Core Viewpoint - The article highlights the significant increase in cash dividends among listed banks in 2024, with state-owned banks leading in both total dividend amounts and payout ratios, reflecting a strong commitment to shareholder returns [2][7]. Summary by Sections Dividend Distribution Overview - As of April 8, 2024, 23 A-share listed banks have disclosed their annual reports, collectively distributing cash dividends of 56.8862 billion yuan, an increase of over 10.1887 billion yuan year-on-year [2][3]. - The six major state-owned banks are identified as the primary contributors, proposing a total cash dividend exceeding 420 billion yuan, with payout ratios consistently above 30% [7][8]. Individual Bank Performance - Industrial and Commercial Bank of China (ICBC) leads with a cash dividend of 109.773 billion yuan, followed by China Construction Bank and Agricultural Bank of China with 100.754 billion yuan and 84.661 billion yuan respectively [3][8]. - Among joint-stock banks, China Merchants Bank stands out with a dividend payout ratio of 35.32%, distributing over 50 billion yuan [4][9]. Trends in Dividend Frequency and Ratios - The article notes a shift in dividend frequency for state-owned banks to twice a year, enhancing their attractiveness to investors [8][9]. - In contrast, city commercial banks and rural commercial banks generally exhibit lower dividend scales and ratios, with Zhengzhou Bank having the lowest payout ratio at 9.69% [5][9]. Market Valuation and Investor Sentiment - The banking sector is currently experiencing a comprehensive decline in valuation, with an overall price-to-book (PB) ratio below 1, indicating a potential undervaluation of bank stocks [5][17]. - Over 20 banks have announced valuation enhancement plans in response to prolonged low valuations, aiming to improve investor returns and confidence [16][19]. Regulatory and Strategic Considerations - Regulatory bodies have been encouraging listed companies to increase dividend distributions, which has influenced the banks' decisions to enhance their payout strategies [7][12]. - The article emphasizes the importance of maintaining a balance between dividend payouts and capital retention for risk management and growth [10][19].

Core Viewpoint - The A-share listed banks are experiencing significant changes in their business structures, particularly in the consumer loan sector, amidst a challenging macroeconomic environment and tightening interest margins [1][2]. Group 1: Consumer Loan Growth - The total consumer loan balance has surged by nearly 750 billion yuan, with most banks reporting substantial increases in their consumer loan portfolios [3][5]. - Among 23 listed banks, only six reported a decrease in consumer loan balances for 2024, with Ping An Bank seeing the largest reduction of 70.63 billion yuan [5]. - Major banks like Postal Savings Bank, China Construction Bank, and Agricultural Bank of China have reported double-digit growth in consumer loans, with increases of 17.88%, 26.21%, and 38.03% respectively [6][7]. Group 2: Risk Management Concerns - Industry insiders express concerns about rising non-performing loans (NPLs) in the consumer loan sector, indicating that banks must tighten risk controls as economic cycles fluctuate [2][12]. - Several banks, including Industrial and Commercial Bank of China and Agricultural Bank of China, have reported increases in their consumer loan NPL ratios, highlighting the need for enhanced risk management strategies [12][13]. - The rapid growth of consumer loans has raised alarms about potential risks, with banks emphasizing the importance of maintaining asset quality and effective post-loan management [12][14]. Group 3: Regulatory Changes and Market Dynamics - In March, regulatory changes extended the repayment period for consumer loans from five to seven years and increased the maximum loan amount, aiming to support consumer spending [10]. - Following these changes, banks quickly halted low-interest consumer loans to prevent a price war that could lead to increased risks [12]. - The competitive landscape for consumer loans is shifting, with banks focusing on the relatively lower costs and stable returns associated with consumer lending compared to corporate lending [9].

Group 1 - The retail non-performing loan (NPL) ratio of 23 listed banks continues to rise, with a slight decrease in overall NPL ratio to 1.25% as of Q4 2024, down 2bps from Q4 2023. However, retail loan NPL ratios have generally increased, with state-owned banks seeing an average rise of 29bps compared to Q4 2023 [1][2][3] - The average retail credit cost for listed banks in 2024 is 1.24%, a decrease of 3bps year-on-year. State-owned banks have a lower average retail credit cost of 0.99%, attributed to a higher proportion of lower-risk personal housing loans [2][3] - Looking ahead, banks are expected to manage retail loan risks by tightening customer eligibility and employing various asset disposal strategies, with the impact on asset quality being relatively controllable [4] Group 2 - The report highlights that the retail loan structure of banks has shifted, with personal housing loans making up an average of 60.9% of the total retail loans for state-owned banks, which is 17.6 percentage points higher than the sample average [2][16] - Specific banks such as Ping An Bank and Everbright Bank have seen a decrease in retail credit costs, with Ping An Bank's credit cost dropping by 34bps year-on-year, largely due to a reduction in credit card NPLs [3][4] - The report suggests that banks like Postal Savings Bank have improved their asset quality, with a notable decrease in consumer loan NPLs by 12.2 billion yuan, resulting in a NPL ratio decline of 47bps to 1.34% [4][8]

