资产质量承压，珠海农商行规模突破千亿净利润却大跌超30%

Core Viewpoint - Zhuhai Rural Commercial Bank reported a significant decline in performance for 2024, with net profit dropping by 32.84% despite an increase in total assets, indicating challenges in maintaining profitability amidst competitive pressures and changing market conditions [1][2]. Financial Performance - As of the end of 2024, the bank's total assets reached 100.83 billion yuan, a year-on-year increase of 10.31% [1]. - The bank achieved operating income of 1.797 billion yuan, a decrease of 0.69% year-on-year [1]. - Net profit for 2024 was 404 million yuan, down by approximately 197 million yuan or 32.84% compared to the previous year [2]. - The net interest margin stood at 1.50%, a decrease of 0.31% year-on-year, while the net interest spread was 1.42%, down by 0.27% [2]. Revenue Structure - Interest income accounted for nearly 70% of total revenue, with net interest income at 1.22 billion yuan, a decline of 7.31% year-on-year [2]. - Fee and commission income increased by 9.36% to 46 million yuan [2]. - Investment income and fair value changes saw significant growth, with increases of 17.58% and 69.88%, respectively, reaching 360 million yuan and 145 million yuan [2]. Asset Quality - The bank's non-performing loan (NPL) balance was 687 million yuan, with an NPL ratio of 1.32%, up by 0.13% year-on-year [3]. - The provision coverage ratio was 198.96%, a decrease of 26.95% from the previous year [3]. Strategic Initiatives - In February 2024, the bank announced a strategic plan focusing on "technology leadership, Bay Area benchmark, and listing efforts," marking its first public indication of a goal to pursue an IPO [1][4]. - The bank aims to position itself as a significant player in the Bay Area and is committed to long-term strategic initiatives to achieve its listing aspirations, although it has not yet begun preparations for the IPO [4].