浙商银行(601916.SH) 银行 2025 年 3 月 31 日 非息支撑营收回暖，资产质量向好 推荐（维持） 股价：2.95 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.czbank.com | | 大股东/持股 | 香港中央结算(代理人)有限公司 | | | /21.55% | | 实际控制人 | | | 总股本(百万股) | 27,465 | | 流通 A 股(百万股) | 21,544 | | 流通 B/H 股(百万股) | 5,920 | | 总市值（亿元） | 775 | | 流通 A 股市值(亿元) | 636 | | 每股净资产(元) | 6.33 | | 资产负债率(%) | 93.9 | 行情走势图 相关研究报告 3 月 28 日，浙商银行发布 2024 年报，2024 年实现营业收入 677 亿元，同比 增长 6.19%；实现归母净利润 152 亿元，同比增长 0.92%；年化加权平均 ROE 为 8.49%，同比下降 0.93 个百分点。截至 2024 年末，总资产规模达到 3.33 万 亿元，较年初增长 5.78%，其中贷款总额 1 ...

3月27日，浙商银行（601916）德州分行与德州联通公司开展共建合作签约仪式暨业务交流会。德州联 通公司总经理杨宁，浙商银行德州分行党委书记、行长时念村出席活动并致辞。德州联通公司副总经理 周兵，浙商银行德州分行副行长李达及双方各部门负责人参加活动。 时念村行长一行在杨宁总经理的陪同下，首先参观了联通公司信息化演示厅，了解最新的数字信息技 术。在随后的签约仪式上杨宁总经理与时念村行长分别致辞。 浙商银行德州分行将以此次活动为契机，充分发挥自身金融服务优势，创新应用"金融顾问"服务模式， 共同探索"科技+金融"协同创新合作，实现共同发展。我们期待能够进一步凝聚力量，激发积极性和创 造力，与联通公司共同推动"科技+金融"工作迈上新台阶。 时念村行长指出金融与通信，虽属不同行业领域，但都肩负着服务实体经济发展、助力社会民生改善的 重要使命。当前，数字经济与实体经济深度融合，5G、大数据、人工智能等新一代信息技术正深刻重 塑金融业态。浙商银行作为一家以"数字驱动"为特色的全国性股份制商业银行，始终秉持"善本金融"理 念，主动融入国家数字经济发展大局。此次与联通公司德州市分公司的合作，是双方优势互补、资源共 享的必然 ...

证券研究报告 | 2025年03月31日 浙商银行（601916.SH）2024 年年报点评 中性 营收边际回暖，负债成本改善 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 公司研究·财报点评 营收边际回暖，业绩实现正增。公司 2024 年实现营收 676.50 亿元 （YoY,+6.19%），归母净利润 151.86 亿元（YoY,+0.92%）。结合公司前三 季度营收同比增长 5.64%，利润同比增长 1.19%，四季度营收增速提升，业 绩略有下滑。公司 2024 年加权平均 ROE 为 8.49%，同比下降 0.96 个百分点。 规模稳健增长。公司 2024 年总资产同比增长 5.78%至 3.33 万亿元，增速较 为稳健。其中，存款、贷款分别同比增长 2.57%、8.20%。2024 年新增信贷 投放 1401 亿元，分项来看，对公/个人/票据贷款分别投放 1214/19/170 亿 元，分别增长 10.76%/0.41%/16.64%，对公端起到主要拉动作用。结合公司 2022 年、2023 年分别新增信贷投放 1764 亿元、1885 亿元，2024 年新增信 贷有所放缓，我们推测主要受 ...

Core Viewpoint - Zhejiang Commercial Bank reported a steady growth in its 2024 annual performance, with total operating income reaching 67.65 billion yuan, a year-on-year increase of 6.19%, and net profit attributable to shareholders at 15.19 billion yuan, up 0.92% [1][2]. Financial Performance - Interest income for 2024 was 45.16 billion yuan, a decrease of 5.0% year-on-year, while non-interest income surged to 22.49 billion yuan, marking a 39.1% increase, becoming a key driver for revenue growth [1][3]. - The bank's total assets reached 3.33 trillion yuan by the end of 2024, reflecting a growth of 5.78% compared to the end of 2023 [2]. - The non-interest income accounted for 33.25% of total operating income, an increase of 7.86 percentage points from the previous year [3]. Customer Base and Business Segments - By the end of 2024, the number of personal customers exceeded 11.67 million, with an annual growth rate of over 20%, while retail assets under management (AUM) grew nearly 10% [2]. - The bank served over 260,000 corporate clients, contributing more than 56% of total revenue [2]. Non-Interest Income Breakdown - The significant growth in non-interest income was attributed to improved market analysis and professional capabilities, capitalizing on opportunities in the bond market [4][5]. - The bank's fee and commission income decreased to 4.49 billion yuan, down 5.53 billion yuan year-on-year, primarily due to declines in guarantee and bond underwriting business [3][5]. Loan and Asset Quality - Total loans and advances reached 1.86 trillion yuan, an increase of 8.21% year-on-year, with corporate loans growing by 10.76% [6]. - Non-performing loans amounted to 25.49 billion yuan, an increase of 0.9 billion yuan, while the non-performing loan ratio decreased to 1.38%, down 0.06 percentage points [7]. Capital Adequacy and Dividends - The bank's total liabilities reached 31.23 trillion yuan, a growth of 5.7%, with capital adequacy ratios showing slight increases [7]. - A cash dividend of 4.28 billion yuan was announced, representing 30.12% of the net profit attributable to ordinary shareholders [7]. Management Changes - The sudden resignation of the bank's president, Zhang Rongseng, has raised concerns in the industry, with the position currently vacant [9][10].

