证券代码：601916 证券简称：浙商银行 公告编号：2024-051 浙商银行股份有限公司 第七届董事会第三次会议决议公告 表决结果：11票赞成，0票反对，0票弃权。 本议案已经公司董事会审计委员会审议通过。 二、通过《关于修订〈浙商银行内部审计基本制度〉的议案》 表决结果：11票赞成，0票反对，0票弃权。 本议案已经公司董事会审计委员会审议通过。 三、通过《关于修订〈浙商银行资本管理基本制度〉的议案》 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。 浙商银行股份有限公司（以下简称"本公司"或"浙商银行"）第七届董 事会第三次会议于 2024 年 11 月 27 日发出会议通知，并于 2024 年 12 月 11 日在 杭州以现场结合通讯方式召开。本公司董事会现有董事 11 名，本次会议亲自出 席并参与表决的董事共 11 名，其中任志祥董事和胡天高董事以视频形式参会。 本次会议的召开符合法律、法规、部门规章、其他规范性文件和《浙商银行股 份有限公司章程》的规定。 会议由陆建强董事长主持，审议通过了以下议案： 一、通过《关于修 ...

浙商银行股份有限公司 关于关联交易事项的公告 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。 重要内容提示: 2024 年 11 月 19 日，浙商银行股份有限公司（以下简称"本公司"或"浙商 银行"）第七届董事会 2024 年第五次临时会议审议通过了《关于本行对浙江恒 逸集团关联方授信方案的议案》《关于本行对柯桥国有资产投资经营集团关联 方授信方案的议案》《关于本行对浙江浙银金融租赁股份有限公司关联方授信 方案的议案》，关联董事回避表决。 上述关联交易无需提交股东大会审议。 证券代码：601916 证券简称：浙商银行 公告编号：2024-050 本公告述及的关联交易事项属于本公司日常业务经营中的正常授信业务，对 本公司的正常经营活动及财务状况不构成重要影响。 一、关联交易概述 （一）与浙江恒逸集团关联方的关联交易 本公司第七届董事会 2024 年第五次临时会议审议通过了《关于本行对浙江 恒逸集团关联方授信方案的议案》，同意给予浙江恒逸集团最高综合授信额度 人民币 50 亿元，任一时点集团合计用信敞口余额不超过 40 亿元，授 ...

第七届董事会 2024 年第五次临时会议决议公告 证券代码：601916 证券简称：浙商银行 公告编号：2024-049 浙商银行股份有限公司 会议审议通过了以下议案： 一、通过《关于本行对浙江恒逸集团关联方授信方案的议案》 表决结果：11票赞成，0票反对，0票弃权。 本议案已经公司董事会风险与关联交易控制委员会、独立董事专门会议审 议通过。 具体详见本公司在上海证券交易所及香港联交所披露的《浙商银行股份有 限公司关于关联交易事项的公告》。 本公司独立董事发表独立意见认为：该关联交易基于浙商银行正常经营业 务开展需要，属于银行正常经营范围内发生的常规业务，浙商银行与关联方之 间的交易遵循市场化定价原则，以不优于对非关联方同类交易的条件进行，没 有损害浙商银行、股东，特别是中小股东利益的情形，符合关联交易管理的公 允性原则，不影响浙商银行的独立性，不会对浙商银行的持续经营能力、盈利 能力及资产状况造成重大影响。上述议案已经浙商银行第七届董事会2024年第 五次临时会议审议通过，决策程序合法合规。 1 二、通过《关于本行对柯桥国有资产投资经营集团关联方授信方案的议案》 本公司董事会及全体董事保证本公告内容不存在任 ...

Group 1 - The company plans to repurchase shares amounting to 500 million to 600 million yuan for implementing equity incentives or employee stock ownership plans, with a maximum repurchase price of 13.29 yuan per share [1] - The funding for the share repurchase will come from the company's own funds or a special loan for the repurchase [1] - Zheshang Bank's Hangzhou branch has issued a loan commitment letter to the company, promising to provide special loan support for the share repurchase, with a maximum loan amount of 420 million yuan [1]

