Chongqing Rural Commercial Bank(SH:601077)2020-03-26 16:00Financial Performance - As of the end of 2019, Chongqing Rural Commercial Bank's total assets exceeded RMB 1 trillion, reaching RMB 1,029.8 billion, with deposits amounting to RMB 673.4 billion and loans totaling RMB 437.1 billion[6]. - The bank's diluted earnings per share for 2019 was RMB 0.95, up from RMB 0.91 in 2018[22]. - Net profit attributable to shareholders was RMB 9,759.9 million, representing a growth of 7.75% from RMB 9,058.2 million in 2018[22]. - Net profit for the year reached 9.988 billion yuan, representing a year-on-year growth of 8.99%[29]. - The total operating income for the group in 2019 was RMB 26.6298 billion, compared to RMB 26.1164 billion in 2018[126]. - The company reported a pre-tax profit of RMB 1.2233 billion, an increase of 3.92% from RMB 1.1772 billion in 2018[76]. - The total amount of customer loans and advances was RMB 437.08 billion, an increase of RMB 55.95 billion or 14.68% from the previous year[80]. - The total amount of loans and advances was RMB 437,084.9 million, an increase from RMB 381,135.9 million, reflecting a growth of 14.74%[85]. - The company achieved operating income of RMB 26.63 billion in 2019, an increase of RMB 513.4 million or 1.97% year-on-year[36]. Asset and Liability Management - The total assets reached RMB 1,029,790.1 million, up 8.38% from RMB 950,177.9 million in 2018[23]. - Total liabilities amounted to RMB 940,427.9 million, an increase of RMB 619.59 million, reflecting a growth of 7.05%[94]. - Customer deposits amounted to RMB 673.40 billion, with an increase of RMB 57.24 billion from the beginning of the year[36]. - The total equity of the group as of December 31, 2019, was RMB 89.36 billion, an increase of RMB 17.65 billion from the previous year, primarily due to increases in share capital and capital reserves[100]. - The liquidity coverage ratio stood at 225.78%, significantly above regulatory standards, ensuring robust liquidity management[32]. Loan and Deposit Growth - Customer loans and advances net amount increased by 14.37% to RMB 416,340.8 million from RMB 364,026.1 million in 2018[23]. - The total retail loans reached RMB 162.24 billion, an increase of RMB 28.98 billion or 21.75%, with a rising share in the overall loan portfolio[84]. - Personal deposits grew by CNY 56.892 billion to CNY 511.572 billion as of December 31, 2019, representing a 12.51% increase[134]. - Time deposits increased by RMB 51.67 billion or 13.79% year-over-year, accounting for 63.32% of total customer deposits, up 2.50 percentage points[98]. - The proportion of county deposits increased to 69.33% in 2019, up 0.72 percentage points year-on-year, while county loans accounted for 48.02%, an increase of 1.90 percentage points[124]. Risk Management - The non-performing loan ratio improved to 1.25% from 1.29% in the previous year[23]. - The provision coverage ratio improved by 32.52 percentage points to 380.31%, indicating strong risk resistance capability[32]. - The bank's non-performing loan ratio remained stable, indicating effective risk management strategies[87]. - The non-performing loan balance was RMB 5.46 billion, with a non-performing loan ratio of 1.25%, a decrease of 0.04 percentage points from the previous year[107]. - The migration rate for normal loans was 3.32% as of December 31, 2019, showing stability compared to 3.14% in 2018, while the attention category migration rate significantly decreased by 31.9 percentage points to 7.40%[122]. Retail Banking Focus - The bank's retail business is a core focus, aiming to establish a distinctive and leading retail business brand in the market[6]. - The number of VIP customers increased by 21% year-on-year, reflecting growth in retail business profitability[29]. - Retail banking business revenue reached RMB 99.26 billion in 2019, representing a year-on-year increase of 0.08 percentage points in its revenue share[127]. - The bank's retail customer base includes nearly 29 million customers, with only 565,700 being personal loan customers, indicating significant potential for customer acquisition[135]. - The bank's strategic focus on retail banking is expected to enhance market competitiveness and customer experience[133]. Financial Technology and Innovation - The bank has applied for over 60 innovation patents, establishing a core technology patent pool in financial technology[28]. - The bank's financial technology platform is designed to be self-controlled, intelligent, and efficient, serving as an innovation engine for development[6]. - The company has established a big data platform integrating internal and external data, creating over 1,000 customer labels and achieving a 360-degree customer profile[184]. - The bank has launched various online products, including "Yukuaidai" with over CNY 23 billion disbursed in online credit decision products by the end of 2019[179]. - The financial technology center has recruited over 60 high-caliber talents from prestigious institutions and large financial organizations, aiming for an annual growth rate of 20%-30% in its talent pool[178]. Corporate Governance and Compliance - The 2019 annual financial report was audited by PwC Zhong Tian and received an unqualified opinion, ensuring the accuracy and completeness of the financial statements[20]. - The company confirmed no non-operating fund occupation by controlling shareholders or related parties, ensuring compliance with decision-making procedures[20]. - The company has been enhancing its internal control systems and risk assessment measures to ensure compliance and mitigate potential risks in business operations[164]. - The company implemented cost management strategies, resulting in a cost-to-income ratio of 28.54%, down 1.79 percentage points from the previous year[70]. - The company continues to focus on enhancing financial services in rural areas, supporting local economic development[124].