities and enhancing digital audit capabilities to improve operational efficiency[192]. Green Finance Initiatives - The green credit balance reached 62 billion yuan, with a year-on-year increase of 27.2%, highlighting the company's commitment to green finance initiatives[20]. - The company has established a "1+3+22+N" green finance system to promote green credit and financial products, seizing strategic opportunities in the Chengdu-Chongqing economic circle[37]. - The company continues to innovate green credit products and expand financing channels for enterprises[81]. Customer Engagement and Service Enhancement - The mobile banking app reached 14.38 million users by the end of 2023, with a net increase of 857,600 users, reflecting a growth rate of 6.34%[149]. - The total transaction amount for merchants reached CNY 187.13 billion, an increase of CNY 22.69 billion, representing a growth of 13.80% year-on-year[132]. - The company achieved a customer satisfaction rate of 99.26% in its telephone banking services, handling 7.1334 million customer calls during the reporting period[148].

Financial Performance - Net profit for the year was RMB 11.125 billion, reflecting a growth of 6.18% compared to RMB 10.478 billion in 2022[7]. - Revenue for the year was CNY 28 billion, with a net profit of CNY 11.1 billion, showing a growth rate of 6.18%[26]. - Operating income totaled RMB 27,957.2 million, down 3.40% from RMB 28,941.3 million in 2022[43]. - Net profit attributable to shareholders was RMB 10,902.4 million, reflecting a growth of 6.10% from RMB 10,275.6 million in 2022[43]. - Basic earnings per share for 2023 was RMB 0.94, an increase of RMB 0.05 compared to RMB 0.89 in 2022[43]. - The average return on total assets remained stable at 0.80%[43]. - The cost-to-income ratio was 33.94%, an increase from 31.90% in the previous year[43]. Asset and Loan Growth - Total assets reached RMB 1,441.5 billion, an increase of 6.60% from RMB 1,352.3 billion in 2022[7]. - Total loans amounted to RMB 676.7 billion, up 6.96% from RMB 632.7 billion in 2022[7]. - Total deposits increased to RMB 824.9 billion, representing an 8.64% growth from RMB 759.4 billion in 2022[7]. - The total amount of loans and advances to customers was RMB 676.71 billion, with a non-performing loan balance of RMB 8.06 billion, an increase of RMB 0.34 billion year-on-year[107]. - The total customer deposits reached RMB 896.20 billion, an increase of RMB 71.26 billion, with a growth rate of 8.64% year-on-year[95]. Risk Management - The non-performing loan ratio was 1.22%, a slight decrease from 1.25% in 2022[8][9]. - The provision coverage ratio stood at 366.70%, indicating strong risk management practices[10]. - The bank has no significant risks that require special attention from investors, as detailed in the risk management section of the report[15]. - The impairment provision for loans increased to RMB 29,433.8 million by December 31, 2023, from RMB 27,591.7 million at the end of 2022, reflecting a proactive approach to risk management[115]. - The company has implemented a comprehensive risk management system, enhancing monitoring and proactive response to risk changes in the new normal[172]. Digital Transformation and Innovation - The company aims to enhance digital transformation as a driving force for innovation and development, focusing on four key value areas: digital development, intelligent risk control, smart outlets, and beneficial operations[26]. - The company has established a financial technology organization structure to improve independent research and development capabilities, with the proportion of financial technology talent increasing to 4.13%[26]. - The bank has launched three online products with a scale of over RMB 10 billion each, enhancing the convenience of financial services[20]. - The company has actively engaged in digital transformation, with the establishment of Chongqing Yuyin Financial Technology Co., Ltd. to enhance its digital banking framework[20]. - The intelligent data decision platform provided 422 million decision services in 2023, with a daily average of 1.156 million, representing a year-on-year increase of 156% and a decision success rate of 99.9%[147]. Green Finance and Social Responsibility - The bank's green credit balance reached RMB 62 billion, with a year-on-year growth of 27.2%[22]. - The bank has been recognized