Core Insights - Shunde Rural Commercial Bank has terminated its eight-year journey towards an A-share IPO and is now focusing on expanding its business into lower-tier markets through a series of "village-to-branch" initiatives [1][4][5] Group 1: Business Expansion - The bank recently opened four "village-to-branch" branches simultaneously, marking the first instance of such a simultaneous launch in Guangdong province [3][4] - The bank aims to integrate into the Greater Bay Area's economic development by focusing on key sectors such as state-owned enterprises, small and micro enterprises, technology finance, and cross-border financial services [3][4] - The "village-to-branch" strategy is seen as a response to the national push for high-quality inclusive finance, optimizing financial resources through the restructuring of existing village banks [4][9] Group 2: Strategic Shift - The decision to abandon the IPO reflects a strategic pivot towards deepening local market engagement rather than pursuing rapid capital market growth [4][6] - The bank's historical context includes its establishment in 1952 and its transformation into a rural commercial bank in 2009, positioning it among the first successful reforms in Guangdong [6][8] - The bank's previous IPO efforts faced multiple setbacks, leading to the eventual withdrawal of its application in July 2025 [5][8] Group 3: Financial Performance - The bank has experienced declining revenue and profit, with operating income dropping from 89.65 billion yuan in 2022 to 82.61 billion yuan in 2023, and net profit decreasing from 34.45 billion yuan in 2022 to 31.77 billion yuan in 2024 [8][9] - As of the third quarter of 2025, the bank reported a 9.87% decline in revenue and a 23.2% drop in net profit compared to the previous year [8][9] - The bank's non-performing loan ratio has increased to 1.61% by the end of 2024, indicating ongoing challenges in asset quality [8][9] Group 4: Future Outlook - The ongoing expansion of the "village-to-branch" model is expected to continue, with plans to absorb and merge additional village banks [9][10] - Analysts suggest that while the transition may initially increase costs, it could lead to sustainable profitability by enhancing customer engagement and aligning with national policies supporting the real economy [9][10] - The bank is encouraged to leverage its advantageous position in the Greater Bay Area to improve its financial services and operational efficiency, aiming for both strategic stability and short-term profit enhancement [10]
“村改支”提速 顺德农商行奔“下沉”
Bei Jing Shang Bao·2025-12-17 15:55