Source: Changjiang Business Daily
Changjiang Business Daily reporter Xu Jia
The growth of Zhongshou was weak, Shanghai Rural Commercial Bank (601825. SH) The performance at the beginning of the year was lower than expected.
The first quarter report shows that in the first quarter of 2024, the operating revenue of Shanghai Rural Commercial Bank will reach 7.085 billion yuan, with a year-on-year growth of 3.69%; Net profit attributable to shareholders of the parent company (net profit, the same below) was 3.552 billion yuan, up 1.48% year on year; The net profit after deducting non recurring profit and loss (after deducting non net profit, the same below) was 3.146 billion yuan, a year-on-year decrease of 9.99%, with two consecutive quarters of negative growth.
The reporter of the Changjiang Business Daily noticed that the net income of handling fees and commissions of Shanghai Rural Commercial Bank in the first quarter was 644 million yuan, down 23.73% year on year, which was the main reason for dragging down the growth of the industry performance, due to the decline in the insurance premium rate of consignment sales. In the previous year of 2023, due to the rapid growth of income from selling insurance on a commission basis, Shanghai Rural Commercial Bank realized a net income of 2.268 billion yuan from handling fees and commissions, up 5.23% year on year, including 1.771 billion yuan from agency business, up 9.62% year on year.
It is worth noting that the business scale of Shanghai Rural Commercial Bank has steadily improved under the promotion of corporate loans. However, by the end of March this year, the Bank's total personal loans and advances had amounted to 205.281 billion yuan, a decrease of 8.61 billion yuan compared with 2022. Among them, affected by the "early repayment tide", the bank's balance of real estate mortgage loans was 100.282 billion yuan, down 1.62% from the end of the previous year, and 7.539 billion yuan less than the end of 2022 as a whole.
The commission rate of bancassurance channel is reduced, and the agency business income decreases
The performance report shows that in 2023, the operating revenue of Shanghai Rural Commercial Bank will reach 26.414 billion yuan, up 3.07% year on year; The net profit was 12.142 billion yuan, up 10.64% year on year. Since the performance stopped falling and recovered in 2021, Shanghai Rural Commercial Bank has achieved double increase in net profit for three consecutive years, and the industry performance reached the highest level after listing in 2023.
However, the performance of Shanghai Rural Commercial Bank in the fourth quarter of 2023 will fluctuate due to quarterly splitting. In the four quarters of 2023, the operating revenue of Shanghai Rural Commercial Bank will be 6.832 billion yuan, 7.053 billion yuan, 6.529 billion yuan and 5.999 billion yuan respectively, with year-on-year growth of 7.49%, 8.35%, - 2.13% and - 1.49%; Net profit was 3.5 billion yuan, 3.427 billion yuan, 3.473 billion yuan and 1.741 billion yuan, up 12.44%, 25.34%, 10.88% and - 12.7% year on year. In the fourth quarter, the bank's non net profit deduction was 1.638 billion yuan, also down 17.7%.
In the first quarter of this year, the business income of Shanghai Rural Commercial Bank was 7.085 billion yuan, up 3.69% year on year; The net profit was 3.552 billion yuan, up 1.48% year on year; Non net profit deducted was 3.146 billion yuan, a year-on-year decrease of 9.99%, representing negative growth for two consecutive quarters.
After the release of the results, on April 26, the Shanghai Rural Commercial Bank plunged 8% in the intraday trading, and closed down 6.51% at 6.61 yuan/share, with an increase of more than 15% this year.
The decline in the middle income has become the main reason for dragging down the performance of Shanghai Rural Commercial Bank in the first quarter. The reporter of Changjiang Business Daily noticed that the agency sales of insurance business is one of the important sources of income from the intermediary business of banks, and the agency business has always been the main source of income from the intermediary business of Shanghai Rural Commercial Bank.
In 2023, the service charge and commission income of Shanghai Rural Commercial Bank will be 2.514 billion yuan, of which the agency business income will reach 1.771 billion yuan, with a year-on-year growth of 9.62%. The net service charge and commission income of the bank in the current period will be 2.268 billion yuan, with a year-on-year growth of 5.23%.
As for the growth of agency business income in 2023, Shanghai Rural Commercial Bank said that it was mainly due to its active expansion of wealth business and rapid growth of income from underwriting insurance.