Financial Performance - The bank's net profit continued to maintain positive growth, with non-interest income significantly increasing[11]. - In 2024, the company's operating income reached CNY 67.65 billion, an increase of 6.19% year-on-year[24]. - The net profit attributable to shareholders was CNY 15.19 billion, reflecting a growth of 0.92% compared to the previous year[24]. - The non-interest income for 2024 reached CNY 22.493 billion, a significant increase from CNY 16.176 billion in 2023, marking a growth of 39.0%[56]. - The bank's net profit for 2024 was CNY 15.693 billion, up from CNY 15.493 billion in 2023, indicating a growth of 1.3%[54]. - The bank's operating income for 2024 was CNY 67.65 billion, an increase from CNY 63.704 billion in 2023[55]. - The non-interest net income as a percentage of operating revenue increased to 33.25%, up 7.86 percentage points from 25.39% in 2023[62]. Asset Quality - The non-performing loan ratio has decreased for three consecutive years, indicating improved asset quality[14]. - The non-performing loan ratio stood at 1.38%, with a provision coverage ratio of 178.67%[24]. - The non-performing loan ratio improved to 1.38% in 2024, down from 1.44% in 2023[60]. - The non-performing loan (NPL) ratio stood at 1.38%, a decrease of 0.06 percentage points from the previous year, with total NPLs amounting to RMB 25.49 billion[128]. - The company maintained a stable loan quality, with normal loans increasing by RMB 130.04 billion, while the attention loans rose by RMB 9.41 billion, resulting in an attention loan ratio of 2.40%[128]. Capital and Liquidity - The capital adequacy ratio was 12.61%, with a Tier 1 capital ratio of 9.61% and a core Tier 1 capital ratio of 8.38%[24]. - The capital adequacy ratio improved to 12.61%, up 0.42 percentage points year-on-year[73]. - The company's liquidity ratio for both domestic and foreign currencies is 90.49% as of the reporting period end[169]. - The liquidity coverage ratio stands at 333.26%, with qualified high-quality liquid assets amounting to CNY 382.94 billion and net cash outflows over the next 30 days at CNY 114.91 billion[169]. - The net stable funding ratio is 110.31%, with available stable funding at CNY 1,795.46 billion and required stable funding at CNY 1,627.67 billion[169]. Loan and Financing Services - The total amount of loans and advances was CNY 18.6 trillion, representing an 8.21% increase year-on-year[24]. - The company achieved a total financing service volume of CNY 1,020.5 billion in Zhejiang province by the end of 2024, marking a growth of over CNY 230 billion in three years[42]. - The company ranked first in underwriting Zhejiang local government bonds, with an underwriting scale of CNY 40.3 billion in 2024, accounting for 8.48% of the market share[42]. - The balance of inclusive loans for small and micro enterprises was CNY 355.43 billion at the end of 2024, with an increase of CNY 35.3 billion, representing an 11% growth[38]. - The company provided over CNY 700 billion in financing across nearly 30 industries, including energy and modern communication, by the end of 2024[40]. Digital Transformation and Innovation - The bank is implementing a comprehensive collaborative reform centered on customer needs, focusing on digital transformation and agile organizational structure[16]. - The company has implemented a digital transformation strategy, enhancing its digital financial capabilities and improving service efficiency through new core system upgrades[40]. - The company has launched new products such as personal pledge loans and car loans, enhancing its retail credit product offerings[194]. - The company has implemented a digital reform strategy, improving its information technology governance and enhancing data security measures[188]. Risk Management - The company has established a comprehensive risk management framework, with the board of directors ultimately responsible for risk management[154]. - The company emphasizes a prudent and stable risk preference, focusing on a "customer-centric" approach to credit policies and asset management[157]. - The company has developed a digital risk management system for credit card and consumer finance businesses, focusing on pre-loan approval and post-loan monitoring[162]. - The company aims to optimize its credit asset structure while strictly controlling new non-performing loans[157]. Customer Base and Market Position - The company achieved a personal customer base of 11,166,540, representing a growth of 20.75% compared to the beginning of the year[192]. - The number of private banking clients increased to 14,533, a growth of 19.2% since the beginning of the year[199]. - The financial assets of private banking clients reached CNY 205 billion, marking an 11.9% increase from the start of the year[199]. - The company has established 362 branches across 22 provinces and regions, including Hong Kong, effectively covering key economic areas[24]. Strategic Initiatives - The bank aims to deepen its "Deepening Zhejiang" three-year action plan to further enhance its market presence and service quality[17]. - The bank's "123 Talent Plan" aims to enhance employee satisfaction and create a positive organizational culture[16]. - The bank's "3386 model" for comprehensive financial ecosystem construction has been successfully promoted across multiple regions[13].

