到4月底，10家A股上市农商银行2024年年报悉数披露。 2024年，A股上市农商银行整体息差水平仍呈现加速收窄。其中，张家港农商银行净息差收窄幅度最 大。与此同时，除常熟农商银行外的9家A股上市农商银行利息净收入都有不同程度降低。不过，2024 年A股上市农商银行非利息净收入均实现较快速度增长，由此，非利息净收入增长对A股上市农商银行 营收的拉动作用凸显出来，带动其营收和归母净利润保持增势。 坚守定位精进差异化服务能力 2024年上市农商银行通过改进服务模式和产品体系，调整利率管理、运营方式，在市场和需求变化下持 续坚守定位，尽可能减轻息差变化、有效需求不足对其服务经济社会高质量发展的影响。 2024年，上市农商银行更加注重强化自身作为地方法人机构的优势，以此筑牢在支农支小方面的"护城 河"。 充分发挥网点多、人员多的特色和差异化优势，重庆农商银行细化服务管理体系，推动实施"区域网格 化""行业网格化"业务发展策略，大力推广司库、渝农资产智管系统，锻造差异化的金融服务体系，促 进业务下沉、资源聚焦、服务精准。在强化走访工作的基础上，青岛农商银行创新制定了"农时日历"， 围绕粮食收购等涉农场景开展批量营销，精 ...

Core Viewpoint - The 10 A-share listed rural commercial banks achieved growth in both revenue and net profit attributable to shareholders in 2024, despite challenges such as a slowing loan growth rate and declining net interest margins [1][5][9]. Financial Performance - Ruifeng Bank was the only institution among the 10 to exceed a 10% growth in total assets, reaching 220.5 billion yuan, with a revenue increase of 15.29% to 4.385 billion yuan and a net profit rise of 10% to 1.922 billion yuan [2]. - Changshu Rural Commercial Bank reported the highest net profit growth at 16.2%, reaching 3.813 billion yuan, and surpassed 10 billion yuan in revenue, totaling 10.909 billion yuan [3]. - Overall, the net interest margin for A-share listed rural commercial banks continued to narrow, with Zhangjiagang Rural Commercial Bank experiencing the largest decline of 37 basis points to 1.62% [3][4]. Non-Interest Income - Non-interest income growth became a significant driver for revenue improvement, with Qingdao Rural Commercial Bank achieving a 28.37% increase in non-interest income to 3.812 billion yuan [4]. - Zhangjiagang Rural Commercial Bank reported a 176.81% increase in investment income, contributing positively to its revenue [4]. Risk Management and Asset Quality - Despite external economic challenges, the asset quality of A-share listed rural commercial banks remained high, with eight out of ten banks reporting stable or improved non-performing loan (NPL) ratios [9][12]. - Jiangyin Rural Commercial Bank showed the most significant improvement in NPL ratio, decreasing by 0.12 percentage points to 0.86% [9]. - The overall capital adequacy ratio for these banks improved, reflecting effective risk management practices [9]. Strategic Focus and Service Differentiation - Banks are enhancing their service models and product systems to adapt to market changes, focusing on their unique competitive advantages [5][6]. - Changshu Rural Commercial Bank is deepening its focus on retail, small and micro enterprises, and innovative business areas, establishing 24 growth centers to explore new growth paths [7]. - Qingdao Rural Commercial Bank has innovated its product offerings to meet local needs, launching a series of financial products tailored to rural revitalization [4][6].

