Chongqing Rural Commercial Bank(601077) 国盛证券·2025-04-26 10:23Investment Rating - The report maintains a "Buy" rating for Chongqing Rural Commercial Bank (渝农商行) [4][7]. Core Views - Chongqing Rural Commercial Bank is expected to benefit from the construction of the Chengdu-Chongqing economic circle, with loan growth accelerating, cost reduction and efficiency enhancement, and improving asset quality contributing to a continuous improvement in fundamentals [4]. - The bank's net interest margin has stabilized over three consecutive quarters, with a net interest margin of 1.61% in Q1 2025 [2][4]. - The bank's revenue and net profit for Q1 2025 were 72 billion yuan and 37 billion yuan, respectively, representing year-on-year growth of 1.35% and 6.25% [1][4]. Financial Performance - Revenue and net profit growth rates for Q1 2025 were 1.35% and 6.25%, respectively, showing improvements compared to the previous year [2]. - Net interest income increased by 5.31% year-on-year, while net interest margin remained stable at 1.61% [2]. - Fee and commission income decreased by 3.21%, but the decline was less severe than in the previous year [2]. Asset Quality - As of Q1 2025, total assets and loans amounted to 1.61 trillion yuan and 744.4 billion yuan, respectively, with year-on-year growth of 8.00% and 6.81% [3]. - The non-performing loan ratio was 1.17%, a slight decrease from the previous year, while the provision coverage ratio was 363.37% [4]. - The bank's credit cost was 0.62%, down 19 basis points year-on-year [4]. Balance Sheet - The bank's total deposits reached 1.04 trillion yuan, with a year-on-year growth of 8.85% [3]. - The bank's loan growth was driven by significant increases in both corporate and personal loans, with net increases of 446 billion yuan and 73 billion yuan, respectively [3].