On the evening of April 25, 2024, Shanghai Rural Commercial Bank(601825A) released its annual performance report for 2023 and the first quarter report for 2024.
In 2023, Shanghai Rural Commercial Bank continued to maintain a good momentum of steady progress, achieving a good start of its new three-year strategic plan. The group achieved operating income of RMB 26.41 billion, a year-on-year increase of 3.07%. Non-interest net income was RMB 5.71 billion, a year-on-year increase of 17.26%, while net fee and commission income reached RMB 2.27 billion, a year-on-year increase of 5.23%. Net profit attributable to shareholders was RMB 12.14 billion, a year-on-year increase of 10.64%. The return on assets (ROA) was 0.93%, and the return on equity (ROE) was 11.34%, up by 0.12 percentage points from the previous year, indicating a steady improvement in profitability.
As of the end of 2023, the group's total assets were RMB 1.39 trillion, an increase of 8.65% from the previous year. The total amount of loans and advances to customers was RMB 711.48 billion, up by 6.09% from the previous year, while deposits reached RMB 1.02 trillion, an increase of 7.73% from the previous year, demonstrating steady growth in scale and strength. The group's non-performing loan ratio was 0.97%, and the provision coverage ratio of 404.98%, both maintaining good levels within the industry and continuing to show strong risk resilience. The group's capital adequacy ratio, Tier 1 capital adequacy ratio, and core Tier 1 capital adequacy ratio were 15.74%, 13.35%, and 13.32% respectively, all indicating good levels of capital adequacy.
In addition, the simultaneous disclosure of the first quarter report for 2024 showed that in the first three months of 2024, the group achieved operating income of RMB 7.08 billion, a year-on-year increase of 3.69%, and net profit attributable to shareholders was RMB 3.55 billion, a year-on-year increase of 1.48%. As of the end of March 2024, the group's total assets were RMB 1.44 trillion, an increase of 3.55% over the same period last year, and asset quality continues to be stable.
Furthermore, the bank announced its profit distribution plan for 2023, proposing a cash dividend of RMB 3.79 (including tax) per 10 ordinary shares, with a cash dividend rate of 30.10%, and a dividend yield exceeding 5%, demonstrating a significant increase in investor returns.
The sound financial performance of the bank has continuously promoted the rise of its market influence. In 2024, it ranked 174th of the Global Bank Brand Value 500 list, up 20 places from the previous year; it ranked 128th in the Global Top 1000 Banks list; it climbed to 310th on the 2023 Fortune China 500, a significant increase of 159 places from the previous year;and it topped the comprehensive evaluation of urban rural commercial banks in the "Gyroscope" assessment.
