Core Viewpoint - The China Interbank Market Dealers Association has rated Dongguan Rural Commercial Bank as a D-class general underwriter, which may lead to the loss of its underwriting qualifications if it remains in this category for two consecutive years [1][5][8]. Group 1: Market Evaluation Results - The evaluation results are the first disclosure following the revision of market evaluation rules in June 2024, which categorized underwriters into general and specialized types [4]. - Among 26 national and 28 local banks, most were rated B-class, with 12 rated A-class, while Dongguan Rural Commercial Bank and two others received a D-class rating [2][5]. Group 2: Underwriting Business Performance - Dongguan Rural Commercial Bank's net commission income has decreased by 35.9% year-on-year to 457 million yuan in 2024, influenced by adjustments in insurance and wealth management product fees [1][9]. - The bank's overall commission income has declined from 1.585 billion yuan in 2016 to 457 million yuan in 2024, a reduction of 71.2% [9]. Group 3: Regulatory and Compliance Issues - The D-class rating may be linked to a fine of 800,000 yuan imposed on the bank in December 2024 for inadequate bond underwriting management and inappropriate insurance product sales to elderly clients [8]. - The evaluation criteria include business scale and quality, with the bank reportedly falling below the bottom 10% in terms of underwriting amounts and issuer numbers [2][6]. Group 4: Financial Performance Impact - The bank's net profit has been declining, with a 12.11% drop in 2023 and a 9.08% drop in 2024, indicating pressure on overall financial performance [10]. - The decline in underwriting qualifications could further impact the bank's intermediary income and overall performance growth [10].
或受2024年罚单影响，东莞农商银行债券承销能力被定为D类