香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 BANK OF CHONGQING CO., LTD.* 重慶銀行股份有限公司* （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：1963） 二零二五年第一季度報告 重慶銀行股份有限公司*（「本行」或「重慶銀行」）董事會（「董事會」）欣然公佈本行及所屬子 公司（「本集團」）截至2025年3月31日止第一季度期間（「報告期」）參照《國際財務報告準則》 （「國際財務報告準則」）編製的未經審計業績。本季度報告乃根據香港聯合交易所有限公 司證券上市規則（「上市規則」）第13.09條及香港法例第571章證券及期貨條例（「證券及期 貨條例」）第XIVA部項下之內幕消息條文（定義見上市規則）的要求做出。 - 1 - 1. 重要提示 1.1 本行董事會、監事會及董事、監事、高級管理人員保證本季度報告內容的真 實、準確、完整，不存在虛假記載、誤導性陳述或者重大遺漏，並承擔個 ...

Financial Performance - As of December 31, 2024, the total assets of the Bank of Chongqing amounted to RMB 856.642 billion, with total deposits of RMB 474.117 billion and total loans of RMB 440.616 billion[9]. - The bank plans to distribute a cash dividend of RMB 0.248 per share (including tax) based on the audited net profit of RMB 4.793 billion for 2024, which represents a 10% allocation to statutory surplus reserves[6]. - The bank's total operating income and net profit figures for 2024 will be disclosed in the upcoming shareholder meeting, reflecting the bank's performance outlook[6]. - Net profit for 2024 was RMB 5,521,031 thousand, up 5.59% from RMB 5,228,955 thousand in 2023[44]. - The liquidity ratio improved significantly to 212.07% in 2024, compared to 154.89% in 2023[46]. - The company achieved a revenue of 132.63 billion yuan, representing a year-on-year growth of 3.25%, and a net profit of 55.21 billion yuan, up 5.59% from the previous year[63]. - The net profit for 2024 reached RMB 5.52 billion, an increase of RMB 292.08 million, with a growth rate of 5.59%[68]. - The total assets of the group amounted to RMB 856,641.84 million as of December 31, 2024, reflecting a growth of RMB 967.58 million or 12.73% from the previous year[111]. Asset Quality and Risk Management - The non-performing loan ratio stands at 1.25%, with a provision coverage ratio of 245.08%, indicating strong asset quality management[9]. - The bank has implemented a risk management framework that meets regulatory requirements, ensuring stability and compliance in its operations[9]. - The company has strengthened credit risk control and improved asset quality, maintaining a competitive position in the industry[141]. - The non-performing loan (NPL) balance was RMB 5,463,250,000, an increase of RMB 251,000,000 compared to the previous year, with an NPL ratio of 1.25%, down by 0.09 percentage points[141]. - The group’s loan loss provisions stood at RMB 13.35 billion, an increase of RMB 1.21 billion from the previous year, with a non-performing loan coverage ratio of 245.08%, up by 10.90 percentage points[169]. Market Presence and Expansion - The bank operates 199 business outlets covering Chongqing and three provinces, including Sichuan, Guizhou, and Shaanxi, enhancing its market presence[9]. - The bank's future plans include further market expansion and the development of new financial products to enhance customer service and competitiveness[9]. - The company aims to achieve higher development levels and speeds, targeting entry into the "Trillion Club" of commercial banks[27]. - The company provided credit support exceeding 150 billion yuan to key industries in the Chengdu-Chongqing economic circle and other strategic areas during the reporting period[10]. - The company opened 16 new branches, enhancing its financial service network and increasing service levels[181]. Technological Development and Innovation - The bank's strategic vision focuses on becoming a first-class listed commercial bank with a commitment to service enhancement, digital transformation, and