HZBank(SH:600926) 光大证券研究·2025-04-13 13:50Core Viewpoint - Hangzhou Bank reported a strong financial performance for 2024, with significant growth in both revenue and net profit, indicating robust operational efficiency and market positioning [2][3]. Financial Performance - In 2024, Hangzhou Bank achieved operating revenue of 38.38 billion, a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 16.98 billion, up 18.1% year-on-year [2]. - The weighted average return on equity for 2024 was 16%, reflecting an increase of 0.43 percentage points compared to the previous year [2]. Revenue Growth Analysis - The revenue growth rate improved by 5.7 percentage points quarter-on-quarter, with the first quarter of 2025 maintaining high profit growth [3]. - The year-on-year growth rates for operating revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders were 9.6%, 9.5%, and 18.1%, respectively, with changes of +5.7, +6.1, and -0.6 percentage points compared to the first three quarters [3]. Asset Expansion - By the end of 2024, the growth rate of interest-earning assets was 14.8%, surpassing the industry average, with loans and financial investments growing by 16.2% and 11.5%, respectively [4]. - In the fourth quarter, the incremental growth in loans, financial investments, and interbank assets was 27.3 billion, 9.3 billion, and 58.3 billion, respectively, indicating a strong focus on non-credit asset allocation [4]. Loan Structure - In the fourth quarter, the incremental growth of corporate loans (including discounts) and retail loans was 21.2 billion and 6.1 billion, respectively [5]. - By the end of 2024, the year-on-year growth rates for corporate loans (including discounts) and retail loans were 19.9% and 9.2%, respectively [5]. Deposit Growth - By the end of 2024, the year-on-year growth rates for interest-bearing liabilities and deposits were 14% and 21.7%, respectively, with deposits accounting for 66% of interest-bearing liabilities [7]. - The total increase in deposits for the year was 227.3 billion, with a significant quarterly increase of 95.7 billion in the fourth quarter [7].