ZHENGZHOU BANK(SZ:002936) 凤凰网财经·2025-07-09 13:28Core Viewpoint - Zhengzhou Bank's stock performance has been underwhelming compared to its peers, with a year-to-date increase of only 3.81%, placing it at the bottom among 42 A-share listed banks. Despite recent gains, the bank's overall performance remains a concern due to low dividend rates and high non-performing loan ratios [1][2][8]. Group 1: Stock Performance - As of July 8, 2023, Zhengzhou Bank's stock rose by 0.46% to 2.18 yuan, marking three consecutive days of increases [1]. - In the first half of 2023, Zhengzhou Bank was the only bank among 42 A-share banks to report a decline, with a year-to-date drop of -1.9% as of June 30 [2]. - Other banks, such as Shanghai Pudong Development Bank, saw significant increases, with a year-to-date rise of 38.29% [2]. Group 2: Dividend Policy - Zhengzhou Bank's dividend payout ratio is the lowest among A-share banks, with a proposed cash dividend of 0.20 yuan per 10 shares, translating to a total payout of approximately 182 million yuan and a dividend rate of 9.69% for 2024 [8][9]. - The bank's low dividend rate is attributed to factors such as narrowing interest margins, regulatory constraints, and a focus on retaining earnings to enhance capital adequacy [9]. - This year marks the first dividend distribution in five years, with the last being in 2019 when the bank distributed 1 yuan per 10 shares [9]. Group 3: Asset Quality - Zhengzhou Bank reported a non-performing loan (NPL) ratio of 1.79% as of the end of 2024, which is above the industry average of 1.5% and ranks second highest among A-share banks [11][12]. - The bank's NPL balance stood at 6.923 billion yuan, with significant concentrations in the real estate sector, which saw an increase in NPL ratio from 6.48% in 2023 to 9.55% in 2024 [12][13]. - The bank's financial performance showed a decline in operating income by 5.78% year-on-year to 12.877 billion yuan, while net profit increased slightly by 1.39% to 1.876 billion yuan [10][11]. Group 4: Management Changes - In early 2023, Zhengzhou Bank appointed a new president, Li Hong, while experiencing a wave of resignations among senior executives, raising concerns among investors [15][17]. - The bank attributed the high turnover to normal market dynamics and a strategic focus on optimizing governance structures [17]. Group 5: Regulatory Compliance - Despite facing challenges, Zhengzhou Bank has not received any regulatory fines in 2023, a significant improvement from previous years when it faced multiple penalties totaling over 2.8 million yuan [18]. - The bank has implemented measures to enhance compliance and has reduced executive salaries as part of its strategy to improve performance [18].