减速提质、降本增效，巩固高质量发展态势——A股上市农商银行三季报分析

Core Viewpoint - The listed rural commercial banks are focusing on cost control and optimizing asset structure while maintaining steady growth in total assets, reflecting a shift in operational strategy towards enhancing efficiency and quality of growth rather than merely expanding scale [1][24]. Group 1: Asset Growth and Structure - As of the end of Q3 2025, the total asset size of listed rural commercial banks reached 5.58 trillion yuan, with a year-on-year growth of 7.56%, which is lower than the industry average [1][25]. - The growth rate of listed rural commercial banks is relatively stable compared to other bank types, with city commercial banks growing by 16.12% and state-owned banks by 9.95% during the same period [1][25]. - The asset structure is being adjusted, with personal loans decreasing to 51.25% of total loans, down 2.6 percentage points year-on-year, while corporate loans increased to 56.45%, up 2.9 percentage points [3][27]. Group 2: Revenue and Profitability - Revenue growth for listed rural commercial banks remained flat year-on-year, with an average increase of 3.60% in net profit, surpassing the overall growth of listed banks [8][16]. - Net interest income remains the primary source of revenue, accounting for 74.36% of total income, but its growth is hindered by a narrowing net interest margin [8][16]. - The strategy of "volume compensating for price" has become ineffective, leading to a rational shift in operational focus away from aggressive scale expansion [8][20]. Group 3: Cost Management - The average growth of total liabilities for listed rural commercial banks was 7.59%, aligning closely with asset growth, indicating a cautious approach to liability expansion [13][15]. - The banks are emphasizing cost control, particularly in managing interest expenses, operational costs, and risk costs, to enhance profitability [12][16]. - The cost-to-income ratio has shown improvement, reflecting effective cost management practices [16]. Group 4: Risk Management and Asset Quality - The overall non-performing loan (NPL) ratio for listed rural commercial banks was 1.07%, a decrease of 0.02 percentage points year-on-year, indicating improved asset quality [18][19]. - The reduction in NPLs is attributed to effective control over new bad loans and the disposal of existing non-performing assets [18][19]. - The banks are adjusting their credit strategies in response to rising credit risks and changing market conditions, focusing more on corporate lending [9][27]. Group 5: Future Strategy Outlook - The future strategy for listed rural commercial banks will focus on enhancing differentiated competitive advantages by serving the real economy and optimizing wealth management services [21][22]. - There is a need to strengthen cost management and risk control to ensure stable asset quality and reduce risk losses [22][23]. - Leveraging digital technologies for operational efficiency and risk management will be crucial for achieving high-quality development [23].