distinctive development[9]. - The company is focusing on optimizing management processes by transitioning to online, automated, and intelligent credit operations[32]. - The company has launched new digital credit products such as "New Agricultural Loans" and "Inclusive Agricultural Loans" to enhance financial service efficiency for rural enterprises[187]. - The company has implemented a fully online loan application and repayment model called "Quick Loan for Tech Enterprises," improving the efficiency of financial services for technology companies[188]. - The company is enhancing its technological capabilities to support business and management transformations[33]. Awards and Recognition - The bank has been recognized as a "double hundred enterprise" by the State-owned Assets Supervision and Administration Commission for three consecutive years[10]. - The bank was awarded the "2023 Mobile Internet Application Service Capability Improvement Excellent Case" by the Ministry of Industry and Information Technology in January 2024[13]. - The bank achieved a 4A-level certification from the China Standardization Association, becoming the first financial institution to receive this rating upon initial evaluation[14]. - The company won the "Best Practice for 2023 Annual Report Performance Presentation" award from the China Listed Companies Association in December 2024[23]. - The company received the "2023 Enterprise Standard Leader Award" for its "Digital Letter Verification Service Specification" from the China Banking Association in December 2024[24]. Customer Service and Product Offerings - The company is committed to improving customer service capabilities by optimizing its product offerings and enhancing accessibility[34]. - The company has focused on enhancing its wealth management services, launching the "Heavy Silver Wealth" brand and expanding its product offerings to meet diverse customer needs[191]. - The company introduced a quantitative risk control model for credit cards to balance risk and return, while also enhancing the customer experience through digital tools[192]. - The balance of inclusive micro-loans under the "Two Increases" standard reached RMB 61.068 billion, serving 62,893 customers, with an increase of RMB 10.822 billion and 5,004 customers respectively compared to the end of the previous year[185]. Financial Investments and Liabilities - The total financial investments of the group reached RMB 347,907.81 million as of December 31, 2024, an increase of RMB 67,172 million or 23.93% year-on-year[119]. - The total liabilities of the group as of December 31, 2024, were RMB 792.88 billion, an increase of RMB 92.29 billion or 13.17% from the previous year[131]. - The group's equity as of December 31, 2024, was RMB 63.76 billion, an increase of RMB 4.46 billion or 7.53% year-on-year[138]. - The group's overdue financial investments amounted to RMB 1.00 billion, an increase of RMB 0.36 billion or 55.51% compared to the previous year[123]. Operational Efficiency - The company is optimizing its asset, liability, capital, and income structures to improve operational efficiency and profitability[39]. - The average yield on interest-earning assets decreased by 33 basis points to 3.80% in 2024[75]. - The average cost rate of interest-bearing liabilities fell by 16 basis points to 2.58% in 2024[75]. - The net interest margin declined by 17 basis points to 1.22%[75]. - Operating expenses for the group were CNY 4.098 billion, an increase of CNY 0.208 billion or 5.34%, with personnel costs rising by 8.13%[101].

