CZBANK(601916) 第一财经·2025-04-04 04:40Core Viewpoint - Zhejiang Commercial Bank has demonstrated strategic consistency and achieved high-quality development, with a focus on improving asset quality and managing risks effectively [1][5]. Financial Performance - In 2024, Zhejiang Commercial Bank reported total operating income of 67.65 billion yuan, an increase of 6.19% year-on-year [1]. - The bank's cash dividend ratio exceeded 30%, ranking among the top in listed joint-stock banks [1]. - The growth rate of inclusive finance loans was 11%, accounting for over 20% of total loans, maintaining the top position among national banks for several consecutive years [1]. Asset Quality - The non-performing loan (NPL) ratio decreased to 1.38% by the end of 2024, down 0.06 percentage points from the previous year, indicating significant improvement in asset quality [5]. - The bank's capital adequacy ratio stood at 12.61%, up 0.42 percentage points year-on-year, while the Tier 1 capital adequacy ratio was 9.61%, up 0.09 percentage points [5]. Management Changes - Chen Haiqiang has been appointed as the Deputy Secretary of the Party Committee and nominated as the President of Zhejiang Commercial Bank [2][3]. - The new executive team will consist of one president and three vice presidents, all of whom are from the "post-70s" generation [4]. Risk Management - The bank has focused on risk disposal and has established a new industry research institute to enhance policy foresight and maintain a "small, diversified" credit principle [5][6]. - The real estate NPL ratio was reported at 1.55%, a decrease of 0.93 percentage points since the beginning of the year [5]. Non-Interest Income - Non-interest net income reached 22.49 billion yuan in 2024, an increase of 39.05% year-on-year, accounting for 33.25% of total revenue [8]. - The significant increase in other non-interest net income was attributed to improved market analysis and professional capabilities, capitalizing on opportunities in the bond market [9]. Digital Transformation - Digital transformation is a core focus for the bank, enhancing its research capabilities and supporting non-interest income growth [10]. - The bank has implemented an ITBP model, requiring each department head to work with a technology assistant to drive digital transformation [9][10]. Future Outlook - The bank anticipates continued challenges in net interest margin due to industry trends but aims to optimize its asset-liability structure and strengthen research capabilities to maintain strong revenue performance [10].