记录人：浙商银行董事会办公室 提问一（平安证券银行业分析师许淼）：半年度业绩说明会 高管层明确浙商银行将保持战略稳定，陆董事长提出要推进以客户 为中心的综合协同改革，是否可以再具体阐述这项改革与贵行大方 向性的发展战略是什么关系？意义在哪里？改革总体方案是怎么 样的？想达到怎么样的目标？ 副行长、董事会秘书骆峰：这个问题我来回答，感谢您的 提问。 浙商银行2024年第三季度业绩说明会 （根据录音整理） 会议时间：2024年10月30日15:30-16:30 会议形式：电话会议 行内参会人员：副行长、董事会秘书骆峰，独立董事王国才， 计划财务部总经理彭志远、资产负债管理部总经理杨华、董事 会办公室副主任刘雯、发展规划部副总经理叶志桂、风险管理 部副总经理陈永兵等 在半年度的业绩发布会上，陆董事长提出我们正在推进以 客户为中心的综合协同改革，推进这项改革的主要背景就是在 目前外部经济增长放缓、银行业面临息差收窄的局面下，我们 1 自身希望打破过去存在的业务条线的竖井化、产品和服务割裂 的局面，去更好的服务客户，保持我们能够取得比较良好的业 绩增长。这是我们为了应对这样一个局面提出的战略性的选择。 所以，在半年度会 ...

Investment Rating - The report maintains a "Buy" rating for Zhejiang Commercial Bank (601916) with a target price of 3.51 RMB, up from the previous target of 3.25 RMB [4] Core Views - Zhejiang Commercial Bank's Q3 2024 performance met expectations, with slowing scale expansion, stabilizing net interest margin, and overall stable asset quality [2] - The bank's revenue growth slowed, but other non-interest income supported performance, with Q3 revenue up 4.5% YoY [2] - Net interest margin showed signs of stabilization, with a cumulative net interest margin of 1.82% for the first three quarters of 2024, down only 2bp from the first half [2] - Asset quality remained stable, with a non-performing loan ratio of 1.43% at the end of Q3 2024, unchanged from Q2 [2] Financial Performance - Total assets grew 10.8% YoY to 3.25 trillion RMB by Q3 2024, with loans increasing 7.6% YoY [2] - Net profit attributable to parent company declined 2.1% YoY in Q3 2024, mainly due to increased impairment losses of 6.53 billion RMB, up 13.5% YoY [2] - The bank's ROAE is expected to remain stable at around 8.5% from 2024 to 2026 [3] - EPS forecasts for 2024-2026 are adjusted to 0.55, 0.56, and 0.58 RMB respectively [2] Industry Comparison - Among comparable banks, Zhejiang Commercial Bank has a relatively low P/B ratio of 0.48 for 2023 and 0.46 for 2024 [10] - The bank's P/E ratio is expected to decrease from 5.18 in 2023 to 4.93 in 2026 [3] - Compared to industry peers, Zhejiang Commercial Bank has a lower valuation multiple but maintains stable profitability metrics [10] Future Outlook - The bank faces continued pressure on net interest margin due to LPR cuts and adjustments to existing mortgage rates [2] - Revenue and profit growth are expected to further narrow due to slowing scale expansion and non-interest income growth [2] - The bank's capital adequacy ratio is projected to improve from 12.2% in 2023 to 12.7% in 2024 [9]

Investment Rating - The report maintains a "Recommendation" rating for the company [3][11][17] Core Views - The company demonstrates revenue resilience with stable profit fluctuations, focusing on deepening strategic transformation [3][7] - The company has shown a slight slowdown in profit growth, with a year-on-year increase of 1.2% in net profit attributable to shareholders [5][11] - The asset quality is entering an improvement cycle, supported by a strategic focus on risk control and anti-cyclical capabilities [11][12] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating income of 52.5 billion yuan, a year-on-year increase of 5.6% [5][12] - The net profit attributable to shareholders for the same period was 12.9 billion yuan, reflecting a year-on-year growth of 1.2% [5][12] - The annualized weighted average ROE stands at 10.33% [5][12] Asset and Liability Management - As of the end of Q3 2024, total assets reached 3.28 trillion yuan, with total loans amounting to 1.83 trillion yuan and total deposits of 1.91 trillion yuan [5][12] - The company’s total assets grew by 10.8% year-on-year, with loans increasing by 7.6% [8][12] - The non-performing loan ratio remained stable at 1.43%, indicating a steady asset quality [10][12] Revenue Composition - The net interest income showed a slight decline, with a year-on-year decrease of 1.0% in Q3 2024 [7][8] - Non-interest income growth slowed down, with a year-on-year increase of 23.0% in Q3 2024, down from previous periods [7][12] - Investment-related non-interest income grew by 34.0% year-on-year, although overall investment income faced slight declines due to market fluctuations [7][12] Strategic Outlook - The company is focusing on a "weak sensitivity to economic cycles" strategy, enhancing risk control and supporting stable development in corporate and retail banking [11][12] - The report projects EPS for 2024-2026 to be 0.58, 0.62, and 0.68 yuan respectively, with corresponding profit growth rates of 5.2%, 7.9%, and 9.4% [11][12]