Core Viewpoint - Zhejiang Commercial Bank reported a slight increase in net profit for 2024, with a net profit of 15.186 billion RMB, up 0.92% year-on-year, and a significant increase in fair value changes net income by 1095.92% [1][2]. Financial Performance - The bank achieved an operating income of 67.65 billion RMB in 2024, a year-on-year increase of 6.19% [2]. - Total profit amounted to 17.579 billion RMB, reflecting a 0.50% increase compared to the previous year [2]. - The net interest income was 45.157 billion RMB, down 4.99% year-on-year, with interest income at 110.697 billion RMB, up 0.40% [2][3]. - Non-interest net income reached 22.493 billion RMB, a 39.05% increase, driven by strong performance in trading financial assets [3]. Asset and Liability Overview - As of the end of 2024, total assets were 3,325.539 billion RMB, up 5.78% from the previous year [4]. - Total liabilities increased by 5.70% to 3,122.796 billion RMB [4]. - The bank's loan and advance total was 1,857.116 billion RMB, an increase of 8.21% [4]. Asset Quality - Non-performing loans (NPL) stood at 25.494 billion RMB, an increase of 8.98 billion RMB, with an NPL ratio of 1.38%, down 0.06 percentage points [5][6]. - The provision coverage ratio was 178.67%, a decrease of 3.93 percentage points [6]. Capital Adequacy - The capital adequacy ratio was 12.61%, up 0.42 percentage points from the previous year [7]. - The core tier 1 capital adequacy ratio increased to 8.38%, reflecting a 0.16 percentage point rise [7].

自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度财务报表 (按中国企业会计准则编制) 浙商银行股份有限公司 浙商银行股份有限公司全体股东： 一、审计意见 我们审计了后附的浙商银行股份有限公司 (以下简称"浙商银行") 及其子公司 (以下统称 "贵集团") 财务报表，包括 2024 年 12 月 31 日的合并及银行资产负债表，2024 年度的合并 及银行利润表、合并及银行现金流量表、合并及银行股东权益变动表以及相关财务报表附注。 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2507068 号 我们认为，后附的财务报表在所有重大方面按照中华人民共和国财政部颁布的企业会计准 则 (以下简称"企业会计准则") 的规定编制，公允反映了浙商银行 2024 年 12 月 31 日的合并 及银行财务状况以及 2024 年度的合并及银行经营成果和现金流量。 二、形成审计意见的基 ...

浙商银行股份有限公司 内部控制审计报告 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见，并 对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变化可 能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审计结果推 测未来内部控制的有效性具有一定风险。 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2506192 号 浙商银行股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了浙商 银行股份有限公司 (以下简称"浙商银行") 2024 年 12 月 31 日的财务报告内部控制的有效 性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的 ...

浙商银行股份有限公司 2024 年度独立董事述职报告 二 二五年三月二十八日 〇 1 2024 年度独立董事述职报告 （周志方） 根据《上市公司独立董事管理办法》及《浙商银行股份 有限公司独立董事管理办法》等规定，本人 2024 年 1 月至 9 月作为浙商银行独立董事，期间积极参加股东大会、董事会 及其专门委员会会议，积极履行职责，独立自主决策，努力 推动和完善浙商银行公司法人治理，切实维护浙商银行和全 体股东的利益。现向董事会和股东大会提交年度述职报告， 对履行职责的情况报告如下。 一、基本情况 （一）工作履历、专业背景以及兼职情况 本人周志方，大学学历，高级经济师，曾任中国人民银 行江山支行副股长，中国工商银行江山支行副股长，中国工 商银行衢州分行营业部主任、储蓄部主任、副行长、党组成 员、纪检组长、党组副书记、副行长（主持工作）、党委书 记、行长，中国工商银行江西省分行副行长、党委委员，中 国工商银行广东省分行副行长、党委委员兼广东省分行营业 部总经理、党委书记，中国工商银行宁波分行行长、党委书 记，中国工商银行内部审计局上海分局局长，中国工商银行 浙江省分行资深专家（正行级），期间担任中国工商银行总 ...

公司代码：601916 公司简称：浙商银行 浙商银行股份有限公司 2024 年度内部控制评价报告 浙商银行股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内 部控制规范体系），结合本公司（以下简称"公司"或"本行"）内部控制制度和评价办法，在内部控 制日常监督和专项监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控 制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标 提供合理保证。此外，由于情况的 ...