Financial Performance - The net profit for the year 2024 is projected to be CNY 4.793 billion, with a proposed cash dividend of CNY 0.248 per share (including tax) for registered shareholders[10]. - The total cash dividend for the year 2024 is expected to be CNY 0.414 per share (including tax) after the third quarter distribution was completed on January 24, 2025[10]. - The company achieved a revenue of 132.63 billion yuan, representing a year-on-year growth of 3.25%, and a net profit of 55.21 billion yuan, up 5.59% from the previous year[81]. - In 2024, the company's net profit exceeded 5.5 billion RMB, representing a year-on-year growth of 5.59%[68]. - Net profit attributable to shareholders rose by 3.80% to RMB 5,117,290 thousand in 2024, compared to RMB 4,929,787 thousand in 2023[57]. - Operating income increased by 10.69% to RMB 2,199,439 thousand in 2024 from RMB 1,987,074 thousand in 2023[57]. - Interest income for 2024 reached RMB 28,690,811 thousand, a year-on-year increase of 1.43% compared to RMB 28,285,529 thousand in 2023[57]. - Net interest income decreased by 2.59% to RMB 10,176,129 thousand in 2024 from RMB 10,447,003 thousand in 2023[57]. - Net commission and fee income surged by 115.73% to RMB 887,599 thousand in 2024, compared to RMB 411,438 thousand in 2023[57]. - The company achieved a cash flow from operating activities of 11.6 billion RMB in Q4 2024, a significant recovery from previous quarters[64]. Asset and Loan Growth - The total assets of the company reached CNY 856.642 billion, with total deposits of CNY 474.117 billion and total loans of CNY 440.616 billion[13]. - Total assets grew by 12.73% to RMB 856,641,840 thousand in 2024 from RMB 759,883,870 thousand in 2023[59]. - Customer loans and advances increased by 12.13% to RMB 440,616,361 thousand in 2024, compared to RMB 392,934,966 thousand in 2023[59]. - The total loan balance exceeded 300 billion yuan, with a growth of 25.00% year-on-year, and the balance of loans for technology, green, inclusive, and manufacturing sectors increased by 32%, 40%, 22%, and 25% respectively[81]. - The total amount of customer loans and advances was RMB 440,616.36 million, an increase of 12.13% from RMB 392,934.97 million in 2023[144]. - The total principal amount of corporate loans was RMB 313,003.21 million, reflecting a significant increase of 25.00% from RMB 250,398.07 million in 2023[144]. - The total amount of loans in the leasing and business services sector was RMB 104.65 billion, with a non-performing loan ratio of 0.15%[190]. - The total amount of loans in the real estate sector was RMB 10.11 billion, with a non-performing loan ratio of 5.63%[190]. Risk Management and Asset Quality - The non-performing loan ratio stands at 1.25%, with a provision coverage ratio of 245.08%[13]. - The non-performing loan ratio improved to 1.25% in 2024 from 1.34% in 2023[61]. - The company has strengthened its credit risk management and improved asset quality, maintaining a competitive position in the industry[176]. - The non-performing loan balance was RMB 5.46 billion, an increase of RMB 0.25 billion, with a non-performing loan ratio of 1.25%, a decrease of 0.09 percentage points from the previous year[176]. - The retail loan non-performing loan ratio was 2.71%, an increase of 0.73 percentage points, while the corporate loan non-performing loan ratio was 0.90%, a decrease of 0.43 percentage points[180]. Strategic Initiatives and Innovations - The company provided credit support exceeding CNY 150 billion to key strategic areas, including the Chengdu-Chongqing economic circle and modern manufacturing industry clusters[14]. - The company has been continuously recognized for its financial technology innovations, being the first local bank to have innovative applications selected for the People's Bank of China's financial technology innovation regulatory pilot for five consecutive years[14]. - The company aims to achieve a higher level of development and aims to enter the "Trillion Club" of commercial banks[34]. - The company plans to enhance its asset quality and financial management while addressing new types of risks[38]. - The company intends to increase credit investment and diversify its income sources through wealth management and investment banking services[39]. - The company is focused on optimizing its management processes and enhancing its support for strategic emerging industries and technology sectors[40]. - The company is restructuring its product system to break down online and offline barriers, enhancing product strength and expanding inclusive finance loan volumes[46]. Awards and Recognition - The company ranked 209th in the global banking sector according to The Banker magazine, improving by 8 places from the previous year[14]. - The company has been recognized as a "model case" for rural revitalization by the China Rural Credit Cooperative Report in 2024[22]. - The company was awarded the "Outstanding Case" and "Excellent Case" in the first Data Model Algorithm Competition organized by the China Academy of Information and Communications Technology[21]. - The company was recognized for its "OCR Large Model in Banking Business Auxiliary Application and Research" with a first prize at the 9th Chongqing "Five Small" Innovation Showcase[28]. - The company achieved six awards at the 4th "Golden Reputation Award" selection, including "Outstanding Wealth Management City Commercial Bank" and "Outstanding Technology Strength Institution"[28]. - The company was awarded the "Best Practice of Annual Report Performance Presentation Meeting" by the China Listed Companies Association[29]. Governance and Compliance - The bank's financial reports have been audited by Ernst & Young, confirming their accuracy and completeness[10]. - The board meeting held on March 21, 2025, was attended by all 11 directors, ensuring compliance with relevant regulations[10]. - The company is committed to optimizing its governance structure and enhancing transparency to support high-quality development[49].

