Core Viewpoint - In 2024, Guangfa Bank experienced its first decline in both revenue and net profit in nearly 17 years, with revenue of 69.237 billion yuan, a year-on-year decrease of 0.63%, and net profit of 15.284 billion yuan, down 4.58%. The main reason for this decline is the poor performance of its credit card business, which accounts for nearly half of its revenue [1][2]. Summary by Sections Credit Card Business Performance - Guangfa's credit card business revenue fell significantly, with personal banking and credit card revenue at 31.35 billion yuan, a year-on-year decrease of 61.2 billion yuan [1]. - The number of credit card holders remained stagnant at 118 million in 2024, marking zero growth for the first time, while the cumulative issuance reached 123 million [2][4]. - In terms of overdraft scale, Guangfa's credit card overdraft balance was 392.846 billion yuan in 2024, ranking approximately tenth among all banks [2][5]. Key Performance Indicators - Cumulative issuance of Guangfa credit cards increased from 101 million in 2021 to 123 million in 2024, but growth has slowed significantly [4]. - The card usage rate declined from 35.89% in 2021 to 32.44% in 2024, indicating a decrease in active usage [5][6]. - The credit card overdraft balance decreased from 452.345 billion yuan in 2021 to 392.846 billion yuan in 2024, with the proportion of personal loans contributed by credit cards remaining high at 48.09% in 2023 [6][7]. Complaints and Customer Sentiment - In 2024, Guangfa received 15,531 regulatory complaints, with 86.4% related to credit cards, indicating growing customer dissatisfaction [8]. - The bank's credit card offerings have faced criticism due to reduced benefits and increased complaints, leading to a perception of being "waste cards" [10][11]. Management and Strategic Changes - The leadership changes at Guangfa Bank have impacted its credit card strategy, with a shift from a focus on innovation to a more conservative approach [12][13]. - The bank's strategic pivot towards retail banking has not yielded the expected results, as evidenced by a significant drop in retail business growth rates [13][14]. Financial Health and Future Outlook - Guangfa's net interest margin has decreased to 1.54% in 2024, the lowest in recent years, indicating weakened profitability compared to peers [14][15]. - The bank's non-performing loan ratio in the real estate sector was high at 6.21% in 2023, contributing to overall asset quality pressures [15][16]. - The reliance on the credit card business poses significant risks for Guangfa Bank, as its core business faces substantial challenges [16].
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虎嗅APP·2025-06-10 23:59