BANK OF CHANGSHA(601577)

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17家A股上市银行披露一季报:15家银行一季度投资收益同比正增长 4家增超100%
Zheng Quan Ri Bao· 2025-04-28 18:39
Core Viewpoint - Investment income has become a significant driver of revenue growth for many listed banks in the first quarter of 2025, particularly among city commercial banks and rural commercial banks [1][2]. Group 1: Investment Income Growth - In the first quarter of 2025, 15 out of 17 listed banks reported a year-on-year increase in investment income, with 4 banks showing growth exceeding 100% [2][3]. - Everbright Bank reported the highest increase in investment income at 302.96%, with an investment income of 7.213 billion yuan compared to 1.790 billion yuan in the same period last year [2]. - Shanghai Bank's investment income reached 6.546 billion yuan, a year-on-year increase of 118.74%, contributing nearly 50% to its total revenue [2][3]. - Jiangyin Bank's investment income surged by 143.55% to 415 million yuan, supporting a revenue growth of 6% despite declines in net interest income and fee income [2]. Group 2: Factors Contributing to Investment Income - The increase in investment income is primarily attributed to favorable conditions in the bond market, which has provided a beneficial investment environment for banks [3][4]. - Many banks have intensified financial asset trading to compensate for traditional income shortfalls due to narrowing net interest margins and sluggish growth in intermediary business income [3][4]. - Some banks have optimized their asset allocation and enhanced their investment management capabilities, leading to significant improvements in investment returns [3][4]. Group 3: Strategic Adjustments and Future Outlook - Despite market fluctuations, many banks have successfully realized substantial investment income by adjusting their holding strategies and cashing in on previous gains [4][5]. - Chongqing Bank emphasized a steady development strategy in its financial market operations, focusing on bond trading capabilities and research to enhance revenue contributions [5]. - The sustainability of the growth trend in investment income will depend on the evolving market environment and the banks' strategic adaptability [5].
长沙银行2024年营收净利增速放缓 提六大举措打响估值“保卫战”
2 1 Shi Ji Jing Ji Bao Dao· 2025-04-28 11:30
21世纪经济报道记者 庞成 广州报道 近日,湖南首家上市银行——长沙银行(601577.SH)发布2024年年度报告及2025年一季度业绩报告。 值得注意的是,针对该行股价连续12个月"破净",长沙银行近期亦发布了该行的估值提升计划,将通过 提升经营效率、完善公司治理、保持分红稳定、加强投资者关系管理等举措,促进公司高质量发展,提 升公司投资价值。 业绩增速放缓,净息差保持较优水平 从资产负债规模来看,长沙银行持续稳步扩表。在2023年突破万亿关口后,该行资产规模仍维持较稳定 增速,近五年资产规模平均增幅为13.77%。截至2024年末,长沙银行资产总额为11467.48亿元,较年初 增长约12.42%;负债总额为10663.98亿元,较年初增长约12.05%。 不过,受宏观环境变化影响,银行业净息差持续承压的背景下,该行业绩增速亦有所放缓。从经营绩效 来看,2024年,长沙银行实现营业收入约259.36亿元,同比增长约4.57%;归属于母公司股东的净利润 约78.27亿元,同比增长约4.87%。2023年,该行营业收入、归属于母公司股东的净利润两项指标增速分 别为8.46%、9.57%;2022年增速则是9 ...
