Bank Of Chongqing(601963) 国盛证券·2025-03-23 12:59Investment Rating - The investment rating for Chongqing Bank is "Buy" (maintained) [5] Core Views - Chongqing Bank reported a revenue of 13.7 billion yuan in 2024, a year-on-year increase of 3.54%, and a net profit attributable to shareholders of 5.1 billion yuan, up 3.80% year-on-year. The non-performing loan ratio and provision coverage ratio at the end of Q4 2024 were 1.25% and 245.08%, respectively, showing a slight decrease from the previous quarter [1][2][4] - The bank's performance is supported by a significant increase in income from wealth management and other non-interest income, with net commission income growing by 116% year-on-year [2][3] - The asset quality indicators have shown improvement, with a decrease in the non-performing loan ratio for corporate loans and a stable outlook for personal loans [4][10] Summary by Sections Performance Overview - In 2024, Chongqing Bank's operating income and net profit attributable to shareholders grew by 3.5% and 3.8%, respectively. The net interest income decreased by 2.6% year-on-year, while the net interest margin for 2024 was 1.35%, down 7 basis points from the previous year [2][3] - The bank's fee and commission income saw a remarkable increase, primarily driven by a 95% growth in agency wealth management income [3] Asset Quality - The non-performing loan ratio at the end of Q4 2024 was 1.25%, down 1 basis point from the previous quarter. The attention ratio and overdue ratio also showed improvements [4] - The corporate loan non-performing loan ratio decreased to 0.90%, while the personal loan non-performing loan ratio increased to 2.71% [4][10] Asset and Liability Management - As of Q4 2024, total assets and loans amounted to 8,566 billion yuan and 4,383 billion yuan, respectively, reflecting year-on-year growth of 12.7% and 12.3% [10] - The bank's total liabilities and deposits reached 7,929 billion yuan and 4,610 billion yuan, with year-on-year increases of 13.17% and 13.47% [10] Investment Outlook - Chongqing Bank is expected to benefit from the development opportunities arising from the Chengdu-Chongqing economic circle. The bank's net profit growth is projected to be 3.96%, 4.03%, and 4.18% for 2025-2027 [11]