Core Insights - The financial reports of 23 A-share listed banks for 2024 show stable revenue and profit, with total revenue at 5.04 trillion yuan and net profit at 1.93 trillion yuan, reflecting a slight year-on-year decline of 0.6% in revenue and a growth of 1.88% in profit [1][2][3] Revenue and Profit Analysis - Total revenue for the 23 listed banks in 2024 is 5.04 trillion yuan, down 0.6% from the previous year [2] - The six major state-owned banks reported a total revenue of 3.52 trillion yuan, a decrease of 94.25 billion yuan from last year [2] - Among the state-owned banks, Construction Bank and Industrial and Commercial Bank experienced revenue declines of 2.54% and 2.52%, respectively [2] - In contrast, most city and rural commercial banks showed revenue growth, with eight banks reporting increases, including Ruifeng Bank and Changshu Bank, which grew by 15.29% and 10.53% respectively [2] Net Profit Performance - The net profit for the 23 listed banks totaled 1.93 trillion yuan, marking a year-on-year increase of 1.88% [3] - State-owned banks achieved a combined net profit of 1.42 trillion yuan, with Agricultural Bank leading the growth at 4.76% [3] - Among the listed joint-stock banks, three reported declines in net profit, with Minsheng Bank experiencing a notable drop of 9.07% [3] Net Interest Margin Trends - The average net interest margin for the 23 listed banks in 2024 was 1.65%, down from 1.83% in 2023, reflecting a decrease of 19 basis points [5][6] - The net interest margin for major state-owned banks is generally below 1.5%, with only Postal Savings Bank exceeding this threshold at 1.87% [6][7] Asset Quality and Risks - Overall asset quality among listed banks is improving, with most banks reporting a decline in non-performing loan (NPL) ratios [9] - However, there are structural risks, particularly in personal operating loans, which have seen a significant increase in both scale and NPL ratios, averaging 1.81% across ten banks, up 29 basis points from 2023 [9][10] - The total balance of personal operating loans across 19 banks reached 8.32 trillion yuan, a 40.8% increase from the previous year [9][10]

在密集进行2024年年报披露的上市银行中，全国首家"A+H"上市城商行郑州银行（002936）交出了一份 毫不逊色的业绩答卷。 年报中披露的数据显示，2024年，面对内外部各种复杂挑战与困难，郑州银行资产、存款、贷款增速显 著，利润增长，不良下行，交出了一份改革与发展协同发力、质量与效益同步提升的良好答卷。 截至2024年末，郑州银行资产总额人民币6763.65亿元，较上年末增长7.24%；存款总额人民币4045.38 亿元，较上年末增长12.07%；贷款总额人民币3876.90亿元，较上年末增长7.51%。 同时，该行实现营业收入人民币128.77亿元，净利润人民币18.63亿元，同比增长0.21%。不良贷款率 1.79%，拨备覆盖率182.99%。净利息收益率1.72%，成本收入比28.95%，资本充足率12.06%，不良贷款 率1.79%，拨备覆盖率182.99%，主要监管指标符合监管要求。 郑州银行用"稳中求进"一词概括过去一年的工作总基调。郑州银行董事长赵飞也在年报致辞中强调了三 个坚持：坚持回归本源，做强主业，巩固"稳"的基础；坚持创新求变，转型突围，积聚"进"的力量；坚 守安全底线，防控风险，提 ...

3月27日晚间，作为全国首家实现"A+H"股上市的城市商业银行，郑州银行(002936)发布了2024年年 报。 报告显示，截至2024年末，郑州银行资产总额达6,763.65亿元，较上年增长7.24%，总体规模稳步攀 升；存款总额和贷款总额分别达4,045.38亿元和3,876.90亿元，各较年初增长12.07%和7.51%，主营业务 加速发展；全年分别实现营业收入和利润总额128.77亿元和17.86亿元。其中，利润总额同比增长 2.69%，近三年首次实现正增长，扭转连续负增长局面。 同时，郑州银行结束4年0分红的局面，推出现金分红方案。据年报中披露的2024年度利润分配预案显 示，郑州银行拟向在册股东每10股派发现金红利人民币0.20元(含税)。现金分红总额为1.82亿元，占 2024年度合并报表中归属于该行股东净利润的比例为9.69%。 在市场信贷需求趋于疲弱、净息差持续收窄、让利实体经济的背景下，郑州银行规模体量稳步增长，资 产、存款、利润增速稳步抬升，并重回银行业固有分红特色行列。 四大亮点凸显经营持续好转 从整体数据来看，郑州银行2024年年报亮点不少。 1、业务发展提速。2024年，郑州银行资 ...

