CZBANK(SH:601916) 3 6 Ke·2024-04-19 01:01Core Viewpoint - The banking industry is currently facing significant operational pressures, with challenges such as narrowing interest margins, intensified competition, and changing external environments being highlighted by various banks' management teams [1]. Group 1: Financial Performance - As of the end of 2023, Zheshang Bank's total assets exceeded 3 trillion yuan, reaching 3.14 trillion yuan, a year-on-year increase of 19.91% [2]. - The bank achieved an operating income of 63.704 billion yuan in 2023, up 4.29% from the previous year, and a net profit attributable to shareholders of 15.048 billion yuan, reflecting a growth of 10.50% year-on-year [2]. - Zheshang Bank is the only national joint-stock bank to report double-digit profit growth alongside revenue growth [2]. Group 2: Dividend Policy - The bank plans to distribute a cash dividend of 1.64 yuan per 10 shares, totaling 4.5 billion yuan (before tax), resulting in a dividend payout ratio of 31.98%, which is a decrease from the previous year's 37.79% [2]. - The bank's management expressed confidence in maintaining a dividend payout ratio above 30% annually in the future [3]. Group 3: Strategic Focus - Zheshang Bank has implemented a strategy focusing on "economically cyclical weak-sensitive assets," reducing the proportion of high-risk industry assets and shifting towards sustainable sectors [4]. - In 2023, the revenue from weak-sensitive assets accounted for over 33% of the bank's total revenue, an increase of nearly 9 percentage points since the strategy was introduced [4]. Group 4: Asset Quality and Risk Management - The bank completed its rectification of off-balance-sheet wealth management products ahead of schedule, with net value-based wealth management products accounting for 98.04% of its total wealth management balance by the end of 2023 [5]. - Zheshang Bank's non-performing loan (NPL) ratio was 1.44% at the end of 2023, a slight decrease of 0.03 percentage points from the previous year, while the provision coverage ratio increased to 182.60% [6].