Changshu Bank(SH:601128)2025-03-27 12:00Financial Performance - In 2024, the group achieved double-digit growth in both revenue and net profit, reflecting strong operational performance [28]. - The company reported operating income of CNY 10,909,242 thousand, an increase of 10.53% compared to CNY 9,870,291 thousand in 2023 [39]. - The net profit attributable to shareholders reached CNY 3,813,258 thousand, reflecting a growth of 16.20% from CNY 3,281,502 thousand in the previous year [39]. - The total assets of the company increased to CNY 366,581,851 thousand, marking a 9.61% rise from CNY 334,456,430 thousand in 2023 [40]. - The total deposits amounted to CNY 286,545,820 thousand, up from CNY 247,938,809 thousand in 2023, indicating a significant growth in customer deposits [40]. - The company achieved a basic earnings per share of CNY 1.26, which is a 15.60% increase from CNY 1.09 in 2023 [41]. - The net cash flow from operating activities for 2024 was CNY 18,158,774 thousand, an increase of 10.93% from CNY 16,369,456 thousand in 2023 [39]. - The group achieved operating revenue of 10.91 billion RMB, an increase of 10.53% year-on-year [90]. - Net profit attributable to shareholders reached 3.81 billion RMB, reflecting a growth of 16.20% [90]. - Total assets amounted to 366.58 billion RMB, up by 9.61% [88]. - Total deposits increased to 286.55 billion RMB, a rise of 15.57% [88]. - Total loans reached 240.86 billion RMB, growing by 8.28%, with personal loans accounting for 56.03% of total loans [88]. Customer Base and Engagement - The bank serves 560,000 credit customers and 4.25 million AUM customers, demonstrating its extensive customer base [29]. - Online operations have connected with 3.05 million active customers, enhancing customer engagement through live streaming and short videos [29]. - The bank emphasizes its commitment to rural revitalization and supporting small and micro enterprises, reinforcing its role in local economic development [28]. - The company served over 1.5 million small and micro loan clients, maintaining a non-performing loan ratio below 1% [62]. - The bank's ticket discount volume exceeded CNY 100 billion for the first time, with over 6,000 corporate clients served, marking a 22% year-on-year growth [74]. - The online channels, including mobile banking and social media, have attracted over 3 million followers across all accounts [83]. Digital Transformation and Innovation - The bank is embracing AI and accelerating digital transformation to enhance its service offerings and operational efficiency [30]. - The bank has adopted an innovative approach to tackle challenges posed by narrowing net interest margins and asset quality pressures [30]. - The company is advancing its digital transformation and ecological strategy, focusing on wealth management and online operations to capture new growth opportunities [64]. - The bank is actively exploring the "village-to-branch" model to support rural industry development and small micro-enterprises [68]. - The company has implemented AI technologies in various applications, enhancing marketing, risk control, and internal process optimization [85]. - The bank has developed a digital risk management system to enhance monitoring and management of operational risks, including employee behavior [192]. Risk Management and Compliance - The bank has strengthened credit risk management by optimizing the risk preference limit system and implementing differentiated credit policies for various industries and regions [182]. - The bank has improved asset quality monitoring and control, successfully managing overdue loans and enhancing risk identification capabilities [183]. - The bank's liquidity risk management includes proactive asset-liability management and regular stress testing to ensure compliance with liquidity ratios and coverage requirements [185]. - The bank has maintained a low level of market risk by strictly managing positions in interest rate-related financial products and conducting regular market risk assessments [187]. - The bank has implemented a comprehensive operational risk management framework, focusing on compliance and monitoring in key business areas [192]. - The bank has enhanced anti-money laundering (AML) measures by utilizing machine learning technology to optimize suspicious transaction monitoring models [196]. - The bank has established a customer information governance system to ensure the completeness and accuracy of client data, enabling early detection and remediation of issues [196]. - The compliance management organization system includes the board of directors, supervisory board, senior management, and all employees, ensuring a comprehensive compliance approach [194]. Capital and Asset Management - The net capital of the group increased to RMB 37,633,184 thousand as of December 31, 2024, up from RMB 35,107,322 thousand in 2023, representing a growth of 7.2% [47]. - The core tier 1 capital adequacy ratio improved to 11.18% in 2024 from 10.42% in 2023, indicating a stronger capital position [47]. - The leverage ratio increased to 6.91% in 2024, compared to 6.51% in 2023, reflecting enhanced capital efficiency [50]. - The liquidity coverage ratio stood at 225.65% as of December 31, 2024, significantly above the regulatory requirement, indicating strong liquidity management [52]. - The total risk-weighted assets increased to RMB 265,162,074 thousand in 2024 from RMB 253,294,281 thousand in 2023, reflecting growth in the asset base [47]. - The total amount of financial guarantees increased to CNY 38,399,107 thousand in 2024 from CNY 32,651,515 thousand in 2023 [163]. Growth and Expansion Strategies - The company plans to continue expanding its footprint across six provinces, focusing on rural revitalization and financial inclusion [39]. - The company has established Jiangsu's first "village-to-branch" bank and implemented the first "four-in-one" model in Hubei, showcasing its innovative approach to rural banking [39]. - The company completed the acquisition and integration of five external village banks since 2022, enhancing its market competitiveness [79]. - The company established 24 growth centers focusing on innovative and growth-oriented businesses to explore new revenue paths [82]. - The company aims to enhance its wealth management business by creating a diversified product matrix and a professional asset allocation and risk management system [67]. - The total scale of the company's wealth management products reached 30.519 billion yuan by the end of 2024, all of which are non-principal guaranteed, net value-based products [178].