本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担法律责任。 杭州银行股份有限公司（以下简称"公司"）董事会近日收到公 司独立董事刘树浙先生的书面辞职报告。因连续担任公司独立董事 满 6 年，根据《上市公司独立董事管理办法》《银行保险机构公司治 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》 等监管规章和《公司章程》有关独立董事连任年限的规定，刘树浙 先生申请辞去公司独立董事及董事会下设相关专业委员会的职务。 证券代码：600926 证券简称：杭州银行 公告编号：2025-006 优先股代码：360027 优先股简称：杭银优 1 可转债代码：110079 可转债简称：杭银转债 刘树浙先生向公司董事会确认，其与公司董事会无不同意见， 亦无需要知会公司股东及债权人的其他事项。由于刘树浙独立董事 的辞职将导致公司独立董事人数少于董事会成员的三分之一，根据 前述监管规章和《公司章程》有关规定，其辞职将在公司召开股东 大会选举产生新任独立董事并经监管部门核准其任职资格后生效。 在此之前，刘树浙先生将按照有关法律法规和《公司章程》 ...

证券代码：600926 证券简称：杭州银行 公告编号：2025-005 优先股代码：360027 优先股简称：杭银优 1 可转债代码：110079 可转债简称：杭银转债 杭州银行股份有限公司 一、审议通过《杭州银行股份有限公司董事、监事和高级管理 人员2024年度履职评价实施方案》 表决结果：同意7票，反对0票，弃权0票。 特此公告。 杭州银行股份有限公司监事会 2025 年 3 月 10 日 1 第八届监事会第十二次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担法律责任。 杭州银行股份有限公司（以下简称"公司"）第八届监事会第十 二次会议于2025年2月28日以电子邮件及书面形式发出会议通知，并 于2025年3月10日以书面传签方式召开。本次会议应参会监事7人， 实际参会监事7人，本次会议的召开符合《中华人民共和国公司法》 等法律法规及《杭州银行股份有限公司章程》的有关规定，会议所 形成的决议合法、有效。 会议审议并通过决议如下： ...

作为长三角地区城商行的代表之一，杭州银行立足杭州、深耕浙江，积极拓展长三角区域及国内一线城 市业务，搭建了覆盖浙江全省和北京、上海、深圳、南京、合肥等重点城市在内的区域经营布局，区内 经济发展领先，各项国家重点战略的规划与实施进一步打开了该行的发展空间。 凭借得天独厚的区位优势，杭州银行深度参与区域经济发展，精准把握市场机遇，形成与区域经济共成 长的良性循环。 在宏观经济波动与行业分化加剧的背景下，该行保持稳中有进的发展态势。 核心财务指标增速领跑行业2024年，杭州银行实现营业收入383.81亿元，同比增长9.61%；归属于上市 公司股东的净利润169.83亿元，同比增长18.08%，净利润增速依然保持双位数增长，显示出较强的盈利 韧性。 资产规模突破两万亿大关。 截至2024年末，杭州银行总资产达21125.91亿元，贷款总额达9,374.99亿元，较上年末增长16.16%；存 款总额达12,725.51亿元，较上年末增长21.74%。 存款增速创近年新高，提前完成年初提出的"存、贷款各增千亿"目标。 全年实现营业收入383.81亿元，同比增长9.61%；净利润169.83亿元，同比增长18.08%。 加 ...

Investment Rating - The investment rating for Hangzhou Bank is "Buy" and is maintained [5]. Core Views - Hangzhou Bank's revenue growth accelerated in 2024, with a year-on-year increase of 9.6%, driven by a strong performance in the fourth quarter, which saw a 30.4% year-on-year growth. The net profit attributable to shareholders grew by 18.1% year-on-year, with a fourth-quarter growth of 15.7% [1][3]. - The bank benefited from regional economic advantages, with total loans increasing by 16.2% year-on-year and deposits growing by 21.7% year-on-year by the end of the year. The non-performing loan ratio remained stable at 0.76%, and the provision coverage ratio decreased slightly to 541%, indicating strong asset quality [1][3][8]. - The bank's valuation stands at 0.72x 2025 PB, highlighting its long-term competitive advantage with a high ROE [1]. Summary by Sections Financial Performance - In 2024, Hangzhou Bank's total revenue increased by 9.6% year-on-year, with a significant fourth-quarter growth of 30.4%. The net profit attributable to shareholders rose by 18.1% year-on-year, with a stable growth rate in the fourth quarter [1][3]. - The bank's total assets grew by 14.7% year-on-year, with total loans increasing by 16.2% and deposits by 21.7% by year-end [8]. Asset Quality - The non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 541%, indicating robust risk mitigation capabilities. The bank's asset quality metrics are expected to remain industry-leading [1][3][8]. Growth Outlook - The bank is expected to continue its strong performance in 2025, with projected revenue growth of 2.9% and net profit growth of 14.6%. The anticipated strong demand for loans in economically developed regions is expected to drive further growth [1][8].

