Chongqing Rural Commercial Bank(601077) 华夏时报·2025-03-27 09:43Core Viewpoint - The first annual report of a listed rural commercial bank in A-shares, Chongqing Rural Commercial Bank, shows a slight revenue growth of 1.09% despite a more than 4% decline in interest income, driven by a nearly 30% increase in non-interest income [1][2]. Financial Performance - In 2024, Chongqing Rural Commercial Bank achieved operating income of 28.262 billion yuan, a year-on-year increase of 1.09%, and a net profit attributable to shareholders of 11.5127 billion yuan, up 5.60% year-on-year, with basic earnings per share of 0.99 yuan [1][2]. - The bank's net interest income was 22.495 billion yuan, a decrease of 4.25% year-on-year, with a net interest margin of 1.61%, down 12 basis points [2][3]. - Non-interest income reached 5.767 billion yuan, a significant increase of 29.23%, accounting for 20.41% of total operating income, up 4.45 percentage points year-on-year [2][3]. Investment Performance - Investment income nearly doubled from 2.169 billion yuan in 2023 to 4.199 billion yuan in 2024, marking a growth of 93.56% [3]. - The bank's financial investments totaled 628 billion yuan, with bond investments amounting to 514.5 billion yuan, representing 81.93% of total financial investments [3]. Asset Quality - As of the end of 2024, the bank's non-performing loan ratio was 1.18%, a slight decrease of 0.01 percentage points year-on-year [3][4]. - The overdue loan ratio was 1.32%, down 0.10 percentage points from the previous year, indicating improved overdue management [3]. - However, the migration rate of special mention loans increased to 31.39%, up 4.79 percentage points year-on-year, suggesting potential future asset quality challenges [4]. Stock Performance and Dividend Policy - The bank's stock price increased by 57% in 2024 but remained below the per-share net asset value for 12 consecutive months [5]. - A valuation enhancement plan for 2025 was announced alongside the annual report, focusing on sustainable profit distribution and investor returns [5][6]. - The bank proposed a dividend of 3.046 yuan per 10 shares for 2024, which represents 30% of the annual net profit, although some investors expressed dissatisfaction with the reduced dividend compared to the mid-year payout [6].