人事更迭后，郑州银行企稳信号初现

Core Viewpoint - The banking industry is facing significant challenges amid tightening regulations and the need for capital management, risk control, and core competitiveness, as exemplified by Zhengzhou Bank's struggles during its transformation [1][5]. Financial Performance - Zhengzhou Bank reported revenue and net profit of 12.877 billion yuan and 1.876 billion yuan for the fiscal year 2024, with year-on-year growth rates of -5.78% and 1.39% respectively [1]. - Despite the lackluster profit performance compared to peers, the bank's profit has rebounded by 25.01 percentage points compared to the previous year, marking the highest increase among A-share listed city commercial banks [1][16]. Historical Context - Zhengzhou Bank experienced rapid growth from 2013 to 2016, maintaining revenue and net profit growth rates of over 25% and 15% respectively [4]. - Post-2020, the bank's performance declined significantly due to its heavy exposure to real estate, leading to increased non-performing loans and a drop in profitability [5][6]. Management Changes - The bank has undergone significant leadership changes, with new appointments including Zhao Fei as chairman and Li Hong as president, aiming to revitalize the management team [8][10]. - The new leadership has implemented salary reductions for executives, with a reported decrease of 25.86% in management salaries in 2024, reallocating resources to frontline employees [12][13]. Dividend Policy - Zhengzhou Bank has resumed its dividend plan after four years, distributing 0.2 yuan per share, resulting in a dividend payout ratio of 9.69% [14]. Growth Strategy - The bank has shifted its focus towards expanding its loan portfolio, with corporate and retail loan growth rates of 6.11% and 8.09% respectively in 2024 [26]. - The bank is also enhancing its support for rural economies and technology enterprises, with a significant increase in policy-based loans for innovation [24][20]. Asset Quality - The bank's non-performing loan ratio has decreased by 0.08 percentage points to 1.79%, while the provision coverage ratio has improved to 182.99%, indicating enhanced risk mitigation capabilities [28]. - However, challenges remain, particularly in the real estate sector, where the non-performing loan amount reached 2.123 billion yuan, reflecting a 12.26% increase year-on-year [30]. Future Outlook - The new management team is expected to focus on comprehensive risk management, with an emphasis on credit risk as a priority [31]. - The ability of Zhengzhou Bank to maintain stability and regain growth momentum under the new leadership remains to be seen [33].