Financial Performance - Net profit for the third quarter of 2024 was RMB 1,495,233 thousand, a 3.36% increase from the same period last year[4] - The net profit for the first nine months of 2024 was RMB 4.706 billion, an increase of RMB 207 million or 4.59% compared to the same period last year[18] - Net profit for the first nine months of 2024 was RMB 4.71 billion, compared to RMB 4.50 billion in 2023, representing a year-on-year increase of 4.6%[24] - The net profit attributable to the company's shareholders for the first nine months of 2024 was RMB 4.43 billion, compared to RMB 4.27 billion in 2023, marking an increase of 3.8%[26] - Basic earnings per share for the third quarter stood at RMB 0.40, reflecting a 2.56% increase year-over-year[4] - The company’s basic earnings per share for the first nine months of 2024 was RMB 1.27, compared to RMB 1.23 in 2023, indicating a growth of 3.2%[26] - The operating income for the same period was RMB 10.351 billion, up RMB 393 million or 3.95% year-on-year[18] - For the nine months ended September 30, 2024, the pre-tax profit was RMB 5,218,140 thousand, an increase from RMB 5,102,833 thousand in the same period of 2023, representing a growth of 2.27%[29] Assets and Liabilities - Total assets as of September 30, 2024, reached RMB 824,144,121 thousand, an increase of 8.46% compared to December 31, 2023[4] - Total liabilities amounted to RMB 761,169,123 thousand, up 8.65% from the end of 2023[4] - The company's total assets as of September 30, 2024, amounted to RMB 824.14 billion, up from RMB 759.88 billion at the end of 2023, indicating a growth of 8.5%[28] - Total liabilities as of September 30, 2024, were RMB 761.17 billion, compared to RMB 700.58 billion at the end of 2023, showing an increase of 8.6%[28] Customer Loans and Deposits - Customer loans and advances totaled RMB 433,263,441 thousand, reflecting a growth of 10.26% year-over-year[4] - Customer deposits increased to RMB 463,587,122 thousand, marking an 11.76% rise compared to the previous year[4] - Customer deposits amounted to RMB 463.587 billion, up RMB 48.774 billion or 11.76% from the end of the previous year, with time deposits at RMB 359.717 billion[18] - The total amount of customer loans and advances was RMB 433.263 billion, an increase of RMB 40.328 billion or 10.26% from the end of the previous year[18] - Customer loans and advances increased by RMB (42,389,360) thousand for the nine months ended September 30, 2024, compared to an increase of RMB (34,694,356) thousand in the same period of 2023, reflecting a higher demand for loans[29] - The net increase in customer deposits was RMB 45,478,218 thousand for the nine months ended September 30, 2024, compared to RMB 23,655,434 thousand in the same period of 2023, indicating strong deposit growth[29] Cash Flow - The net cash flow from operating activities for the first nine months was RMB 5,529,548 thousand, a significant recovery from a negative cash flow of RMB (32,384,875) thousand in the previous year[4] - The net cash flow from operating activities for the nine months ended September 30, 2024, was RMB (32,384,875) thousand, compared to RMB (9,072,256) thousand for the same period in 2023, indicating a significant decline in cash flow[29] - The net cash flow from investing activities was RMB 12,307,477 thousand for the nine months ended September 30, 2024, a recovery from a negative cash flow of RMB (18,598,084) thousand in the same period of 2023[30] - The net cash flow from financing activities was RMB 13,783,674 thousand for the nine months ended September 30, 2024, compared to RMB 23,785,643 thousand in the same period of 2023, showing a decrease of 42.05%[30] - The cash and cash equivalents at the end of the period were RMB 13,003,897 thousand as of September 30, 2024, down from RMB 15,646,511 thousand at the end of September 2023[30] Capital Adequacy and Ratios - The core tier 1 capital adequacy ratio was 10.02% as of September 30, 2024, compared to 9.78% at the end of 2023[8] - The core tier 1 capital adequacy ratio at the end of the reporting period was 10.02%, meeting the latest regulatory requirements for capital adequacy in the Chinese banking industry[19] - The liquidity coverage ratio improved to 511.75% from 277.49% at the end of 2023[12] - The provision coverage ratio increased to 250.19%, up 16.01 percentage points from the end of the previous year[19] Shareholder Information - The top ten shareholders held a total of 2,052,000,000 shares, accounting for 60.00% of the total share capital, with the largest shareholder holding 33.75%[14] - The company plans to distribute a cash dividend of RMB 1.66 per share to all registered ordinary shareholders, totaling approximately RMB 576.78 million, which accounts for 13.03% of the net profit attributable to ordinary shareholders for the first three quarters of 2024[20] Other Financial Metrics - Interest income for the first nine months of 2024 reached RMB 21.76 billion, an increase from RMB 21.26 billion in the same period of 2023, reflecting a growth of 2.33%[23] - The company reported a net trading income of RMB 291.35 million for the first nine months of 2024, up from RMB 215.35 million in the same period of 2023, reflecting a growth of 35.2%[23] - The interest expense from financing activities was RMB 2,989,352 thousand for the nine months ended September 30, 2024, compared to RMB 2,829,253 thousand in the same period of 2023, reflecting an increase of 5.66%[29] Non-Performing Loans - The non-performing loan balance as of September 30, 2024, was RMB 5.441 billion, an increase of RMB 229 million from the end of the previous year, with a non-performing loan ratio of 1.26%, down 0.08 percentage points[19]

BANK OF CHONGQING BANK OF CHONGQING CO., LTD.* 重慶銀行股份有限公司* (A joint stock company incorporated in the People's Republic of China with limited liability) （Stock Code：1963） INTERIM REPORT 2024 重慶銀行 2024 INTERIM REPORT BANK OF CHONGQING CO., LTD.* 重慶銀行股份有限公司* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1963） 二零二四年中期報告 目錄 | --- | --- | --- | --- | |-------|---------|---------------------------------------------|-------| | | | | | | | | | | | | | | | | | | 1. 重要提示 | 2 | | | 2. 釋義 | | 3 | | | | 3. 公司簡介 | 4 | | | | 4. 財務摘要 | 7 | ...

