11年IPO长跑迎曙光？桂林银行业绩增长难掩多个指标不达标

Core Viewpoint - The IPO progress of Guilin Bank is slow, with several issues identified by CITIC Securities, including incomplete property rights and ongoing legal disputes, which may hinder its listing process [1][3][4]. Group 1: IPO Progress - Guilin Bank entered the IPO counseling period in August 2023, with CITIC Securities expected to complete the counseling work between April and June 2025 [2][5]. - The overall pace of bank IPOs has been sluggish, with no banks successfully listing on the A-share market in 2023 and 2024 [2][13]. Group 2: Financial Performance - Guilin Bank's financial indicators have not met regulatory standards from 2021 to 2023, with asset return rates of 0.35%, 0.37%, and 0.42%, all below the ≥0.6% requirement, and capital return rates of 6.46%, 6.02%, and 6.22%, below the ≥11% requirement [6][12]. - The cost-to-income ratio has been consistently high, recorded at 35.7%, 40.30%, and 39.75%, exceeding the ≤35% regulatory standard [12]. Group 3: Recent Financial Data - For the first three quarters of 2024, Guilin Bank reported revenues of 95.24 billion yuan and a net profit of 22.73 billion yuan, reflecting year-on-year growth of 9.44% and 9.91% respectively [7]. - As of September 30, 2024, the bank's non-performing loan ratio was 1.87%, an increase of 0.22% from the end of the previous year, while the provision coverage ratio decreased to 137.65% [8][10].