券商中国·2025-04-03 23:27Core Viewpoint - Zhejiang Commercial Bank emphasizes a long-term value approach, focusing on sustainable growth rather than short-term gains or scale expansion [1][9]. Financial Performance - In 2024, Zhejiang Commercial Bank achieved operating income of 67.65 billion yuan and net profit attributable to shareholders of 15.19 billion yuan, representing year-on-year growth of 6.19% and 0.92% respectively [1]. - The bank's net interest margin for 2024 was 1.71%, a decrease of 30 basis points from the previous year, but better than the industry average [2][3]. Interest Margin Management - The bank's management highlighted the importance of competitive strength to navigate the challenges of narrowing interest margins, supported by enhanced research capabilities [3]. - The bank optimized its asset structure, resulting in a 39 basis point decline in the yield on interest-earning assets, while also managing liabilities to reduce the cost of interest-bearing liabilities by 10 basis points [3][4]. Non-Interest Income Growth - Non-interest income reached 22.49 billion yuan in 2024, a year-on-year increase of 39.05%, accounting for 33.25% of total operating income, up 7.86 percentage points from the previous year [4]. - Investment income, a significant component of non-interest income, grew by 61.69% to 18.01 billion yuan, attributed to improved market analysis and seizing opportunities in the bond market [4]. Retail Banking Strategy - The bank's retail banking segment aims for sustainable growth rather than short-term spikes, with a focus on strategic foresight and management transformation [5]. - Personal loan balances remained stable at 285.54 billion yuan, while personal deposits grew by 13.03% to 304.63 billion yuan [6]. Customer Base Expansion - The bank reported a 25% year-on-year increase in personal customer numbers, reaching a historical high, with over 60% of new customers acquired through ecosystem scenarios or partnerships [7]. - The establishment of a dedicated wealth management research institute has contributed to significant returns for clients, generating nearly 10 billion yuan in profits in 2024 [7]. Asset Quality and Risk Management - Total assets reached 3.33 trillion yuan, a growth of 5.78% year-on-year, with loans and advances totaling 18.57 trillion yuan, up 8.21% [8]. - The bank's non-performing loan ratio has decreased for three consecutive years, with improvements noted in key sectors such as real estate and local government financing [8]. Strategic Focus on "Smart Management" - "Smart management" is a key strategic directive for the bank, emphasizing the efficient allocation of resources and digital transformation [9][10]. - The bank aims to shift its operational strategy from focusing on asset growth to enhancing liability management and pursuing low-risk, stable returns [9].