长沙银行(601577):2024年报暨2025年一季报点评:规模高增,业绩平稳
Guoxin Securities· 2025-04-28 07:03
Investment Rating - The investment rating for the company is upgraded to "Outperform the Market" [6][11]. Core Views - The company shows stable growth in profitability, with revenue and net profit for 2024 increasing by 4.6% and 4.9% year-on-year, respectively. The dividend payout ratio for 2024 is 22.49%, up by 2.2 percentage points, corresponding to a dividend yield of 4.47% [1][3]. - The company continues to experience high growth in scale, with total loans increasing by 11.6% and 12.6% year-on-year for 2024 and Q1 2025, respectively. The county-level financial advantages are highlighted, with county loans reaching CNY 201.4 billion, a year-on-year increase of 18.7% [1][2]. - The company has a stable non-performing loan (NPL) ratio of 1.17% at the end of 2024, with a provision coverage ratio of approximately 310% [3][9]. Summary by Sections Financial Performance - Revenue for 2024 is projected at CNY 25.936 billion, with a year-on-year growth of 4.6%. Net profit is expected to reach CNY 7.827 billion, reflecting a 4.9% increase [5][9]. - For Q1 2025, revenue and net profit are both expected to grow by 3.8% year-on-year [1]. Loan and Deposit Growth - The total loan balance at the end of 2024 is expected to be CNY 5.292 billion, with a year-on-year growth of 11.6%. The growth in corporate loans is particularly strong at 19.3% [1][2]. - County loans account for 36.9% of total loans, with nearly 6.8 million county customers served [2]. Asset Quality - The NPL ratio remains stable at 1.17% for 2024, with a slight increase in retail loan NPLs to 1.87% [3][9]. - The provision coverage ratio is stable at around 310%, indicating sufficient provisioning against potential loan losses [3][9]. Future Outlook - The company is expected to benefit from the economic recovery driven by stable growth policies, with projected net profits for 2025-2027 at CNY 8.106 billion, CNY 8.697 billion, and CNY 9.484 billion, respectively [3][9]. - The company’s valuation is considered attractive, with a projected price-to-book (PB) ratio of 0.51x for 2025 [3][9].
长沙银行(601577):2024年度报告暨2025年一季报点评:贷款增长“开门红”,县域业务多点突破
EBSCN· 2025-04-27 12:13
Investment Rating - The report maintains a "Buy" rating for Changsha Bank (601577.SH) with a current price of 9.39 CNY [1]. Core Views - Changsha Bank achieved an operating income of 25.936 billion CNY in 2024, a year-on-year increase of 4.6%, and a net profit attributable to shareholders of 7.827 billion CNY, up 4.9% year-on-year [4]. - The bank's loan growth remains robust, with a year-on-year increase of 12.6% in loans as of the end of Q1 2025, indicating strong credit demand [6]. - Non-interest income grew by 10% in Q1 2025, contributing 25% to total revenue, reflecting an improvement in the bank's revenue diversification [9]. Summary by Sections Financial Performance - In 2024, Changsha Bank's operating income was 25.936 billion CNY, with a net profit of 7.827 billion CNY, and a return on equity (ROE) of 12.31% [4][28]. - For Q1 2025, the bank reported an operating income of 6.8 billion CNY and a net profit of 2.2 billion CNY, both showing a growth of 3.8% year-on-year [4]. Loan and Asset Growth - As of Q1 2025, the bank's interest-earning assets and loans grew by 11.3% and 12.6% year-on-year, respectively, with a significant increase in loan issuance [6]. - The total new loans for 2024 were 56.7 billion CNY, with Q1 2025 alone contributing 42.8 billion CNY, indicating a strong start to the year [6]. Non-Interest Income - Non-interest income for Q1 2025 reached 1.7 billion CNY, up 10% year-on-year, with net fees and commissions contributing significantly to this growth [9]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.17% at the end of 2024, with a coverage ratio of 312.8%, indicating strong risk management [10][24]. - The bank's credit impairment losses for Q1 2025 were 2.5 billion CNY, reflecting a year-on-year increase, but the overall asset quality remains solid [10]. Capital Adequacy - As of Q1 2025, the core tier 1 capital adequacy ratio was 9.7%, indicating a strong capital position despite the expansion of risk-weighted assets [10][27]. Valuation and Forecast - The report adjusts the EPS forecast for 2025 to 2.02 CNY, with corresponding price-to-earnings (P/E) ratios of 4.64 for 2025, maintaining a "Buy" rating based on the bank's growth potential and asset quality [11][12].
