BANK OF CHANGSHA(SH:601577) 数说者·2025-05-14 22:55Core Viewpoint - Changsha Bank has shown strong growth in assets and profitability, positioning itself favorably among national commercial banks, despite facing some asset quality pressures. Group 1: Company Overview - Changsha Bank was established in 1997 and has undergone several name changes, with its current name adopted in 2008 and listed on the Shanghai Stock Exchange in 2018 [1] - The largest shareholder is the Changsha Municipal Finance Bureau, holding 16.82% of shares as of March 2025, followed by Hunan Communication Industry Service Co., Ltd. with 8.09% [1] - As of the end of 2024, Changsha Bank has 13 branches across Hunan province and one in Guangzhou, along with three subsidiaries and a workforce of 9,779 employees [1] Group 2: Financial Performance - As of the end of 2024, Changsha Bank's total assets reached 1.15 trillion yuan, a year-on-year increase of 12.42%, ranking 25th among 42 A-share listed banks and 8th among city commercial banks [4] - The bank achieved operating income of 25.936 billion yuan in 2024, up 4.57% year-on-year, and a net profit attributable to shareholders of 7.827 billion yuan, an increase of 4.87% [6] - Changsha Bank's operating income and net profit surpassed those of national peers such as Hengfeng Bank and Bohai Bank, indicating strong growth [6][7] Group 3: Interest Margin and Income - The net interest margin for Changsha Bank remained above 2% at 2.11% in 2024, despite a decrease of 20 basis points from 2023, ranking second among A-share listed commercial banks [11] - The loan portfolio grew by 11.61%, reaching 545.109 billion yuan, contributing to a net interest income of 20.564 billion yuan, which accounted for 79.29% of total operating income [13] Group 4: Asset Quality - As of the end of 2024, the non-performing loan (NPL) ratio was 1.17%, a slight increase of 2 basis points from the previous year, indicating a moderate level of asset quality [14] - The provision coverage ratio stood at 312.80%, providing a solid buffer against potential asset deterioration [14] - However, the overdue loan ratio reached 1.80%, indicating pressure on asset quality, with the proportion of special mention loans rising to 2.63% [17]