Financial Performance - As of the end of 2024, the total assets reached RMB 376.31 billion, with deposits of RMB 300.86 billion and loans of RMB 201.41 billion[13]. - Net profit for 2024 was RMB 1,749.5 million, down 12.6% from RMB 2,000.6 million in 2023[16]. - Interest income for 2024 reached RMB 11,705.0 million, a slight increase of 0.8% from RMB 11,614.9 million in 2023[16]. - Net interest income decreased by 1.1% to RMB 4,189.3 million in 2024 from RMB 4,236.2 million in 2023[16]. - The pre-tax profit for 2024 was RMB 1,818.2 million, down 10.6% from RMB 2,033.9 million in 2023[32]. - Total commission and fee income fell by 18.6% from RMB 860.9 million in 2023 to RMB 700.8 million in 2024, impacted by declines in settlement and clearing fees, agency fees, and card service fees[51]. - Trading income improved significantly from a loss of RMB 78.5 million in 2023 to a gain of RMB 115.2 million in 2024, attributed to proactive asset structure adjustments and increased redemption price differences[52]. - Investment securities income decreased by 8.1% from RMB 887.0 million in 2023 to RMB 815.0 million in 2024, mainly due to reduced fund dividend income[53]. - Operating expenses decreased by 2.2% from RMB 2,348.4 million in 2023 to RMB 2,296.3 million in 2024, reflecting ongoing cost control strategies[56]. - Personnel costs reduced by 2.3% from RMB 1,432.4 million in 2023 to RMB 1,399.9 million in 2024, with significant reductions in wages and bonuses[57]. Asset and Liability Management - Total assets increased by 4.2% to RMB 376,305.5 million in 2024, compared to RMB 361,305.0 million in 2023[18]. - The bank's total liabilities rose by 3.5% to RMB 348,277.2 million in 2024 from RMB 336,492.2 million in 2023[18]. - The bank's total equity increased by 13.0% to RMB 28,028.3 million in 2024 from RMB 24,812.8 million in 2023[18]. - Total available stable funding reached RMB 252,981.1 million in 2024, up from RMB 231,274.6 million in 2023[19]. - Required stable funding increased to RMB 189,545.3 million in 2024 from RMB 182,449.4 million in 2023[19]. - The liquidity coverage ratio significantly increased to 347.26% in 2024 from 242.06% in 2023, indicating enhanced liquidity position[19]. - The net stable funding ratio rose to 133.47% in 2024, compared to 126.76% in 2023, showing improved funding stability[19]. Risk Management - The provision coverage ratio is reported at 205.46%, indicating strong risk management practices[13]. - Non-performing loan ratio improved slightly to 1.77% in 2024 from 1.78% in 2023[19]. - Credit impairment losses increased by 17.0% from RMB 1,432.0 million in 2023 to RMB 1,674.8 million in 2024, driven by enhanced write-off efforts and cautious risk exposure evaluations[64]. - The company's non-performing loan (NPL) ratio increased from 2.16% as of December 31, 2023, to 2.19% as of December 31, 2024, with the NPL balance rising from RMB 2,602.7 million to RMB 2,784.5 million[119]. - The impairment loss provision for loans increased by 8.0% from RMB 6,780.7 million at the beginning of 2024 to RMB 7,326.1 million by December 31, 2024, due to an increase in loan issuance and a cautious evaluation of future risk exposure[128]. Strategic Initiatives - The company aims to strengthen its corporate services and enhance retail banking as part of its strategic vision for 2021-2025[15]. - The company continues to focus on supporting the real economy by increasing loan disbursements in key sectors such as manufacturing and technology innovation[37]. - The company is actively pursuing a strategic plan for 2021-2025, focusing on adapting to external environmental changes and enhancing strategic execution assessments[151]. - The company has established a green finance management framework, with specific departments responsible for implementing environmental and social risk management practices[152]. Shareholder Structure - The total issued share capital was 5,838,650,000 shares, with no changes in share capital during the reporting period[172]. - The total number of shares held by major shareholders amounts to 3,818,239,160, representing 65.40% of the total share capital[176]. - The largest shareholder, Shanxi Provincial State-owned Capital Operation Co., holds 1,212,220,564 shares, which is approximately 20.76% of the total equity[178]. - The company has a significant presence in H-shares, with 102,400,000 shares held by Taiyuan State-owned Investment Group, accounting for 1.75% of H-shares[178]. - The total number of shares held by the top five shareholders exceeds 50% of the total equity, indicating a concentrated ownership structure[179]. Corporate Governance - The board consists of 13 directors, including 3 executive directors, 5 non-executive directors, and 5 independent non-executive directors[193]. - The supervisory board comprises 9 supervisors, including 3 employee supervisors, 3 shareholder supervisors, and 3 external supervisors[195]. - The company has a three-year term for directors and supervisors, with re-election allowed[193]. - The company experienced a change in directors with the appointment of Wu Canming as a non-executive director, effective December 27, 2024[198].
晋商银行(02558) - 2024 - 年度财报