Investment Rating - The investment rating for Zheshang Bank is not explicitly stated in the provided documents, but the financial metrics suggest a valuation that may be considered attractive compared to industry averages, with a 2024E P/B of 0.5x and a 2024E P/E of 5.1x [4]. Core Insights - Zheshang Bank reported a revenue increase of 4.5% year-on-year for Q3 2024, with a pre-provision profit growth of 2.8%, while the net profit attributable to the parent decreased by 2.1% year-on-year [4][5]. - The annualized ROA for the first three quarters of 2024 was 0.55%, down by 0.08 percentage points, and the annualized ROE was 10.38%, down by 1.09 percentage points [4]. - The net interest margin (NIM) for Q1-3 2024 was 1.80%, reflecting a decline from the first half of 2024, with a single-quarter NIM of 1.56% in Q3 2024 [2][5]. - The non-performing loan (NPL) ratio remained stable at 1.43%, with a provision coverage ratio of 175.33%, which decreased by 2.79 percentage points [2][5]. Summary by Sections Financial Performance - For Q1-3 2024, revenue increased by 5.6% year-on-year, pre-provision profit grew by 4.0%, and net profit attributable to the parent rose by 1.2% [4]. - The cost-to-income ratio was reported at 27.9%, a decrease of 0.3 percentage points year-on-year, while operating expenses increased by 9.7% [3][5]. Interest Income and Asset Quality - Net interest income for Q1-3 2024 decreased by 1.0% year-on-year, with Q3 showing a smaller decline of 0.3% [2][5]. - Loan growth was 7.0% compared to the end of 2023, down from 11.9% year-on-year, while deposit growth was 2.4%, down from 6.7% year-on-year [2][5]. Other Income Sources - Net fee and commission income decreased by 2.8% year-on-year, while other net income increased by 34.0%, driven primarily by a 39.0% increase in investment income and a 66.6% increase in foreign exchange gains [3][5].

Investment Rating - The report maintains a "Buy" rating for Zhejiang Commercial Bank (601916) with a target price of 3.75 CNY per share, representing a 31% upside from the current price of 2.86 CNY as of October 29, 2024 [6][7] Core Views - Zhejiang Commercial Bank's profit growth slowed in Q3 2024, with revenue increasing by 5.6% YoY and net profit attributable to parents rising by 1.2% YoY [2] - The bank's liability costs continued to improve, with the cost rate of liabilities decreasing by 3bp to 2.18% in Q3 2024 [4] - Asset quality remained stable, with the non-performing loan (NPL) ratio flat at 1.43% in Q3 2024, but the provision coverage ratio declined by 3 percentage points to 175% [2][5] Financial Performance - For the first three quarters of 2024, the bank's revenue grew by 5.6% YoY, while net profit attributable to parents increased by 1.2% YoY [2] - The bank's net interest margin (NIM) remained stable at 1.65% in Q3 2024, with asset-side yields declining by 3bp to 3.90% and liability-side costs improving by 3bp to 2.18% [4] - The bank's loan impairment losses increased by 7.5% YoY in the first three quarters of 2024, compared to a 5.0% increase in the first half of 2024 [3] Asset Quality - The NPL ratio remained flat at 1.43% in Q3 2024, while the provision coverage ratio declined by 3 percentage points to 175% [2][5] - The bank's loan impairment balance decreased by 1% QoQ in Q3 2024, despite an increase in impairment provisions [5] Profit Forecast and Valuation - The report forecasts Zhejiang Commercial Bank's net profit attributable to parents to grow by 0.57%, 0.05%, and 0.48% YoY in 2024, 2025, and 2026, respectively [6] - The bank's book value per share (BPS) is expected to increase to 6.25 CNY, 6.60 CNY, and 6.96 CNY in 2024, 2025, and 2026, respectively [6] - The target price of 3.75 CNY per share implies a 2024 price-to-book (PB) ratio of 0.60x [6] Key Financial Ratios - The bank's return on average equity (ROAE) is expected to decline from 8.90% in 2023 to 8.37% in 2024 and further to 8.03% in 2025 [14] - The net interest margin (NIM) is projected to decrease from 1.89% in 2023 to 1.59% in 2024 and 1.49% in 2025 [14] - The cost-to-income ratio is forecasted to remain stable at around 29.50% from 2024 to 2026 [14]

