Chongqing Rural Commercial Bank (渝农商行) released its third quarter report for 2024, with a net profit of 10.574 billion yuan, a year-on-year increase of 4.24%. The net profit attributable to shareholders was 10.308 billion yuan, an increase of 3.55%. Operating income was 21.514 billion yuan, a year-on-year decrease of 1.76%. The company plans to distribute a cash dividend of 1.944 yuan for every 10 shares. Total assets are close to 1.52 trillion yuan, with total customer loans amounting to 7153.76 billion yuan
Chongqing Rural Commercial Bank, a leading rural commercial bank with total assets exceeding 15 trillion yuan, announced its third-quarter report.
The quarterly report shows that from January to September 2024, Chongqing Rural Commercial Bank's operating income was 21.514 billion yuan, a decrease of 1.76% compared to the same period last year, with the decline narrowing by 1.15 percentage points compared to the same period last year.
During the same period, Chongqing Rural Commercial Bank achieved a net profit of 10.574 billion yuan, an increase of 4.24% compared to the same period last year; of which the net profit attributable to shareholders was 10.308 billion yuan, an increase of 3.55% compared to the same period last year.
The mid-term dividend plan announced on the same day by Chongqing Rural Commercial Bank shows that the bank plans to distribute a cash dividend of 1.944 yuan (tax included) per 10 shares to all shareholders.
Annualized Return on Equity 11.16%
In addition, Chongqing Rural Commercial Bank's net profit attributable to shareholders after deducting non-recurring gains and losses was 9.966 billion yuan, an increase of 2.63% compared to the same period last year. The annualized average total asset return rate was 0.95%, a decrease of 0.02 percentage points compared to the same period last year.
The annualized weighted average return on equity was 11.16%, a decrease of 0.54 percentage points compared to the same period last year.
Multiple Measures to Reduce Costs and Increase Efficiency
From January to September 2024, Chongqing Rural Commercial Bank's business and management expenses were 5.785 billion yuan, a decrease of 14.94% compared to the same period last year. Among them, other general and administrative expenses decreased by 12.40% compared to the same period last year, mainly due to the bank's continuous improvement in refined management levels, conducting cost operation analysis based on business lines to differentiate between basic guarantee, motive-driven, and management-driven items, and taking multiple measures to reduce costs and increase efficiency.
In addition, the bank's cost-to-income ratio was 26.89%, a decrease of 4.17 percentage points compared to the same period last year. Credit impairment losses were 3.769 billion yuan, an increase of 13.15% compared to the same period last year, mainly due to the bank's disposal and recovery of a large amount of non-performing assets in the same period last year, resulting in a lower base for credit impairment losses.
Total Assets Nearly 152 Trillion Yuan
As of September 30, 2024, Chongqing Rural Commercial Bank's total assets were nearly 15.2 trillion yuan, an increase of 763.86 billion yuan from the end of the previous year, with a growth rate of 5.30%. The total amount of customer loans and advances was 7153.76 billion yuan, an increase of 386.66 billion yuan from the end of the previous year, with a growth rate of 5.71%.
Among them, corporate loans were 3.57709 trillion yuan, retail loans were 2.93079 trillion yuan, and bills discounted were 645.88 billion yuan. Financial investments amounted to 6.17481 trillion yuan, an increase of 186.98 billion yuan from the end of the previous year, with a growth rate of 3.12%.
As of September 30, 2024, customer deposits at Chongqing Rural Commercial Bank were 9398.88 billion yuan, an increase of 436.85 billion yuan from the end of the previous year, with a growth rate of 4.87% Among them, Chongqing Rural Commercial Bank had total deposits of RMB 122.069 billion, individual deposits of RMB 810.634 billion, and other deposits of RMB 7.185 billion.
Announcement of Mid-term Distribution Plan
On the same day, Chongqing Rural Commercial Bank announced the mid-term profit distribution plan for the year 2024.
The announcement stated that Chongqing Rural Commercial Bank plans to distribute a cash dividend of RMB 1.944 per 10 shares to all shareholders.
As of June 30, 2024, Chongqing Rural Commercial Bank's total share capital was 11.357 billion shares. Based on this, the total planned distribution of cash dividends is RMB 2.208 billion (including tax), accounting for 30% of the net profit attributable to shareholders of the listed company in the first half of 2024.
The above dividends are all denominated in RMB, distributed to A-share shareholders in RMB, distributed to H-share shareholders in Hong Kong dollars, and the exchange rate for dividends distributed in Hong Kong dollars is based on the average exchange rate of RMB against Hong Kong dollars announced by the People's Bank of China five working days before the date of the temporary shareholders' meeting approving the 2024 mid-term profit distribution plan