长沙银行:2024年分红比例提升,25Q1信贷投放靠前发力-20250427
GOLDEN SUN SECURITIES· 2025-04-27 06:23
Investment Rating - The investment rating for Changsha Bank is "Buy" [5] Core Views - Changsha Bank reported a revenue of 25.9 billion yuan in 2024, a year-on-year increase of 4.57%, and a net profit attributable to shareholders of 7.8 billion yuan, up 4.87% year-on-year. For Q1 2025, the bank achieved a revenue of 6.8 billion yuan, a 3.78% increase year-on-year, and a net profit of 2.2 billion yuan, up 3.81% year-on-year. The non-performing loan ratio and provision coverage ratio at the end of Q1 2025 were 1.18% and 309.82%, respectively, showing slight improvements [1][2][4] Performance Summary - In Q1 2025, the growth rates for operating income and net profit attributable to shareholders were 3.78% and 3.81%, respectively, which were lower than the previous year's growth rates by 0.8 percentage points and 1.1 percentage points. The significant growth in non-interest income and cost savings are expected to positively contribute to performance [2] - Net interest income increased by 1.81% year-on-year, with a net interest margin of 2.11% for 2024, a decrease of 20 basis points compared to the previous year. The yield on interest-earning assets and loan yield for 2024 were 4.21% and 5.26%, respectively, both showing declines [2][3] - Fee and commission income saw a substantial increase of 53.08% year-on-year, attributed to a low comparative base from the previous year and the gradual reduction of policy impacts [3] Asset Quality - The non-performing loan ratio for Q1 2025 was 1.18%, with an increase of 1 basis point from the previous quarter. The increase in non-performing loans is primarily due to fluctuations in retail loan asset quality. The provision coverage ratio decreased by 3 percentage points [4] - The non-performing loan ratio for personal loans increased to 1.87%, reflecting heightened pressure in personal operating loans and credit cards, consistent with industry trends [4] Asset and Liability Management - As of Q1 2025, total assets and loans amounted to 1.21 trillion yuan and 587.9 billion yuan, respectively, representing year-on-year growth of 14.13% and 12.56%. The net increase in loans for the quarter was 42.8 billion yuan, primarily driven by corporate loans [9] - Total deposits reached 750.7 billion yuan, a year-on-year increase of 10.98%, with a net increase of 27.7 billion yuan in personal deposits during the quarter [9] Financial Forecast - The bank is expected to achieve net profits of 8.216 billion yuan, 8.695 billion yuan, and 9.460 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 4.97%, 5.83%, and 8.80% [9][11]
长沙银行(601577):2024年分红比例提升,25Q1信贷投放靠前发力
GOLDEN SUN SECURITIES· 2025-04-27 06:12
Investment Rating - The investment rating for Changsha Bank is "Buy" [5] Core Views - In 2024, Changsha Bank achieved a revenue of 25.9 billion yuan, a year-on-year increase of 4.57%, and a net profit attributable to shareholders of 7.8 billion yuan, up 4.87% year-on-year. For Q1 2025, the bank reported a revenue of 6.8 billion yuan, a 3.78% increase year-on-year, and a net profit of 2.2 billion yuan, up 3.81% year-on-year [1][2] - The bank's non-performing loan ratio at the end of Q1 2025 was 1.18%, with a provision coverage ratio of 309.82%, showing slight improvements in asset quality [1][4] - The bank's dividend payout ratio for 2024 reached 22.49%, an increase from 21.39% in 2023, with a cash dividend of 4.20 yuan per 10 shares [1] Performance Summary - Revenue and net profit growth rates for Q1 2025 were 3.78% and 3.81%, respectively, reflecting a slight decline compared to 2024 [2] - Net interest income increased by 1.81% year-on-year, while the net interest margin for 2024 was 2.11%, showing a decrease of 20 basis points compared to 2023 [2] - Fee and commission income saw a significant increase of 53.08% year-on-year, attributed to a low base effect from the previous year [3] Asset Quality - The non-performing loan ratio for Q1 2025 was 1.18%, with a slight increase from the previous quarter, primarily due