Core Viewpoint - Chongqing Bank's 2024 annual report reveals a significant decline in both non-interest income and commission income in the second half of the year compared to the first half, indicating challenges in its wealth management strategy and financial performance overall [1][2]. Financial Performance - In 2024, Chongqing Bank achieved total operating income of 13.679 billion yuan, with non-interest income at 3.503 billion yuan and net commission income at 888 million yuan [1]. - The first half of 2024 saw operating income of 7.158 billion yuan, with non-interest income of 1.934 billion yuan and net commission income of 511 million yuan, suggesting a second-half income of approximately 6.5 billion yuan [1]. - The second half of 2024 showed a notable decline in non-interest income to less than 1.6 billion yuan and net commission income to 377 million yuan compared to the first half [1]. Wealth Management Strategy - The annual report indicates that the growth in commission income is attributed to the bank's ongoing transformation in wealth management and increased sales of insurance and fund products [1]. - However, the significant drop in commission income in the second half suggests that the bank faced obstacles in executing its wealth management strategy effectively [1]. Real Estate Loan Performance - As of the end of 2024, the personal housing loan balance was 39.283 billion yuan, down from 40.322 billion yuan at the end of 2023, reflecting a consistent reduction in housing loan issuance over the years [2]. - The bank's personal housing loan balance has decreased from 42.843 billion yuan in 2021 to 39.283 billion yuan in 2024, indicating a trend of declining loan issuance [2]. Loan Quality Concerns - The non-performing loan balance for personal housing loans increased significantly from 309 million yuan at the end of 2023 to 584 million yuan at the end of 2024, raising the non-performing loan ratio from 1.86% to 2.34% [3]. - The bank's financial industry loan non-performing rates have remained high, with rates of 17.06% and 17.19% in 2022 and 2023, respectively, indicating potential issues in loan quality compared to peers [3].