Core Insights - Jiujiang Bank reported a revenue of 8.03 billion yuan for the first three quarters of 2025, a year-on-year decline of 4.04%, while net profit reached 866 million yuan, with a growth rate recovering to 3.94% from a previous decline of 36.08% in the first half of the year [2][3] Financial Performance - The main source of revenue for Jiujiang Bank is net interest income, which amounted to 6.46 billion yuan, a decrease of 5.66 billion yuan or 8.05% year-on-year [3] - Non-interest income included net fee and commission income of 471 million yuan, down 30.97% year-on-year, while net financial investment income increased by 8.06 billion yuan, a growth of 150.33% [3] - Asset impairment losses were 4.57 billion yuan, a decrease of 328 million yuan or 6.7% year-on-year, supporting the recovery of net profit growth [3] - As of September 30, 2025, total assets reached 521.33 billion yuan, an increase of 2.61% year-on-year, with loans and advances at 324.96 billion yuan, up 4.82% [3] Capital Increase Plan - Jiujiang Bank announced a capital increase plan to issue up to 860 million domestic shares and 175 million H-shares, aiming to raise funds to supplement core tier one capital and enhance risk resistance [4][5] - If the capital increase is completed, total shares will rise from 2.847 billion to 3.882 billion, an increase of 36.4% [5] - As of September 30, 2025, the core tier one capital adequacy ratio was 8.63%, down 0.81 percentage points from the end of the previous year [4] Shareholder Structure - The top three domestic shareholders of Jiujiang Bank are Jiujiang Municipal Finance Bureau (15.78%), BAIC Group (12.85%), and Industrial Bank (10.34%) [6]

Core Viewpoint - The performance of the five major city commercial banks listed in the A-share market in the Yangtze River Delta region shows significant differentiation in growth rates, business structures, and asset quality as of the third quarter of 2025. Asset Scale - As of September 30, 2025, Jiangsu Bank leads with total assets of 4.93 trillion yuan, a year-on-year growth of 27.8% [2] - Ningbo Bank's total assets surpassed 3.5 trillion yuan for the first time, ranking second among city commercial banks [2] - Shanghai Bank continues to lag with a year-on-year asset growth of only 2% [2][13] Revenue and Profit - All five banks achieved year-on-year growth in both revenue and net profit in the first three quarters of 2025 [3] - Jiangsu Bank (67.18 billion yuan), Ningbo Bank (54.98 billion yuan), and Nanjing Bank (41.95 billion yuan) ranked in the top three for revenue [3][4] - Jiangsu Bank's net profit reached 31.9 billion yuan, leading the group with an 8.9% increase [4][5] Interest Income - Nanjing Bank reported a remarkable 28.5% year-on-year increase in net interest income, reaching 25.21 billion yuan [6][7] - Jiangsu Bank and Ningbo Bank also showed strong growth in net interest income, with increases of 19.6% and 11.8%, respectively [8] Non-Interest Income - In the first three quarters of 2025, Ningbo Bank's fee and commission income grew by 29.3% to 4.85 billion yuan, surpassing Jiangsu Bank [9] - Shanghai Bank experienced a decline in non-interest income, with a 6.9% drop [9] Financial Investment Performance - Shanghai Bank's investment income increased by 58.5% to 16.78 billion yuan, the highest among the five banks, with investment income accounting for 40.77% of its revenue [10][11] - All banks faced losses in fair value changes, with Shanghai Bank reporting the highest loss of 3.26 billion yuan [10] Asset Quality - As of September 30, 2025, the non-performing loan ratio for Jiangsu Bank, Ningbo Bank, and Nanjing Bank remained stable between 0.76% and 0.84% [14][15] - Jiangsu Bank's non-performing loan ratio decreased by 0.05 percentage points compared to the end of the previous year [14] Capital Adequacy - Jiangsu Bank's core Tier 1 capital adequacy ratio fell to 8.61%, the lowest among the five banks, and is less than one percentage point above the regulatory line [16] - Shanghai Bank maintained the highest core Tier 1 capital adequacy ratio at 10.52%, showing a slight increase [16]

Core Insights - Beijing Bank and Shanghai Bank have maintained their positions in the top three of domestic city commercial banks by total assets, with Beijing Bank ranking first and Shanghai Bank third as of the end of 2024 [2][4][6] - Both banks reported revenue growth of approximately 4.8% in 2024, but Shanghai Bank's net profit growth of 4.4% surpassed Beijing Bank's modest increase of 0.6% [6][7] - The performance disparity is attributed to Shanghai Bank's superior cost control and financial investment strategies, which significantly contributed to its revenue growth [8][10] Financial Performance - In 2024, Beijing Bank's total assets reached 4.22 trillion yuan, while Shanghai Bank's total assets were 3.23 trillion yuan, with the latter's growth rate of 4.6% being the lowest among the top five city commercial banks [4][6] - Beijing Bank's revenue was 69.92 billion yuan and net profit was 25.89 billion yuan, while Shanghai Bank reported revenue of 52.99 billion yuan and net profit of 23.56 billion yuan [5][6] - The average net interest margin for Beijing Bank was 1.47%, while Shanghai Bank's was lower at 1.17%, indicating a competitive disadvantage for Shanghai Bank in interest income [7][11] Asset Quality and Risk Management - As of the end of 2024, Beijing Bank's non-performing loan (NPL) ratio was 1.31%, higher than Shanghai Bank's 1.18%, although the latter faces potential recognition gaps exceeding 10 billion yuan [11][12] - Beijing Bank's credit impairment losses were 20.1 billion yuan, accounting for 28.8% of its revenue, while Shanghai Bank's losses were 12.45 billion yuan, representing 23.5% of its revenue [11][12] - The asset quality of both banks has shown improvement, but Shanghai Bank's approach to recognizing non-performing loans is more lenient compared to Beijing Bank [13] Operational Efficiency - In terms of employee efficiency, Shanghai Bank outperformed Beijing Bank, with per capita revenue and profit significantly higher [8][10] - Shanghai Bank's operating cost as a percentage of revenue was 23.8%, compared to Beijing Bank's 29.1%, highlighting better cost management at Shanghai Bank [10] - Both banks are investing in digital transformation to enhance operational efficiency and risk management [10]