BANK OF CHANGSHA(601577)2024-04-26 10:58Financial Performance - Annual operating income reached 24.803 billion yuan, with a net profit attributable to shareholders of 7.463 billion yuan[5]. - Operating income for 2023 reached RMB 24,802,828 thousand, an increase of 8.46% compared to RMB 22,867,614 thousand in 2022[26]. - Net profit attributable to shareholders of the parent company was RMB 7,462,951 thousand, reflecting a growth of 9.57% from RMB 6,811,255 thousand in the previous year[26]. - The net cash flow from operating activities surged by 114.66% to RMB 42,341,447 thousand, compared to RMB 19,724,754 thousand in 2022[26]. - The bank's total equity reached CNY 68.32 billion, reflecting a growth of 9.89% year-over-year[118]. - The company achieved operating revenue of 24.80 billion RMB in 2023, a year-on-year increase of 8.46%[67]. - The bank's profitability indicators remain at a relatively high level, supported by a diversified and reasonable profit structure[165]. Asset and Liability Management - Total assets of Bank of Changsha exceeded 1 trillion yuan, achieving this milestone two years ahead of schedule[5]. - Total assets as of December 31, 2023, amounted to RMB 1,020,032,943 thousand, up from RMB 904,733,493 thousand at the end of 2022[26]. - The total liabilities increased to RMB 951,713,564 thousand, compared to RMB 842,561,236 thousand in the previous year[27]. - The total amount of deposits reached RMB 658,856,634 thousand, marking a 13.86% increase from RMB 578,647,988 thousand in 2022[27]. - The bank's asset-liability structure has become increasingly reasonable, with deposits and loans maintaining a high and stable proportion of total liabilities and total assets[165]. Loan and Credit Management - The total amount of loans and advances was RMB 488,391,053 thousand, reflecting a growth of 14.64% from RMB 426,038,392 thousand in 2022[27]. - The bank's loan balance in county areas increased to RMB 169.70 billion, a growth of RMB 27.39 billion or 19.25%[32]. - The bank's total loans reached RMB 488.39 billion, with a non-performing loan (NPL) balance of RMB 55.97 billion, resulting in an NPL ratio of 1.15%, a slight decrease of 0.01 percentage points from the previous year[97]. - The bank's credit commitments increased to RMB 84,372,454 thousand as of December 31, 2023, compared to RMB 82,202,878 thousand in 2022, with bank acceptance bills at RMB 43,300,084 thousand[128]. Customer Base and Market Presence - Retail customer base grew to 17.6979 million, with one in four residents in Hunan being a customer of the bank[6]. - The number of online banking customers exceeded 10 million, with WeChat transaction volume ranking first among urban commercial banks in the country[8]. - Wealth management clients increased to 1.1797 million, a growth of 200,300 or 20.45%[35]. - The bank's wealth management client base reached 1.1797 million, an increase of 200,300 clients or 20.45% year-over-year[158]. Digital Transformation and Innovation - The bank received the "Best Digital Marketing Award" from CFCA 2023 Digital Finance Gold List, reflecting its strong digital transformation efforts[8]. - The bank's digital operations included over 1,000 activities, reaching more than 7 million customers[8]. - The bank aims to establish a comprehensive digital operating system within three years, focusing on a fully domestic big data infrastructure[11]. - The bank's innovative AI technologies, including a proprietary AI model engine, enhanced operational efficiency and risk management capabilities, improving fraud detection effectiveness by 2.26 times[159]. Risk Management - The bank's risk management strategy emphasizes compliance and risk balance, with a focus on enhancing credit risk management mechanisms and improving risk identification and assessment processes[129]. - The bank has established a comprehensive operational risk management system, enhancing risk identification, assessment, and control processes[132]. - The liquidity coverage ratio as of December 31, 2023, was 221.68%, significantly above regulatory requirements[137]. - The bank's expected credit loss management system has been improved, with a focus on optimizing model parameters to enhance risk sensitivity and stability[131]. Awards and Recognition - The bank created investment returns of 1.553 billion CNY for clients throughout the year, earning the "Golden Bull Award" from China Securities Journal[8]. - The bank received multiple awards, including "Best Digital Marketing Award" at the 2023 Digital Finance Annual Ceremony[25]. - In the "2023 Global Bank 1000" list published by The Banker, the company ranked 186th[21]. - The company ranked 36th in the "2023 China Banking Industry Top 100" list released by the China Banking Association[21]. Strategic Development and Future Outlook - The bank's new ten-year strategy emphasizes innovation-driven development and customer-centric services, aiming to build a modern ecological bank[10]. - The bank has set a new ten-year strategy (2024-2033) and a three-year development plan (2024-2026) to achieve higher quality growth[169]. - The bank anticipates a stable economic recovery in 2024, supported by favorable macroeconomic policies and a focus on innovation and regional development[166]. - The bank plans to enhance its core competitiveness by focusing on differentiated development paths and supporting small and micro enterprises[168].