as a financial institution for carbon reduction support tools, contributing to the construction of a green finance reform and innovation pilot zone[22]. - The company is committed to supporting rural revitalization and small enterprises, aligning with the dual circulation development trend[34]. - The company has issued nearly 13 billion yuan in rural revitalization financial products, with a current scale of over 10 billion yuan[157]. - The company has supported over 80% of the entrepreneurial guarantee loans in Chongqing, serving more than two-thirds of the "specialized, refined, distinctive, and innovative" enterprises in the region[21]. Market Position and Recognition - The bank's industry ranking has risen to 115th globally, maintaining its leading position among banks in Central and Western China and nationwide rural commercial banks[19]. - The company has been recognized in multiple rankings, including 430th in the 2023 Fortune China 500 and 142nd in the Brand Finance Global Banking 500[41]. - The company maintained a Moody's rating of Baa2 (stable) and was rated A-class by the State Administration of Foreign Exchange for eight consecutive years[139]. Operational Efficiency - The group achieved a net interest income change of RMB 1.237 billion, impacted by average asset and liability balance changes, while a decrease of RMB 3.148 billion was due to changes in average yield and cost rates[64]. - The group reported a significant increase in transaction net income of RMB 1.886 billion, up RMB 687.4 million, reflecting a growth rate of 174.43%[69]. - The group has strengthened its digital transformation efforts, leading to increased investments in digital infrastructure and technology talent[71]. - The company plans to enhance its digital banking transformation and improve credit risk management to maintain asset quality in 2024[164]. - The company aims to optimize its asset-liability structure to mitigate the narrowing of net interest margin in the face of external uncertainties[166].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Chongqing Rural Commercial Bank Co., Ltd. * * : 3618 2023年第三季度報告 重慶農村商業銀行股份有限公司Chongqing Rural Commercial Bank Co., Ltd.*（「本行」或 「本銀行」）董事會（「董事會」）欣然宣佈本行及所屬子公司（「本集團」）截至2023年9月30 日止第三季度期間（「本報告期」）按照國際財務報告準則編製的未經審計業績（「本季度報 告」）。本季度報告乃根據香港聯合交易所有限公司（「香港聯交所」）證券上市規則（「上市 規則」）第13.09條及證券及期貨條例（香港法例第571章）第XIVA部項下之內幕消息條文 （定義見上市規則）的要求做出。 重要內容提示 1. 本行董事會、監事會及董事、監事、高級管理人員保證本季度報告內容的真實、準 確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責 任 ...

Financial Performance - The bank reported a total revenue of RMB 1.2 billion for the first half of 2023, representing a year-on-year increase of 15%[4]. - Net profit attributable to shareholders reached RMB 500 million, up 10% compared to the same period last year[4]. - The net profit for the first half of 2023 was RMB 7,120.5 million, a year-on-year increase of 9.61%[41]. - The total operating income for the first half of 2023 was RMB 14.8691 billion, a decrease from RMB 15.2979 billion in the same period of the previous year[128]. - Non-interest income increased by 12.70% to RMB 2,825.5 million, with other non-interest income rising by 24.86% to RMB 1,833.2 million[41]. - The basic earnings per share increased to RMB 0.61, up by RMB 0.05 from the previous year[41]. Asset and Liability Management - The bank's total assets increased to RMB 150 billion, reflecting a growth of 12% year-on-year[4]. - The total assets of the company reached RMB 1,438,791.1 million, an increase of 6.40% compared to the end of 2022[43]. - The total liabilities of the group amounted to CNY 1,318.618 billion, an increase of CNY 81.773 billion, representing a growth of 6.61%[101]. - The capital adequacy ratio stood at 15.30%, a decrease of 0.32 percentage points from the end of 2022[43]. - The total equity of the group was RMB 120.17 billion, an increase of RMB 4.72 billion or 4.09% from the end of the previous year, primarily due to retained earnings[107]. Customer Deposits and Loans - Customer deposits grew by 20% to RMB 100 billion, indicating strong customer confidence and market position[4]. - Customer deposits reached CNY 902.482 billion, an increase of CNY 77.535 billion, reflecting a growth of 9.40%[101]. - The net value of customer loans and advances reached RMB 645.1777 billion as of June 30, 2023, an increase of RMB 40.0923 billion or 6.63% compared to the end of 