Financial Reporting - The unaudited interim results for Bank of Chongqing for the six months ending June 30, 2024, were announced, complying with the Hong Kong Stock Exchange's requirements[1]. - The board of directors confirmed the accuracy and completeness of the interim report, with no false statements or significant omissions[5]. - The bank will not distribute profits or convert capital reserves into share capital for the 2024 interim period[5]. - The report indicates that the financial statements are prepared in Renminbi, with no significant non-operational fund occupation by controlling shareholders[5]. - The bank's financial report for the interim period is unaudited, ensuring transparency in financial reporting[5]. - The bank's chairman and senior management have guaranteed the truthfulness and accuracy of the financial report[5]. - The interim report is available on the bank's website and the Shanghai Stock Exchange website[2]. - The board meeting held on August 30, 2024, was attended by 14 directors, with 12 present in person[5]. Financial Performance - The total assets of the company reached CNY 805.968 billion, with total deposits of CNY 450 billion and total loans of CNY 419.897 billion, achieving a non-performing loan ratio of 1.25% and a provision coverage ratio of 249.59%[7]. - Net interest income for the first half of 2024 was RMB 5,224,044 thousand, a decrease of 3.01% compared to RMB 5,386,427 thousand in the same period of 2023[11]. - The net profit for the first half of 2024 was RMB 3,210,267 thousand, representing a 5.17% increase from RMB 3,052,330 thousand in the same period of 2023[11]. - Basic earnings per share for the first half of 2024 were RMB 0.87, up 3.57% from RMB 0.84 in the same period of 2023[11]. - Operating income for the first half of 2024 was RMB 6.95 billion, reflecting a growth of 3.31% year-on-year[22]. - The group achieved a net profit of RMB 3.21 billion, an increase of 5.17% year-on-year[19]. Asset and Loan Management - The total customer loans and advances reached RMB 1,898,801,000, an increase of RMB 447,817,000 or 30.86% compared to the same period last year[48]. - The non-performing loan ratio improved to 1.25% as of June 30, 2024, down from 1.34% at the end of 2023[14]. - The total amount of customer loans and advances as of June 30, 2024, was RMB 419,896,747,000, an increase of RMB 269,620,000,000 or 6.86% from the end of the previous year[53]. - The loan loss provision balance as of June 30, 2024, was RMB 12.99 billion, an increase of RMB 0.849 billion from the end of the previous year, with a non-performing loan coverage ratio of 249.59%, up by 15.41 percentage points[89]. - The total amount of overdue loans amounted to RMB 7.90 billion, an increase of RMB 0.282 billion compared to the end of the previous year, with an overdue loan ratio of 1.91%, a decrease of 0.04 percentage points[83]. Risk Management - The report includes a section on risk management, highlighting major risks faced by the group and the measures to be taken[5]. - The bank has established a comprehensive risk management system to ensure that returns are aligned with the risks undertaken, aiming to maximize shareholder value[119]. - Credit risk management is prioritized, with a focus on supporting key sectors such as small and micro enterprises, green development, and technological innovation[120]. - The bank has implemented a dynamic management approach for non-performing assets, utilizing modern and digital methods to enhance asset recovery[121]. - Interest rate risk is managed through regular assessments of interest-sensitive assets and liabilities, with a focus on maintaining stability in net interest income[123]. Digital Transformation and Innovation - The company has been selected as a pilot bank for financial technology innovation by the People's Bank of China, highlighting its commitment to digital transformation and technology-driven growth[7]. - The bank's digital capabilities were enhanced through the development of online service channels, improving operational efficiency in inclusive finance[99]. - The bank's digital transformation strategy includes 65 key projects for 2024, aimed at improving operational efficiency and customer experience through data integration and sharing systems[108]. - The bank has implemented intelligent processing for nearly 70% of its total business volume, significantly improving efficiency compared to manual operations[112]. - The bank's mobile banking app has introduced three new application scenarios, including a senior-friendly version and a points mall to support elderly financial services[108]. Shareholder Commitments and Regulations - The company has committed