It is worth noting that in 2023, due to multiple LPR reductions, the suspension of sales of insurance products with a predetermined interest rate of 3.5%, and the adjustment of insurance product system, the scale of premium on commission sales of many banks increased. However, from the third quarter of 2023, the commission rate of the bancassurance channel will be lowered, and the popularity of bank consignment insurance will decrease.
At the press conference on data and information of the banking and insurance industry in the third quarter of 2023, Liu Sheng, the person in charge of life insurance supervision, said that after preliminary estimation, the commission rate of the bancassurance channel had dropped by about 30% compared with the previous average level.
According to the disclosure of Shanghai Rural Commercial Bank, in the first quarter of this year, the net non interest income of Shanghai Rural Commercial Bank was 644 million yuan, down 23.73% year on year. The bank said that it was mainly due to the decrease of insurance premium rate on consignment, which led to the decrease of related income.
Due to the one-time impact of housing expropriation, the non interest net income of Shanghai Rural Commercial Bank in the first quarter was 2.035 billion yuan, up 20.98% year on year.
Real estate mortgage loans decreased by more than 7.5 billion compared with the end of 2022
By the end of March this year, the total assets of Shanghai Rural Commercial Bank had reached 1.44 trillion yuan, an increase of 49.383 billion yuan or 3.55% over the end of the previous year. Total loans and advances amounted to 723.375 billion yuan, an increase of 11.891 billion yuan or 1.67% over the end of the previous year; The principal of deposit taking was 1.02 trillion yuan, an increase of 4.882 billion yuan or 0.48% over the end of the previous year.
Although the business scale has steadily increased, under the influence of such factors as fee reduction and interest rate marketization, as well as the decline of new loan interest rates, Shanghai Rural Commercial Bank also faces downward pressure on interest margin.
In 2023 and the first quarter of 2024, Shanghai Rural Commercial Bank realized a net interest income of 20.7 billion yuan and 5.05 billion yuan, down 0.26% and 1.95% year on year. In 2023, the bank's net interest margin will be 1.61%, down 14 basis points year on year, and the net interest yield will be 1.67%, down 16 basis points year on year.
The reporter of Changjiang Business Daily noticed that from the perspective of loan issuance, the loan increment of Shanghai Rural Commercial Bank was mainly corporate loans, while the scale of personal loans was shrinking.
By the end of 2023, the total corporate loans and advances of Shanghai Rural Commercial Bank were 415.013 billion yuan, an increase of 8.65% over the end of the previous year; Personal loans and advances totaled 210.949 billion yuan, down 1.38% from the end of the previous year. At the end of March this year, the bank's total corporate loans and advances continued to grow to 421.525 billion yuan, but the total personal loans and advances decreased to 205.281 billion yuan.
Previously, from 2020 to the end of 2022, the total personal loans and advances of Shanghai Rural Commercial Bank were 161.746 billion yuan, 198.939 billion yuan and 213.892 billion yuan respectively. In other words, from the end of 2022 to the end of March 2024, the overall scale of personal loans and advances of Shanghai Rural Commercial Bank has shrunk by 8.61 billion yuan in 15 months.
This has something to do with the "prepayment boom". By the end of 2023, among the personal loans of Shanghai Rural Commercial Bank, the balance of real estate mortgage loans was 101.936 billion yuan, a slight decrease of 5.885 billion yuan or 5.46% over the end of last year; The balance of non real estate mortgage loans was 87.960 billion yuan, an increase of 4.679 billion yuan or 5.62% over the end of the previous year.
At the end of March 2024, among the personal loans of Shanghai Rural Commercial Bank, the balance of real estate mortgage loans was 100.282 billion yuan, down 1.62% from the end of the previous year, and 7.539 billion yuan less than the end of 2022 as a whole; The balance of non real estate mortgage loans was 84.24 billion yuan, down 4.23% from the end of the previous year.
In terms of loan quality, by the end of 2023, the overall non-performing loan ratio of Shanghai Rural Commercial Bank was 0.97%, a slight increase of 0.03 percentage points over the end of the previous year, and rose again to 0.99% at the end of the first quarter.
Among them, by the end of 2023, the non-performing rate of enterprise loans and advances of Shanghai Rural Commercial Bank will be reduced to 1.1% from 1.22% at the end of last year, the non-performing rate of personal loans and advances will be increased to 1.12% from 0.79% at the end of last year, and will be slightly reduced to 1.1% at the end of March this year.
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