Investment Rating - The report maintains an "Outperform" rating for the banking sector, indicating a positive outlook compared to the broader market [1]. Core Insights - The report highlights that the net profit of listed banks is expected to grow by 1.8% year-on-year for 2024, with a notable increase in growth rate compared to the first three quarters [4][10]. - Revenue decline is narrowing, with a projected revenue growth rate of -0.6% for 2024, an improvement from -1.6% in the previous quarters [11][14]. - The report emphasizes the importance of domestic economic recovery and the impact of recent growth-stabilizing policies on banking performance [14]. Summary by Sections 1. Profitability Breakdown - The net interest income for listed banks is expected to decline by 2.3% in 2024, an improvement from a 3.2% decline in the first three quarters [11][12]. - Non-interest income, particularly from investment gains, is projected to increase by 28% due to falling bond yields, partially offsetting revenue pressures [11][12]. - The report notes that the cost-to-income ratio has increased to 32.8%, reflecting a 0.5 percentage point rise year-on-year [7]. 2. Operational Analysis - Asset growth for listed banks has decreased to 7.2%, with loan growth at 7.7%, indicating stable overall growth despite a slight decline [22][23]. - The annualized net interest margin is projected to decrease to 1.43%, primarily due to asset pricing pressures [24]. - The report indicates that the quality of assets remains stable, with non-performing loan ratios showing slight fluctuations but overall stability [7][22]. 3. Dividend and Investment Recommendations - The report highlights a stable dividend payout ratio, with 9 banks increasing their dividend rates compared to the previous year [7]. - Investment recommendations focus on "pro-cyclical and high dividend" strategies, with an average dividend yield of 4.3% for the sector, which remains attractive compared to risk-free rates [7][8]. - Specific banks recommended for investment include Chengdu Bank, Suzhou Bank, and Ningbo Bank, which are expected to benefit from regional economic recovery [8][14].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 鄭州銀行股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年4月2日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06196 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,020,458,000 | RMB | | 1 RMB | | 2,020,458,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,020,458,000 | RMB | | 1 ...

值得关注的是，郑州银行2024年实现营业收入128.77亿元，实现净利润18.63亿元，较上年同比增长 0.21%；实现归属于该行股东的净利润18.76亿元，较上年同比增长1.39%，扭转近三年净利润负增长态 势。 在市场信贷需求趋于疲弱、净息差持续收窄、让利实体经济的背景下，郑州银行规模体量稳步增长，资 产、存款、利润增速稳步抬升，延续稳中向好发展态势，各项业务结构和盈利能力均保持了良好的发展 势头。尤其是存款余额同比增长12%，增速较上年翻番。 此外，郑州银行在2024年聚焦科创企业、研发机构、双创活动，创新科技信贷服务模式，重点扶持了以 超硬材料、新一代信息技术、复合材料等为代表的科技型企业，赋能新质生产力发展。 来源：环球网 近日，全国首家"A+H"股上市城商行——郑州银行披露了2024年年报，并推出现金分红方案。总体来 看，该行去年逆势实现资产、存款、贷款、利润"四增长"，经营业绩持续向好。 年报显示，截至2024年末，郑州银行资产总额达6763.65亿元（人民币），较上年增长7.24%，总体规模 稳步攀升；存款总额和贷款总额分别达4045.38亿元和3876.90亿元，较年初增长12.07%和7. ...

2024年，银行业面临着息差收窄、客户风险偏好降低、有效信贷需求减少等诸多挑战。在此展业环境 下，地方银行如何破局？近日，郑州银行发布了2024年度财务报告。作为全国首家"A+H"股上市的城商 行，郑州银行稳中求进，立足区域转型发力，交出了一份稳中向好的答卷。 转型赋能 多项增长显韧性 从存款结构来看，仅个人存款的余额便高达2,181.79亿元，占全行存款总额的比重约54%。这一成绩离 不开郑州银行"以客户为中心"的服务理念。根植郑州、立足区域，郑州银行深耕市民金融及乡村金融领 域发展，精心打造"四大管家"服务，即"市民管家"、"融资管家"、"财富管家"和"乡村管家"，全方位满 足客户的金融需求，这也是郑州银行穿越降息周期的底气和韧性所在。 在管理方面，郑州银行聚焦数字化转型，秉承"对外客户体验第一、对内效率第一"的理念，将战略拆解 到日常工作和具体项目，以数字化思维重塑银行业务及经营管理模式，以科技引领赋能业务发展，着力 重塑"以客户为中心"的业务运营体系，构建"以数据为驱动"的经营管理模式，打造新一轮高质量发展强 劲引擎。 聚焦科创 赋能新质生产力发展 当前，科技型企业已成为我国科技创新的重要来源，也是发 ...