to a 36-month lock-up period for its shares following the IPO, effective from February 5, 2021[155]. - The company will adjust the share issuance price in case of dividend distributions or capital increases during the lock-up period[158]. - The company guarantees strict compliance with relevant regulations and will exercise shareholder rights equally with other shareholders[168]. - The company will take measures to stabilize its stock price in accordance with applicable laws and regulations[170]. - The commitment to stabilize the stock price is effective for 36 months following the IPO[169]. Market Position and Strategy - The company ranked 209th in the global banking sector according to The Banker magazine, improving by 8 positions from the previous year, and has maintained an investment-grade rating from S&P for 7 consecutive years[7]. - The company aims to enhance its service capabilities by focusing on reform, structural adjustment, transformation, and quality improvement to better serve local economies and small and micro enterprises[7]. - The bank's strategy focuses on serving local economies, small and micro enterprises, and rural residents, emphasizing high-quality development and continuous improvement in operational efficiency[116]. - The bank is actively embracing financial technology, emphasizing data and intelligence to improve financial supply capabilities[149]. - The bank's commitment to serving the real economy remains a core mission, with ongoing efforts to optimize credit structures[149].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 BANK OF CHONGQING CO., LTD.* 重慶銀行股份有限公司* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1963） 二零二四年第一季度報告 重慶銀行股份有限公司*（「本行」或「重慶銀行」）董事會（「董事會」）欣然公佈本行及所屬子 公司（「本集團」）截至2024年3月31日止第一季度期間（「報告期」）參照《國際財務報告準則》 （「國際財務報告準則」）編製的未經審計業績。本季度報告乃根據香港聯合交易所有限公 司證券上市規則（「上市規則」）第13.09條及香港法例第571章證券及期貨條例（「證券及期 貨條例」）第XIVA部項下之內幕消息條文（定義見上市規則）的要求做出。 1. 重要提示 1.1 本行董事會、監事會及董事、監事、高級管理人員保證本季度報告內容的真 實、準確、完整，不存在虛假記載、誤導性陳述或者重大遺漏，並承擔個別 和連帶的法律責任。 1.2 本行第六屆董事會第九 ...

Financial Performance - The net profit for 2023 was RMB 4.699 billion, with a proposed cash dividend of RMB 0.408 per share (before tax) for shareholders [11]. - The company achieved a net profit of over 5.2 billion RMB in 2023, with total assets reaching nearly 760 billion RMB [53]. - Net profit for 2023 was CNY 5.229 billion, reflecting a year-on-year growth of 2.20% [58]. - The average return on total assets decreased to 0.72% in 2023 from 0.78% in 2022, while the weighted average return on equity was 10.14% [48]. - The company reported a pre-tax profit of RMB 6,087.642 million, a decrease of RMB 201.295 million or 3.20% from the previous year [62]. - The total operating income for 2023 was RMB 12,845,515,000, a decrease from RMB 13,143,636,000 in 2022 [133]. Asset and Loan Growth - The company's total assets reached RMB 759.884 billion, with total deposits of RMB 414.813 billion and total loans of RMB 392.935 billion, achieving a non-performing loan ratio of 1.34% and a provision coverage ratio of 234.18% [33]. - Customer loans and advances totaled RMB 392,934,966 thousand, an 11.45% increase from RMB 352,573,462 thousand in 2022 [47]. - Total assets increased by 10.98% to RMB 759,883,870 thousand from RMB 684,712,563 thousand in 2022 [47]. - The loan balance increased to CNY 392.935 billion, up 11.45% from the previous year [57]. - The total amount of financial investments reached RMB 280.74 billion, an increase of RMB 34.91 billion or 14.20% compared to the previous year [97]. Risk Management and Asset Quality - The non-performing loan ratio improved slightly to 1.34% in 2023 from 1.38% in 2022, with a provision coverage ratio of 234.18% [48]. - The group reported a loan loss provision balance of RMB 12.14 billion, an increase of RMB 2.01 billion compared to the previous year, with a coverage ratio of 234.18% [131]. - The total overdue loans amounted to RMB 7.62 billion, representing 1.95% of the total customer loans, down from 2.97% year-on-year [125]. - The company dynamically adjusted its credit strategies based on macroeconomic policies and market changes to strengthen risk prevention [117]. Digital Transformation and Innovation - The company aims to enhance its digital transformation and technology-driven initiatives, focusing on brand building and image enhancement, achieving a BBB- investment grade rating from S&P for seven consecutive years [33]. - The bank's digital transformation efforts were acknowledged with the "External Data Management Capability Maturity Level 3" certification from the China Academy of Information and Communications Technology in August 2023 [39]. - The company introduced 44 data sources and 270 external