Core Viewpoint - In 2024, Huaxia Bank is focusing on operational transformation to increase non-interest income to offset the impact of declining interest margins due to continuous reductions in the Loan Prime Rate (LPR) [2] Financial Performance - As of the end of 2024, Huaxia Bank's total assets reached 4,376.491 billion yuan, a year-on-year increase of 2.86% [2] - The bank achieved operating income of 97.146 billion yuan, up 4.23% from the previous year [2] - The net profit attributable to shareholders was 27.676 billion yuan, reflecting a growth of 4.98% year-on-year [2] Revenue Composition - Non-interest income contributed significantly to revenue growth, with total operating income of 97.146 billion yuan, where net interest income was 62.063 billion yuan, down 11.89%, and non-interest income was 35.083 billion yuan, up 54.11% [4] - The proportion of net interest income has been gradually decreasing over the past three years, with 2024 figures showing 63.89% for net interest income and 36.11% for non-interest income [4] Interest Margin and Income - The net interest margin for Huaxia Bank in 2024 was 1.59, a decrease of 0.23 percentage points from 1.82 in 2023 [4] - Factors contributing to the decline in asset yield include the downward trend of LPR, housing mortgage loan rate policies, and insufficient credit demand [4] Non-Interest Income Breakdown - Within non-interest income, net fee and commission income was 5.443 billion yuan, a decrease of 14.98% year-on-year [5] - Investment income, fair value changes, and foreign exchange gains totaled 24.382 billion yuan, an increase of 93.78% compared to the previous year [5] Investment Strategy - Huaxia Bank capitalized on the declining bond market interest rates in 2024, increasing trading activities in the bond market, which led to higher investment income and fair value changes [6] - Analysts predict that the bond market will continue to maintain a low-interest environment in 2025, allowing Huaxia Bank to focus on market changes and optimize investment strategies [6] Dividend Policy - The bank proposed a cash dividend of 3.05 yuan per 10 shares, with a cash dividend ratio of 25.04% for 2024 [8] - The bank's management emphasized the importance of balancing shareholder returns with sustainable development during its ongoing transformation [8] Challenges and Future Outlook - Huaxia Bank faces challenges from insufficient domestic demand, intensified market competition, and pressure from narrowing interest margins [8] - The bank plans to enhance structural adjustments and accelerate its transformation towards a "commercial bank + investment bank" model, while maintaining strict cost management [8]

Core Viewpoint - Zhejiang Commercial Bank reported a steady growth in its 2024 annual performance, with total operating income reaching 67.65 billion yuan, a year-on-year increase of 6.19%, and net profit attributable to shareholders at 15.19 billion yuan, up 0.92% [1][2]. Financial Performance - Interest income for 2024 was 45.16 billion yuan, a decrease of 5.0% year-on-year, while non-interest income surged to 22.49 billion yuan, marking a 39.1% increase, becoming a key driver for revenue growth [1][3]. - The bank's total assets reached 3.33 trillion yuan by the end of 2024, reflecting a growth of 5.78% compared to the end of 2023 [2]. - The non-interest income accounted for 33.25% of total operating income, an increase of 7.86 percentage points from the previous year [3]. Customer Base and Business Segments - By the end of 2024, the number of personal customers exceeded 11.67 million, with an annual growth rate of over 20%, while retail assets under management (AUM) grew nearly 10% [2]. - The bank served over 260,000 corporate clients, contributing more than 56% of total revenue [2]. Non-Interest Income Breakdown - The significant growth in non-interest income was attributed to improved market analysis and professional capabilities, capitalizing on opportunities in the bond market [4][5]. - The bank's fee and commission income decreased to 4.49 billion yuan, down 5.53 billion yuan year-on-year, primarily due to declines in guarantee and bond underwriting business [3][5]. Loan and Asset Quality - Total loans and advances reached 1.86 trillion yuan, an increase of 8.21% year-on-year, with corporate loans growing by 10.76% [6]. - Non-performing loans amounted to 25.49 billion yuan, an increase of 0.9 billion yuan, while the non-performing loan ratio decreased to 1.38%, down 0.06 percentage points [7]. Capital Adequacy and Dividends - The bank's total liabilities reached 31.23 trillion yuan, a growth of 5.7%, with capital adequacy ratios showing slight increases [7]. - A cash dividend of 4.28 billion yuan was announced, representing 30.12% of the net profit attributable to ordinary shareholders [7]. Management Changes - The sudden resignation of the bank's president, Zhang Rongseng, has raised concerns in the industry, with the position currently vacant [9][10].