to fluctuations in retail loan asset quality [4] - The provision coverage ratio decreased by 3 percentage points to 309.82% [4] Asset and Liability Management - As of Q1 2025, total assets and loans amounted to 1.21 trillion yuan and 587.9 billion yuan, respectively, representing year-on-year growth of 14.13% and 12.56% [9] - Total deposits reached 750.7 billion yuan, a year-on-year increase of 10.98% [9] Investment Outlook - Changsha Bank, as the largest city commercial bank in Hunan Province, is expected to continue benefiting from local economic growth, with projected net profits of 8.216 billion yuan, 8.695 billion yuan, and 9.460 billion yuan for 2025, 2026, and 2027, respectively [9]
长沙银行(601577):24A暨25Q1财报点评:盈利平稳,规模高增
ZHESHANG SECURITIES· 2025-04-27 05:36
Investment Rating - The investment rating for Changsha Bank is "Buy" [6] Core Views - Changsha Bank's dividend payout ratio for 2024 is increased by 1.1 percentage points to 22.5%, with a current dividend yield of 4.47% [4] - In Q1 2025, revenue and net profit both grew by 3.8% year-on-year, although the growth rate slowed compared to 2024 [2][5] - The bank's total assets increased by 14.1% year-on-year as of Q1 2025, indicating continued strong growth in scale [2] - The net interest margin decreased to 1.96% in Q1 2025, down 28 basis points from Q4 2024, primarily due to pressure on asset yields [2][3] - The non-performing loan ratio rose to 1.18% in Q1 2025, reflecting increased pressure on retail loans amid macroeconomic challenges [3] Summary by Sections Financial Performance - In Q1 2025, revenue reached 6,809 million yuan, a 3.8% increase year-on-year, while net profit was 2,173 million yuan, also up 3.8% [11] - The bank's total assets as of Q1 2025 were 1,211,242 million yuan, showing a 14.1% increase year-on-year [11] - The non-performing loan balance increased to 6,929 million yuan, with a non-performing loan ratio of 1.18% [11] Profitability and Valuation - The forecasted net profit growth for Changsha Bank from 2025 to 2027 is 4.10%, 4.54%, and 5.28% respectively, with corresponding book values per share of 17.97, 19.57, and 21.27 yuan [5][12] - The target price is set at 11.68 yuan per share, indicating a potential upside of 24% based on a projected price-to-book ratio of 0.65 for 2025 [5] Asset Quality - The provision coverage ratio decreased to 310% in Q1 2025, down 3 percentage points from the previous quarter [11] - The attention loan ratio was 2.61% as of Q1 2025, reflecting a slight decrease from the previous quarter [11]
长沙银行发布2024年报:新十年战略稳健开局,服务实体成效显著
Chang Sha Wan Bao· 2025-04-26 09:07
Core Viewpoint - Changsha Bank's 2024 performance report highlights a focus on high-quality development and strategic goals, with significant growth in assets, revenue, and profits [1] Financial Performance - As of the end of 2024, total assets reached 1,146.748 billion yuan, an increase of 126.715 billion yuan, or 12.42% year-on-year [1] - Operating income was 25.936 billion yuan, up 4.57% year-on-year [1] - Total profit was 9.424 billion yuan, a slight increase of 0.39% year-on-year [1] - Net profit attributable to shareholders was 7.827 billion yuan, growing by 4.87% year-on-year [1] Scale and Efficiency - Total loans and advances amounted to 545.109 billion yuan, increasing by 56.718 billion yuan, or 11.61% year-on-year [2] - Total deposits reached 722.975 billion yuan, up 64.118 billion yuan, or 9.73% year-on-year [2] - Non-performing loan ratio stood at 1.18%, with a provision coverage ratio of 309.82%, indicating strong risk management [2] Sector-Specific Financial Initiatives - Technology finance loans reached 44.498 billion yuan, increasing by 6.761 billion yuan, or 17.92% [3] - Green finance loans totaled 52.829 billion yuan, up 9.926 billion yuan, or 23.14% [4] - Inclusive finance for small and micro enterprises reached 68.283 billion yuan, increasing by 9.373 billion yuan, or 15.91% [4] - The number of inclusive small and micro enterprise loan accounts rose to 73,626, an increase of 953 accounts [4] Strategic Focus and Growth - County-level deposits reached 234.174 billion yuan, increasing by 29.6 billion yuan, or 14.47% [5] - County-level loans totaled 201.372 billion yuan, up 31.672 billion yuan, or 18.66% [5] - The bank supported 165 key projects with new credit funding of 21.14 billion yuan [5] - Retail customer base surpassed 18.44 million, with personal deposits of 386.489 billion yuan, an increase of 50.396 billion yuan, or 14.99% [5] - Wealth management assets under management reached 455.208 billion yuan, with a 12.30% growth in wealth clients [5]