Financial Performance - Net profit attributable to shareholders was RMB 4,906 million, a decrease of 2.08% compared to the same period last year[2] - Operating income for Q3 2024 was RMB 17,212 million, up 4.55% year-on-year[2] - Net profit attributable to shareholders was RMB 12.91 billion, an increase of RMB 1.52 billion or 1.19% year-on-year[11] - The group's total operating income for the same period was RMB 52,491 million, an increase of 3.2% compared to RMB 49,690 million in 2023[19] - Total comprehensive income for the group reached RMB 14,063 million, an increase from RMB 12,931 million in the same period last year, representing a growth of 8.8%[21] - Basic and diluted earnings per share were both RMB 0.47, down from RMB 0.53 in the previous year, indicating a decrease of 11.3%[21] Assets and Liabilities - Total assets reached RMB 3,276,188 million, an increase of 4.21% compared to the end of 2023[2] - The total liabilities reached RMB 3,077,052 million, an increase of 4.15% compared to the end of 2023[2] - The bank's total equity as of September 30, 2024, was RMB 199,136 million, an increase from RMB 189,577 million at the end of 2023, indicating a growth of 5.8%[17] Loans and Deposits - Total loans and advances amounted to RMB 1,826,183 million, reflecting a growth of 6.41% year-on-year[2] - Total deposits reached RMB 1,913.99 billion, an increase of RMB 45.33 billion or 2.43% year-on-year[11] - The net increase in deposits was RMB 38,856 million, down from RMB 107,586 million in the previous year, indicating a decline in deposit growth[23] Income Sources - The non-interest income accounted for 30.60% of total operating income, an increase of 3.37 percentage points[2] - Non-interest income was RMB 169.04 billion, an increase of RMB 31.63 billion or 23.02% year-on-year, accounting for 32.20% of total revenue[11] - The bank's interest income decreased by RMB 3.62 billion or 1.01%, with a net interest margin of 1.80%, down by 0.30 percentage points year-on-year[11] - The group's net interest income for the period from January 1 to September 30, 2024, was RMB 35,587 million, slightly down from RMB 35,949 million in the same period of 2023, a decrease of 1.0%[18] Capital and Ratios - The core Tier 1 capital adequacy ratio stood at 8.39%, up from 8.22% at the end of 2023[4] - Capital adequacy ratio improved to 12.71%, up by 0.52 percentage points from the end of last year[12] - The liquidity coverage ratio was 144.75%, down from 166.61% at the end of 2023[7] Cash Flow - The net cash flow from operating activities was not applicable, with a significant improvement of 462.68% compared to the previous period[2] - Net cash inflow from operating activities was RMB 181,384 million, a decrease from RMB 343,664 million in the same period last year, reflecting a decline of 47.3%[23] - Net cash outflow from operating activities amounted to RMB 84,757 million, compared to an outflow of RMB 15,063 million in the previous year, showing a significant increase in cash outflow[25] Investment Activities - Total cash inflow from investment activities was RMB 3,678,646 million, up from RMB 1,332,189 million in the same period last year, marking a substantial increase[27] - Cash outflow from investment activities totaled RMB 3,685,968 million, compared to RMB 1,379,686 million in the previous year, indicating a significant rise in investment expenditures[27] - The net cash flow used in investment activities was RMB (7,322) million, a decrease from RMB (47,497) million in the same period last year, reflecting improved cash management[27] Future Plans - The bank plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and customer service[19]