Source: Changjiang Business Daily
Changjiang Business Daily reporter Pan Ruidong
Jiangyin Bank (002807. SZ) The performance of the first quarter increased, but the revenue structure continued to differentiate significantly.
On the evening of April 26, Jiangyin Bank released its performance report for the first quarter of 2024, and the data showed that the bank realized an operating income of 1.063 billion yuan, up 2.56% year on year; The net profit attributable to the parent company was 350 million yuan, up 12.72% year on year.
The reporter of Changjiang Business Daily noticed that the net interest income of the main part of revenue continued to decline in the first quarter of 2024, down 12.42% from the first quarter of 2023, and the net interest income recorded 709 million yuan under the background of the pressure of the industry's net interest margin.
In addition, it is worth noting that from the perspective of the overall non-performing loan ratio, at the end of the first quarter of 2024, the non-performing loan ratio of Jiangyin Bank decreased by 0.01 percentage points compared with the end of 2023, but the proportion of loss loans also slightly decreased by 0.01 percentage points in three months.
However, after the amount of loss loans soared to 85.246 million yuan at the end of 2023, the first quarter of 2024 also remained at a high level for more than a year, with 73.939 million yuan at the end of the first quarter of 2024, an obvious increase over 20 million yuan at the end of 2021 and 2022.
In addition, after the provision coverage rate plummeted by more than 60 percentage points at the end of 2023, this indicator of Jiangyin Bank picked up significantly at the end of the first quarter of 2024, reaching 425.25%.
Continuous double growth of revenue and net profit
According to the data, Jiangyin Bank was founded in December 2001 and listed in A-share market in September 2016. Public information shows that the overall performance of the Bank has developed well since its listing.
In the year of listing, the performance of Jiangyin Bank declined. In that year, the Bank's revenue and net profit attributable to the parent company were 2.469 billion yuan and 778 million yuan respectively, with year-on-year changes of - 1.39% and - 4.49%. In 2017, the revenue of Jiangyin Bank increased by 1.53% year on year, and the net profit attributable to the parent company increased by 3.92% year on year.
In 2020, the Bank's operating income declined for the second time since its listing, with a year-on-year change of - 1.56%. However, the current net profit attributable to the parent company increased by 4.36% to 1.057 billion yuan.
From 2021 to 2023, the operating revenue and net profit attributable to the parent company of Jiangyin Bank will continue to increase for three consecutive years. Flush Data shows that during the period, the Bank's revenue was 3.367 billion yuan, 3.78 billion yuan and 3.865 billion yuan respectively, with year-on-year changes of 0.46%, 12.27% and 2.25%. In the same period, the Bank's net profit attributable to the parent company was 1.274 billion yuan, 1.616 billion yuan and 18.88 yuan respectively, with year-on-year changes of 20.51%, 26.88% and 16.83%.
It is worth mentioning that the continuous improvement of Jiangyin Bank's profitability in 2023 is not unrelated to the sharp decline in the provision coverage. Industry insiders said that Jiangyin Bank may release interest rates by adjusting the provision coverage rate.
According to the research report of CICC, although banking operations are still generally under pressure, it has become the mainstream to actively respond to the "winter" through various measures such as volume price supplement, provision for profit contribution and cost reduction. According to the 2023 annual report, by the end of 2023, the provision coverage rate of Jiangyin Bank was 409.46%, which was 60.16 percentage points lower than 469.62% by the end of 2022. By the end of 2021, the provision coverage rate of Jiangyin Bank will be 330.62%.
On the evening of April 26, Jiangyin Bank released its performance report for the first quarter of 2024, and the data showed that the bank realized an operating income of 1.063 billion yuan, up 2.56% year on year; Net profit attributable to the parent company was 350 million yuan, up 12.72% year on year; Non net profit deducted was 337 million yuan, up 10.66% year on year.
It is worth mentioning that, after adjusting the provision to contribute profits in 2023, the bank's provision coverage rate rebounded to 425.25% at the end of the first quarter of 2024, 15.79 percentage points higher than that at the beginning of the year.
It can be seen that since 2021, Jiangyin Bank's revenue and net profit attributable to the parent company have continued to grow for more than three consecutive years.
Net interest margin dropped to 1.7%
As a financial institution with the largest number of local outlets and the widest coverage in Jiangyin, Jiangyin Bank has long been rooted in the local area. The developed manufacturing industry and the active private economy in Jiangyin provide a good foundation for the development of Jiangyin Bank.
The reporter of Changjiang Business Daily noticed that Jiangyin Bank kept pace with the "troika" of microenterprises, inclusive finance and retail, and achieved steady expansion of business scale by promoting retail transformation and accelerating the incremental expansion of inclusive finance under the external environment of epidemic situation, market competition and narrowing interest margin.
Since its listing in 2016, the loan scale of Jiangyin Bank has steadily increased from 52.526 billion yuan at the end of 2016 to 91.471 billion yuan at the end of 2021. In 2022, the total loan of Jiangyin Bank exceeded 100 billion yuan for the first time, reaching 103.129 billion yuan. At the end of 2023 and the end of the first quarter of 2024, the loan scale of Jiangyin Bank will further increase to 115.352 billion yuan and 120.896 billion yuan respectively.
The non-performing loan ratio of Jiangyin Bank was 2.41% in 2016, up 0.24 percentage points from 2.17% before listing in 2015. In 2017, the bank's non-performing loan ratio was 2.39%, still at a high level.
However, with the expansion of the loan scale, the non-performing loan ratio of the bank declined simultaneously. At the end of 2022 and 2023, the non-performing loan ratio of the Bank was lower than 1%, which was 0.98%. By the end of the first quarter of 2024, the non-performing loan ratio of Jiangyin Bank had further decreased to 0.97%, a slight decrease of 0.01 percentage points.
However, it is worth noting that the loss loans among them have increased significantly over the past year. At the end of 2021 and 2022, the loss loans of Jiangyin Bank were 29.315 million yuan and 27.516 million yuan. At the end of 2023, this figure suddenly soared to 85.246 million yuan, and the proportion of loss loans also soared to 0.07%.
In the first quarter report of 2024, Jiangyin Bank said that in the face of changes in the internal and external economic situation, the asset quality of the banking industry is still facing certain challenges. The amount of loss loans of the Bank decreased from the end of 2023 to 73.939 million yuan, accounting for 0.06%, but it is still at a high level compared with the end of 2021 and 2022.
In addition, it should be mentioned that in the past year, although the loan scale has continued to grow, the net interest income, the main force of Jiangyin Bank's revenue, has continued to decline. Data shows that Jiangyin Bank will achieve a net interest income of 2.982 billion yuan in 2023, down 6.63% year on year; In the first quarter of 2024, the Bank realized a net interest income of 709 million yuan, down 12.42% year on year.
Behind the decline of net interest income is the continuous narrowing of the net interest margin of Jiangyin Bank. In 2022, the bank's net interest margin will be 2.18%. By 2023, this indicator will be reduced to 2.06%. In the first quarter of 2024, the net interest margin will drop sharply to 1.7%, 0.36 percentage points lower than that of 2023, and 0.35 percentage points lower than that of 2.05% in the first quarter of 2023.
In addition, the net income of handling fees and commissions and investment income of other businesses worthy of attention in Jiangyin Bank's revenue performed well, with a year-on-year growth of 154.99% and 24.44% to 38.261 million yuan and 170 million yuan in the first quarter of 2024; The income from changes in fair value also increased from 55.269 million yuan to 122 million yuan.
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