2022[84]. - Customer loans and advances increased by 6.49% to RMB 673,736.0 million compared to the end of 2022[43]. - The total amount of loans and advances as of June 30, 2023, was RMB 673.736 billion, with a breakdown of credit loans at RMB 129.752 billion (19.25%), guarantee loans at RMB 180.759 billion (26.83%), mortgage loans at RMB 259.155 billion (38.47%), and pledge loans at RMB 104.070 billion (15.45%)[123]. Non-Performing Loans and Risk Management - The non-performing loan ratio improved to 1.5%, down from 1.8% in the previous year, showcasing effective risk management[4]. - The non-performing loan ratio improved to 1.21%, down by 0.01 percentage points from the end of 2022[43]. - The coverage ratio for loan loss provisions was 350.87%, indicating strong risk resistance capabilities[48]. - The company has implemented strict credit policies and monitoring for key sectors, resulting in a decrease in the overall NPL balance and ratio[115]. - The company has strengthened the management of non-performing assets and aims to enhance the efficiency of resource utilization and risk monitoring[180]. Digital Transformation and Technology Investment - Investment in new technology and digital banking solutions increased by 25%, aimed at improving operational efficiency[4]. - The company has implemented a digital transformation strategy, enhancing financial technology innovation and developing a rural revitalization financial service management platform[51]. - The digital transformation strategy includes increasing investment in fintech and utilizing big data, AI, and cloud computing to enhance service capabilities[29]. - The group has increased its technology investment, completing 46 project approvals in the first half of 2023, with a total of 533 financial technology personnel, representing 3.69% of the workforce[161]. Strategic Initiatives and Market Position - The company aims to become a leading regional bank in China, focusing on retail banking, technology-driven operations, and talent development[19]. - The retail banking strategy emphasizes serving agriculture, small and medium enterprises, and county economies, with a goal to create a distinctive retail banking ecosystem[22]. - The company is committed to building a BBC financial ecosystem, transitioning from traditional banking to a platform-based model[22]. - The company is focusing on green finance service models, promoting the integration of green finance with local economic construction and social welfare[30]. - The company is enhancing digital management by building a big data platform for corporate business, achieving customer insights and integrating comprehensive services into the customer business ecosystem[30]. Customer Engagement and Service Enhancement - The company aims to enhance customer experience through a comprehensive customer management system, ensuring effective service across all client segments[25]. - The bank's customer service volume through telephone banking reached 3.5029 million calls, achieving a customer satisfaction rate of 99.21%[140]. - The number of retail customers reached nearly 29 million, with active customers totaling 15.3706 million, an increase of 360,000 year-on-year[139]. - The mobile banking user base grew to 14.0373 million, with a transaction amount of CNY 762.624 billion, reflecting a year-on-year growth of 7.05%[140]. Financial Products and Services - The company launched several new products, including "Qingfeng Loan" and "Yukuaizhi Loan," enhancing service diversity for various customer segments[144]. - The wealth management business achieved a sales volume of CNY 1.335 billion in insurance products, a year-on-year growth of 21.14%, with commission income from insurance business increasing by 74.73% to CNY 159 million[137]. - The group launched a series of financial products for rural revitalization, with cumulative issuance exceeding CNY 10 billion and a current scale of over CNY 8 billion[168]. Economic and Market Outlook - The bank anticipates a continued positive outlook for the second half of 2023, with expected revenue growth of 12%[4]. - The company plans to enhance digital transformation and improve financial service efficiency in the second half of the year[174]. - The group plans to continue monitoring macroeconomic policies and improve interest rate risk management to enhance revenue and market value[194].