Investment Rating - The investment rating for Hangzhou Bank is "Buy" [7] Core Views - Hangzhou Bank's revenue for 2024 is expected to grow by 9.6% year-on-year, significantly exceeding market expectations, with a notable increase in growth rate compared to the first three quarters of 2024 [1][2] - The bank's net profit attributable to shareholders is projected to increase by 18.1% year-on-year, although the growth rate has slightly slowed down compared to the previous quarters [1][2] - The bank's asset quality remains strong, with a non-performing loan ratio of 0.76% at the end of 2024, consistent with the end of Q3 2024 [3] Revenue Growth - The revenue growth of Hangzhou Bank is attributed to a favorable bond market in Q4 2024 and a rebound in other non-interest income [2] - The bank's loans and deposits both showed strong year-on-year growth in Q4 2024, with loans increasing by 16.2% and deposits by 21.7% [2] Asset Quality - The bank's asset quality is highlighted by a non-performing loan ratio of 0.76% and a provision coverage ratio of 541%, which remains among the top tier of listed banks [3] Shareholding Changes - On January 24, 2025, it was announced that New China Life Insurance acquired 5.87% of Hangzhou Bank's shares, reflecting long-term value recognition by insurance capital [4] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders is an increase of 18.08% in 2024, followed by 15.25% in 2025 and 15.36% in 2026, with a target price set at 20.85 CNY per share, indicating a potential upside of 41% from the current price of 14.77 CNY [5][6]

2025 年 02 月 06 日 杭州银行 (600926) 营收提速、业绩高增，信贷有望延续开门红 投告原因: 有业绩公布需要点评 (维持) | 市场数据: | 2025年02月05日 | | --- | --- | | 收盘价（元) | 14.58 | | 一年内最高/最低（元） | 15.46/10.49 | | 市净率 | 0.8 | | 股息率%（分红/股价） | 6.10 | | 流通 A 股市值 (百万元) | 80,855 | | 上证指数/深证成指 | 3.229.49/10.164.22 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024年09月30日 | | --- | --- | | 每股净资产 (元) | 17.83 | | 资产负债率% | 93.42 | | 总股本/流通 A 股(百万) | 6,050/5,546 | | 流通 B 股/H 股 (百万) | | 年内股价与大盘对比走势： 杭州银行 · 沪深300指数 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A02305220700 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has shown significant revenue growth, with a reported revenue of 38.38 billion yuan in 2024, representing a year-on-year increase of 9.6%, which is an improvement of 5.7 percentage points compared to the growth rate in the first three quarters [1] - The net profit attributable to shareholders for 2024 is 16.98 billion yuan, reflecting an 18.1% year-on-year growth, although slightly down by 0.5 percentage points from the previous quarter [1] - The company benefits from a strong regional economic advantage and has achieved substantial growth in both loans and deposits, with a loan balance of 9.4 trillion yuan, up 16.2% year-on-year, and a deposit balance of 12.7 trillion yuan, up 21.7% year-on-year [2] - The asset quality remains excellent, with a non-performing loan ratio of 0.76%, and a high provision coverage ratio of 541.45% [2] - The company is expected to maintain high growth in performance, with projected net profits of 20.9 billion yuan and 24.4 billion yuan for 2025 and 2026, respectively, corresponding to year-on-year growth rates of 20.1% and 16.6% [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 38.38 billion yuan, with a year-on-year growth of 9.6% [1] - The net profit attributable to shareholders was 16.98 billion yuan, marking an 18.1% increase year-on-year [1] - The weighted average return on equity was 16.00%, up by 0.43 percentage points year-on-year [1] Asset Quality - The total assets reached 2.1 trillion yuan, a 14.7% increase year-on-year [2] - The non-performing loan ratio stood at 0.76%, maintaining a low level [2] - The provision coverage ratio was 541.45%, indicating strong asset quality [2] Market Position - The company has a significant regional advantage, with a focus on the economically developed Zhejiang province [2] - The acquisition of shares by New China Life Insurance reflects the company's long-term investment value [3] Valuation Metrics - The current stock price corresponds to a PE ratio of 4.2x for 2025 and 3.6x for 2026, and a PB ratio of 0.70x for 2025 and 0.61x for 2026 [3]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 17.20 [11]. Core Views - The company reported a revenue growth of 9.6% and a net profit growth of 18.1% for 2024, indicating strong growth potential and surpassing expectations [1]. - Non-interest income has significantly contributed to revenue growth, supported by a decline in the 10-year treasury yield, which has enhanced investment returns [2]. - The company's return on equity (ROE) for 2024 is projected at 16.00%, reflecting improved profitability and a strong dividend growth potential with an estimated dividend yield of 4.34% [3]. - Asset quality remains strong, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 541% as of the end of 2024 [4]. - The target price for 2025 is set at a price-to-book (PB) ratio of 0.85, with projected net profits for 2024-2026 at RMB 170 billion, RMB 196 billion, and RMB 227 billion respectively [5]. Summary by Sections Financial Performance - For 2024, the company expects revenue of RMB 38,381 million, a growth rate of 9.61%, and a net profit of RMB 16,983 million, with an 18.08% increase [15]. - The total assets, loans, and deposits are projected to grow by 14.7%, 16.2%, and 21.7% respectively by the end of 2024 [2]. Profitability Metrics - The company’s ROE is forecasted to be 14.37% in 2024, with an EPS of RMB 2.81 [15]. - The estimated dividend per share for 2024 is RMB 0.63, leading to a dividend yield of 4.34% [15]. Asset Quality - The non-performing loan ratio is expected to remain stable at 0.76% through 2025, with a provision coverage ratio of 541% [4]. - The overdue loan to non-performing loan ratio is 72.74%, indicating strong asset quality management [4]. Valuation - The projected book value per share (BVPS) for 2025 is RMB 20.24, corresponding to a PB ratio of 0.72 [5]. - The average PB ratio for comparable companies is 0.65, suggesting that the company may enjoy a valuation premium due to its strong profitability [5].

