顺德农商银行：2024年净利降7.15%、不良率升至1.61% 双承压，IPO四度因财务资料过期被“中止”

Core Viewpoint - Shunde Rural Commercial Bank is facing significant challenges in its IPO process and financial performance, with a notable decline in key financial metrics and increasing asset quality concerns [1][2][3]. Group 1: Company Overview - Shunde Rural Commercial Bank, established in 1952, has evolved from a rural credit cooperative to a commercial bank, becoming one of the first in Guangdong to complete its transformation in 2009 [1]. - The bank has over 4,700 employees and is the largest legal financial institution in the Foshan area [1]. Group 2: IPO Process - The bank's IPO process has been particularly troubled, with its application status changing to "suspended" for the fourth time as of March 31, 2023, due to outdated financial data [1][2]. - The proposed fundraising amount for the IPO is 9 billion yuan, the highest among three banks in the region [2]. Group 3: Financial Performance - As of the end of 2024, total assets reached 472.29 billion yuan, a slight increase from 461.84 billion yuan in 2023 [2]. - Operating income decreased by 0.85% from 8.21 billion yuan in 2023 to 8.14 billion yuan in 2024, while total profit fell by 6.54% from 3.668 billion yuan to 3.428 billion yuan [2]. - Net profit also declined by 7.15% to 3.209 billion yuan [2]. Group 4: Financial Ratios - The net interest margin has narrowed from 1.89% in 2022 to 1.39% in 2024, indicating pressure on interest income [3]. - The cost-to-income ratio increased from 28.73% in 2022 to 33.65% in 2024, reflecting rising operational costs [3]. - The non-performing loan ratio rose from 1.22% to 1.61%, exceeding the Guangdong banking industry average of 1.52% [3]. Group 5: Shareholding Structure - The bank has a mixed ownership structure, primarily driven by private capital, with the largest shareholder being Midea Group at 9.69% [4]. - State-owned capital accounts for 10.02% of the shares, with significant participation from local government-related entities [4]. Group 6: Related Party Transactions - The bank has been involved in substantial related party transactions, with a total of 315 transactions amounting to 29.197 billion yuan in the first three quarters of 2024, surpassing the total for the previous year [5]. - As of September 2024, the credit balance to all related parties was 14.531 billion yuan, representing 33.53% of the bank's net capital [5].