services in collaboration with the Chongqing Big Data Bureau, enhancing data asset management capabilities [153]. - The company has established a digital certificate platform using OCR and RPA technologies to enhance service efficiency and customer experience [158]. Strategic Initiatives and Future Plans - The company aims to become a leading national commercial bank with a strategic vision focused on "safeguarding the essence, distinctive features, safety and stability, and exceptional value" [40]. - The company plans to enhance financial services in line with major national strategies, including the Chengdu-Chongqing economic circle [199]. - The company will support strategic emerging industries and technology sectors through comprehensive credit management [199]. - The company is committed to improving comprehensive operational capabilities through integrated pricing mechanisms and cross-selling strategies [200]. Awards and Recognition - Bank of Chongqing achieved recognition as a "Leading Enterprise" for the fourth consecutive year by the National Market Supervision Administration and the People's Bank of China in March 2023 [38]. - In 2023, the bank received multiple awards, including the "Outstanding Unit" in the evaluation of financial services for rural revitalization and the "Advanced Unit" in the evaluation of financial services for small and micro enterprises [38]. - The bank was awarded the "Green Financial Innovation Case" by The Banker magazine, highlighting its commitment to sustainable finance [39]. Customer Engagement and Services - The total number of debit cards issued increased by 383,400 to 5.3513 million, with a consumption transaction amount of RMB 20.9 billion during the reporting period [144]. - The mobile banking app has 2.1744 million personal customers, an increase of 399,700 from the previous year, with total transaction amounts reaching CNY 254.36 billion, up CNY 23.87 billion year-on-year [156]. - The online banking platform has 41,100 corporate customers, an increase of 4,400, with total transaction amounts reaching CNY 776.59 billion, up CNY 261.39 billion year-on-year [157]. Financial Stability and Capital Management - The company's capital adequacy ratio stood at 13.37% in 2023, reflecting a stable capital position [48]. - The group has established a capital management strategy aimed at meeting regulatory requirements while enhancing capital return and risk resistance capabilities [187]. - The leverage ratio as of December 31, 2023, is 7.13%, exceeding regulatory requirements [192].

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Investment Rating - The report assigns a cautious buy rating to Chongqing Bank [1] Core Views - Chongqing Bank has significantly improved its asset quality and exhibits characteristics of a typical dividend stock with low valuation and high dividends, benefiting from regional economic recovery [2][3] - The bank is the first A+H listed city commercial bank in the western region, covering "one city and three provinces," with a stable market share in Chongqing [2][10] - The bank's credit risk management has improved, with a focus on local business and significant write-offs of non-performing loans [13][15] - The regional economic recovery provides positive options for growth, with Chongqing Bank poised to benefit from government policies aimed at stabilizing growth [2][3] - The bank's current H-share price-to-book (PB) ratio is at a historical low of 0.25x, with a dividend yield exceeding 10% in 2023, indicating high investment value [2][3] Summary by Sections 1. Overview of Chongqing Bank - Chongqing Bank was established in 1996 and became the first A+H listed city commercial bank in the western region in 2021 [7] - The bank has a diversified and decentralized shareholding structure, with no controlling shareholder [7][8] 2. Asset Quality Improvement - The bank's asset quality has significantly improved, with a focus on local business and substantial write-offs of non-performing loans [13][15] - The non-performing loan (NPL) ratio was 1.33% as of Q3 2023, which is higher than comparable peers [19] 3. Profitability and Growth Potential - Chongqing Bank's profitability is slightly below the industry average, with a return on equity (ROE) of 10.2% in 2022, lower than the average of 11.99% for listed city commercial banks [21][23] - The bank's growth in assets and loans has slowed since 2016, reflecting the regional economic conditions [24] 4. Investment Analysis - The bank's low valuation and high dividend yield make it an attractive investment opportunity [2][3] - The regional economic recovery is expected to support the bank's growth and asset quality improvement [2][3]