长沙银行赎回60亿优先股优化负债成本 业绩连续8年增长总资产1.24万亿不良率稳降

Core Viewpoint - Changsha Bank has successfully redeemed all of its high-interest preferred shares, optimizing its capital structure and reducing financing costs in a declining interest rate environment [1][2][3]. Group 1: Preferred Share Redemption - On December 26, Changsha Bank announced the redemption of its preferred shares, "Changyin You 1," which were issued in December 2019 for a total of 6 million shares and a scale of RMB 6 billion [1][2]. - The total payment for the redemption, including principal and dividends, amounted to RMB 6.2304 billion, and the shares have been officially delisted [2]. - The primary motivation for this redemption was cost optimization, as the preferred shares were issued during a high-interest period, and the current market conditions allow for lower-cost capital alternatives [2][3]. Group 2: Financial Performance - Since its listing in 2018, Changsha Bank has achieved continuous growth in both operating income and net profit attributable to shareholders for eight consecutive years [6]. - For the first three quarters of 2025, the bank reported operating income of RMB 19.721 billion, a year-on-year increase of 1.29%, and net profit of RMB 6.557 billion, up 6% [6]. - The bank's total assets reached RMB 1.24 trillion by the end of the third quarter of 2025, reflecting significant growth since its initial public offering [7]. Group 3: Capital Management and Debt Issuance - In 2025, Changsha Bank has actively issued various types of bonds, raising a total of RMB 14 billion to support its capital structure and business expansion [3]. - The bank's bond issuance includes a RMB 10 billion financial bond with a 3-year term and a 1.98% interest rate, aimed at optimizing its long-term asset-liability structure [3]. - The issuance of bonds and the redemption of preferred shares are part of a broader trend among banks to replace high-cost financing with lower-cost alternatives [4]. Group 4: Leadership Transition - On December 19, Changsha Bank announced a leadership change, with Zhao Xiaozhong stepping down as chairman and being succeeded by Zhang Man, who has extensive experience in the banking sector [8]. - The transition in leadership raises questions about the future performance and asset quality of the bank under Zhang Man's guidance [8].