Chongqing Rural Commercial Bank(601077) 国盛证券·2025-04-26 09:32Investment Rating - The report maintains a "Buy" rating for Chongqing Rural Commercial Bank (601077.SH) [4][7]. Core Views - Chongqing Rural Commercial Bank's performance shows positive growth in revenue and net profit, with Q1 2025 revenue at 7.2 billion yuan, up 1.35% year-on-year, and net profit at 3.7 billion yuan, up 6.25% year-on-year [1][4]. - The bank's net interest margin has stabilized over three consecutive quarters, currently at 1.61%, benefiting from improved funding costs despite a decline in asset yields [2][4]. - The bank is expected to benefit from the Chengdu-Chongqing economic circle development, with anticipated net profit growth rates of 5.81%, 6.15%, and 6.67% for 2025-2027 [4]. Financial Performance - In Q1 2025, net interest income increased by 5.31% year-on-year, while non-interest income saw a decline of 16.60%, primarily due to market volatility [2]. - Total assets and loans reached 16.1 trillion yuan and 744.4 billion yuan, respectively, with year-on-year growth of 8.00% and 6.81% [3]. - The bank's deposit total was 10.4 trillion yuan, reflecting an 8.85% year-on-year increase, with a significant contribution from personal deposits [3]. Asset Quality - The non-performing loan (NPL) ratio stands at 1.17%, showing a slight decrease, while the provision coverage ratio is at 363.37% [4]. - The bank's credit cost is reported at 0.62%, down 19 basis points year-on-year, indicating improved asset quality management [4].