落子六年，齐鲁银行欲做实逆周期“粮仓”

Core Viewpoint - The county-level financial business is emerging as a new value anchor for banks during the downturn cycle, with Qilu Bank showing notable performance despite broader industry challenges [1][3]. Financial Performance - In the first three quarters, Qilu Bank reported revenue and net profit attributable to shareholders of 9.924 billion yuan and 3.963 billion yuan, respectively, with year-on-year growth rates of 4.63% and 15.14% [1]. - Despite a historical low revenue growth rate, Qilu Bank's profit growth is among the few in the industry exceeding 15% [1]. - The bank's interest income, non-interest income, and investment income contributed 78.24%, 10.44%, and 14.82% to total revenue, respectively [4]. Credit and Asset Quality - Qilu Bank's profit growth is attributed to balanced development in "volume, price, and risk," with net interest income increasing by 17.31% [4]. - The bank's asset and liability growth rates were 12.93% and 13.22%, respectively, significantly outpacing industry averages [4]. - The non-performing loan ratio decreased by 10 basis points to 1.09%, indicating improved asset quality [4]. Strategic Focus on County-Level Finance - Qilu Bank has established county-level finance as a core strategy, with loans and deposits from county-level operations accounting for approximately 30% of total [3][10]. - The bank's county-level branches have shown strong growth, with loan growth rates of 40.55%, 32.35%, 26.18%, and 15.49% over the past three years [12]. - The bank has developed a unique "one county, one product" model, launching 80 differentiated financial products tailored to local needs [14]. Expansion and Investment - Qilu Bank has maintained a high expansion rate, opening 21 new branches in the past year and increasing its network without closures [7]. - The bank's capital adequacy ratio stands at 14.7%, providing room for further expansion [7]. - The bank's cost-to-income ratio has improved to 25.91%, reflecting efficient management [7]. Future Outlook - The bank's county-level strategy has shown resilience against economic downturns, with a focus on enhancing service delivery and risk management [10][16]. - However, the growth rate of county-level loans is showing signs of decline, indicating potential limitations in future expansion [15][16]. - The bank's coverage of county-level markets is currently around 60%, suggesting further growth opportunities [17].