Recently, Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) (hereinafter referred to as " Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) ") disclosed the performance express of 2021. The data showed that the bank's revenue and net profit in 2021 increased both, and the net profit attributable to the parent increased by 29.77% year-on-year.
In recent years, Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) has actively promoted retail transformation, and the results continue to be reflected in 2021. The proportion of personal loans and personal operating loans in the total loans has increased year-on-year. However, due to the high sensitivity of small and medium-sized customers to economic fluctuations, it is necessary to continue to pay attention to their asset quality and profitability.
net profit increased by nearly 30%
The predecessor of Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) is Zhangjiagang rural credit cooperative. It is the first regional joint-stock rural commercial bank restructured and established by rural credit cooperatives in China. It was listed on the A-share market of Shenzhen Stock Exchange in 2017.
According to the performance express in 2021, Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) the annual operating revenue in 2021 was 4.646 billion yuan, with a steady growth rate of 10.8% year-on-year; The net profit attributable to the shareholders of the listed company was 1.299 billion yuan, an increase of 29.77% over the same period of last year.
Specifically, the bank's net interest income in 2021 was 3.680 billion yuan, a year-on-year increase of 2.19%, which was relatively stable; Non interest net income was 966 million yuan, up 62.6% year-on-year. Non interest net income constituted the main support for the high growth of revenue.
In addition, the performance express said that by the end of 2021, Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) deposits had reached 121.130 billion yuan, an increase of 13.03% over the beginning of the year; Various loans amounted to 99.817 billion yuan, an increase of 17.63% over the beginning of the year. The growth rate of loans is greater than that of deposits, which is conducive to further improving the interest margin. However, the rapid growth of loan scale continues to consume capital, and attention should be paid to the impact on its capital adequacy ratio.
Based on the financial data of previous periods, Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) the level of capital adequacy ratio has generally shown a downward trend in recent years. From 2018 to 2020, the capital adequacy ratio was 15.65%, 15.10% and 13.75% respectively, of which it rebounded slightly in the third quarter of 2021, an increase of 0.77 percentage points over 2020, but still lower than the level in 2019.
From the perspective of asset liability structure, as of the end of the reporting period, the bank's total loans / total deposits were 82.40%, up 3.22 percentage points from 79.18% in 2020.
Asset quality has also been continuously improved. By continuously adjusting the loan structure, strictly controlling large-scale credit, strengthening the control of non local loans and improving the level of risk fine management, the bank's non-performing loan ratio was 0.95% in 2021, down 0.22 percentage points from the beginning of the year; The provision level has also been further improved. In 2021, the provision coverage rate was 479.50%, an increase of 171.67 percentage points over the beginning of the year; The loan allocation ratio was 4.56%, a year-on-year increase of 0.95 percentage points, and the anti risk ability was further improved.
In terms of profitability, the bank's weighted average return on net assets in 2021 was 11.04%, up 1.89 percentage points year-on-year, and its profitability continued to grow.
actively promote retail transformation
As a local legal person bank, Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) based on serving "agriculture, rural areas and farmers" and small and micro enterprises, has established a broad customer base in the local area. It is one of the banking financial institutions with the largest network points and the widest service coverage in Zhangjiagang City, and plays an important role in the local financial system.
According to the data, by the end of 2020, the bank's balance of deposits and loans had ranked first in the market share of Zhangjiagang region, with strong regional business competitiveness.
Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) actively promote retail transformation, and the contribution of deposit and loan and revenue of retail business segment continues to improve.
In terms of loans, in 2021, the bank's personal loans accounted for 44.42% of the total loans, an increase of 3.64 percentage points over the beginning of the year, and personal operating loans accounted for 26.37% of the total loans, an increase of 2.43 percentage points over the beginning of the year. Credit resources focus on High-yield retail credit to effectively hedge the downward pressure on interest margin.
In terms of deposits, public information shows that in recent years Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) funds mainly come from customer deposits. At the end of March 2021, the bank's total deposits accounted for 87.17% of the total financing. In recent years, the data has basically remained above 80%.
In terms of deposit structure, according to the financial report data of 2020, the bank's deposits are also dominated by personal deposits and time deposits, accounting for 50.39% and 58.06% respectively at the end of 2020, and the deposit stability is also good.
However, the Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) rating report released by China integrity international in August last year suggests that the macro economy continues to decline, the small, medium-sized and Micro customers served by the bank are vulnerable to fluctuations in the economic environment, and the asset quality and profit growth will face certain challenges.
