Chongqing Rural Commercial Bank(HK:03618)2025-04-10 08:37Financial Performance - Operating income and net profit grew by 0.98% and 5.97% year-on-year, achieving a dual increase in scale and efficiency[11]. - The company achieved a net profit of RMB 11.79 billion in 2024, an increase of RMB 663.9 million or 5.97% year-on-year[41]. - Net profit for the year was RMB 11,789.1 million, reflecting a year-on-year growth of 5.97%[33]. - The company's net profit increased by CNY 666 million, a growth rate of 5.97%, driven by improved revenue and cost management[119]. - The company's pre-tax profit for 2024 was RMB 12,817.4 million, reflecting an increase of RMB 621.5 million or 5.10% year-on-year[55]. - The company reported a significant increase in revenue, reaching $1.2 billion, representing a 15% year-over-year growth[1]. - The company reported a net profit margin of 12%, an improvement from 10% in the previous year[9]. Asset and Loan Growth - The asset scale, deposit and loan balances increased by 5.12%, 5.10%, and 5.55% respectively compared to the end of the previous year[11]. - Customer loans and advances increased by 5.55% to RMB 714,273 million[34]. - The total amount of loans and advances reached RMB 358.13 billion, an increase of RMB 30.35 billion, representing a growth of 9.26% compared to the end of the previous year[59]. - The balance of loans to technology enterprises increased by 6.3 billion RMB compared to the end of the previous year[12]. - The balance of green loans increased by 11.2 billion RMB, representing an 18% growth compared to the end of the previous year[12]. - The balance of loans to small and micro enterprises increased by 9% compared to the end of the previous year[12]. - The total customer loans and advances amounted to RMB 714.27 billion, with a non-performing loan rate of 1.18%, consistent with the previous year[75]. Non-Performing Loans and Asset Quality - The non-performing loan ratio decreased by 0.01 percentage points compared to the end of the previous year[11]. - The non-performing loan (NPL) ratio was 1.18%, a slight improvement from 1.19% in the previous year[34]. - The non-performing loan ratio stood at 1.18% at the end of 2024, a decrease of 0.01 percentage points from the previous year, indicating stable asset quality[125]. - The overdue loan ratio decreased to 1.32%, down by 0.10 percentage points year-on-year, reflecting effective overdue management[125]. - The company maintained a prudent classification principle for loans, focusing on asset quality monitoring and control, with a significant emphasis on the collection and disposal of non-performing assets[74]. Digital Transformation and Innovation - The company plans to enhance its digital transformation projects to improve service scenarios and functionalities, leveraging big data and artificial intelligence[16]. - The company emphasizes digital transformation, aiming to enhance customer experience and operational efficiency through a "digital rural commercial bank" model[28]. - Digital loan products reached a scale of RMB 156.72 billion, with mobile banking users exceeding 15 million[41]. - The intelligent data decision platform provided a total of 301 million decision services, with a daily average of 822,000 and a decision success rate of 99.9%[110]. - The company launched 14 new digital products, with four products achieving over CNY 10 billion in business growth[111]. Customer and Market Engagement - The total number of customers served reached 28 million, with over 1 million service businesses, further solidifying the competitive advantage[14]. - The number of credit cards and consumer credit balances approached 150 billion RMB[12]. - The balance of credit cards and consumer loans reached RMB 149.18 billion, indicating a strong push for inclusive finance[41]. - The company signed service agreements with 417 enterprises for its treasury system, enhancing its digital transformation efforts[39]. - The company issued loans totaling RMB 41.3 billion to 42,000 small micro market entities, enhancing financing support[99]. Financial Management and Cost Control - The cost-to-income ratio improved, decreasing by 2.04 percentage points to 31.90%[33]. - The average cost of customer deposits was 1.73% in 2024, down from 1.88% in 2023[44]. - The company aims to achieve breakthroughs in total deposits and general loan increments, ensuring robust financial performance[15]. - The company is committed to technological innovation, focusing on digital finance and intelligent risk control to improve service quality[28]. - The company has a streamlined management structure that enhances decision-making efficiency and adaptability to market changes[27]. Strategic Focus and Future Plans - The company aims to become a leading regional bank in China, focusing on "supporting agriculture and small enterprises" and serving the real economy[24][25]. - The company has a strategic focus on the Chengdu-Chongqing economic circle and rural revitalization initiatives, aligning with national development strategies[25]. - The company plans to enhance its financial services across various sectors, including green finance, inclusive finance, and digital finance, to improve service quality and efficiency[159]. - The company aims to implement a development strategy focused on "retail banking, technology-driven operations, and talent enhancement" by 2025[159]. - The company is committed to leveraging market opportunities in Chongqing and expanding its business through tailored financial services[121]. Governance and Leadership Changes - The company is focused on enhancing its governance structure with the recent appointments and transitions among its senior management team[171]. - The company is undergoing a leadership transition with several executives stepping down, including Xie Wenhui and Zhang Peizong, effective in late 2024[168]. - The company appointed new executives, including Sui Jun as the Deputy Secretary of the Party Committee and President since March 2023[166]. - The company has confirmed the appointment of Peng Yulong as a non-executive director starting December 2024, following his previous roles in the Fosun Group[180]. - The company has maintained stability in its board composition, with no significant changes in the shareholdings of current directors during the reporting period[173].