长沙银行股份有限公司
Shang Hai Zheng Quan Bao· 2025-04-26 02:34
Group 1 - The company approved a credit limit of RMB 8.9 billion to Hunan Changyin 58 Consumer Finance Co., Ltd. for a duration of one year, which constitutes a related party transaction [6][7][10] - The related party transaction was reviewed and approved by the board of directors, with the related director abstaining from the vote [6][9] - The transaction is part of the company's normal business operations and does not significantly impact its financial status [6][9][10] Group 2 - The company plans to renew its accounting firm, Tianjian Accounting Firm, for the 2025 fiscal year [13][18] - Tianjian Accounting Firm has a strong track record, with a total revenue of RMB 3.483 billion in 2023, including RMB 3.099 billion from auditing services [13][14] - The board of directors approved the renewal of the accounting firm, which will be effective upon shareholder meeting approval [18][19] Group 3 - The company held a supervisory board meeting to review various reports, including the 2024 annual report and the 2025 first-quarter report, all of which were approved unanimously [22][28] - The supervisory board's evaluations and reports will also be submitted for shareholder approval [22][25][32]
长沙银行股份有限公司 2025年第一季度报告
Zheng Quan Ri Bao· 2025-04-26 00:29
Key Points - The core viewpoint of the announcement is the financial performance and profit distribution plan of Changsha Bank for the year 2024, highlighting its commitment to shareholder returns while ensuring sustainable growth [10][11][12]. Financial Performance - As of the end of the reporting period, the total assets of Changsha Bank reached 1,211.24 billion RMB, an increase of 64.49 billion RMB, or 5.62% from the beginning of the year [4]. - The total deposits amounted to 750.71 billion RMB, up by 27.73 billion RMB, or 3.84% [4]. - The total loans and advances reached 587.94 billion RMB, increasing by 42.83 billion RMB, or 7.86% [4]. - For Q1 2025, the bank reported operating income of 6.81 billion RMB, a year-on-year increase of 3.78%, and a net profit attributable to shareholders of 2.17 billion RMB, up by 3.81% [4]. Asset Quality - The non-performing loan ratio stood at 1.18%, with a provision coverage ratio of 309.82% and a loan-to-deposit ratio of 3.65%, indicating stable asset quality [5]. Profit Distribution Plan - The bank plans to distribute a cash dividend of 0.42 RMB per share (including tax), with a total cash dividend amounting to 1,689.05 million RMB, representing 22.49% of the net profit attributable to ordinary shareholders [10][11]. - The total distributable profit as of December 31, 2024, is 33,227.85 million RMB, with the remaining undistributed profit of 31,538.80 million RMB carried forward to the next year [11][13]. Decision-Making Process - The profit distribution proposal was approved at the board meeting held on April 24, 2025, and will be submitted for shareholder approval [15][16]. - The independent directors and the supervisory board have reviewed the proposal, confirming its compliance with relevant regulations and its alignment with the bank's sustainable development strategy [16][17]. Related Transactions - Changsha Bank has approved a credit limit of 8.9 billion RMB to its subsidiary, Hunan Changyin 58 Consumer Finance Co., Ltd., for a term of one year, which is classified as a related party transaction [22][23]. - The transaction is part of the bank's normal business operations and is not expected to significantly impact its financial status [26].