Financial Performance - In 2024, the company achieved operating revenue of RMB 38.381 billion, an increase of 9.61% compared to 2023[4] - The net profit attributable to shareholders reached RMB 16.983 billion, reflecting an 18.08% growth year-on-year[4] - The basic earnings per share increased to RMB 2.74, up 18.61% from RMB 2.31 in 2023[4] - The weighted average return on equity rose to 16.00%, an increase of 0.43 percentage points year-on-year[5] Asset and Loan Growth - Total assets at the end of 2024 amounted to RMB 211.259 billion, up 14.73% from the previous year[4] - The total loan amount increased to RMB 93.749 billion, representing a 16.16% rise compared to the end of 2023[4] - Total deposits grew to RMB 127.255 billion, marking a significant increase of 21.74% year-on-year[4] Loan Quality and Risk Management - The company's non-performing loan ratio remained stable at 0.76%, unchanged from the previous year[8] - The provision coverage ratio was 541.45%, down 19.97 percentage points from the previous year[5] Strategic Focus - The company plans to continue focusing on customer-centric strategies and enhancing operational efficiency in the upcoming year[7]

Investment Rating - The investment rating for Hangzhou Bank is "Buy" and is maintained [6]. Core Views - The report highlights that New China Life Insurance has acquired 330 million shares of Hangzhou Bank from Commonwealth Bank of Australia, representing 5.45% of the total shares. After the transfer, New China Life and its concerted parties will hold 5.87% of Hangzhou Bank's shares, while Commonwealth Bank will no longer hold any shares [2][4]. - The acquisition is seen as a strategic move in the context of asset scarcity, with high-quality bank equities becoming rare assets amid current market pressures. There is a notable increase in interest from insurance and industrial capital in bank equity investments [2][4]. - Hangzhou Bank has a strong operational philosophy of "not trading risk for growth," and the partnership with New China Life is expected to foster collaboration in wealth management and retail sectors, leading to mutual benefits [2][4]. Summary by Sections Event Description - The report details the share transfer of 330 million shares from Commonwealth Bank to New China Life for a total consideration of 4.317 billion yuan, marking a significant shift in ownership [4]. Financial Performance - Hangzhou Bank has consistently demonstrated high profit growth, leading the listed banks in performance metrics. The bank's loan growth for the first three quarters of 2024 is projected at 12.8%, with an expected annual growth rate of around 13% [8]. - The bank's net interest margin has stabilized, and its asset quality remains robust, with a non-performing loan ratio of 0.76% as of September 2024 and a provision coverage ratio of 543% [8][11]. Investment Outlook - The report anticipates that New China Life will gain a board seat post-acquisition, allowing it to share in Hangzhou Bank's return on equity (ROE) under the equity method of accounting. The long-term trend indicates increasing interest from insurance funds in bank equity investments, driven by low valuations and stable growth prospects [8]. - The projected revenue growth rates for 2024 and 2025 are 4.0% and 4.7%, respectively, with net profit growth rates of 17.5% and 14.2% [8]. The current stock price corresponds to a valuation of only 0.70 times the 2025 price-to-book ratio, indicating significant upside potential [8].