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[Introduction] Shanghai Rural Commercial Bank’s interim report is released, and performance growth has stagnated

China Fund News reporter Jiahe

On August 16, Shanghai Rural Commercial Bank released its 2024 interim performance report, becoming the first listed rural commercial bank to "hand in its paper". Its revenue and net profit growth stagnated in the first half of the year.

Performance growth stagnated

According to the financial report data, as of the end of June, the total assets of Shanghai Rural Commercial Bank were 1454.957 billion yuan, an increase of 4.51% from the end of the previous year; the total liabilities were 1332.563 billion yuan, an increase of 4.44% from the end of the previous year; and the deposits absorbed were 1047.388 billion yuan, an increase of 3.05% from the end of the previous year. Overall, Shanghai Rural Commercial Bank has maintained a steady growth in scale.

However, in terms of operating performance, Shanghai Rural Commercial Bank has fallen into growth stagnation. During the reporting period, the bank achieved operating income of 13.917 billion yuan, a year-on-year increase of 0.23%; total profit of 8.625 billion yuan, a year-on-year increase of 0.35%; net profit of 7.142 billion yuan, a year-on-year decrease of -0.11%; net profit attributable to shareholders of the parent company was 6.971 billion yuan, a year-on-year increase of 0.62%.

In terms of fees and commissions, in the first half of the year, Shanghai Rural Commercial Bank only achieved 1.245 billion yuan, a year-on-year decrease of 17.39%; other non-interest net income was 2.491 billion yuan, a year-on-year increase of 29.41%, mainly from investment income and asset disposal income. Among them, the bank received 543 million yuan in real estate expropriation compensation income.

Executives plan to increase their own shares

It is worth mentioning that on the same day, Shanghai Rural Commercial Bank also issued an announcement regarding the voluntary plan of senior executives and other personnel to increase their holdings in the company's shares.

The announcement showed that the bank's senior executives and some directors and supervisors, a total of 12 people, planned to trade through the Shanghai Stock Exchange trading system in a centralized bidding manner.Increase holdings by no less than RMB 5.5 millionAt the same time, there is no price range for this increase in holdings. The implementation period of the plan is 6 months from August 19, 2024, and the funds for the increase in holdings are self-owned funds. During the implementation period of the increase plan and within two years from the date of completion of the increase plan, the above-mentioned personnel shall not reduce their holdings of the increased shares.

In terms of stock price performance, as of the close of August 16, Shanghai Rural Commercial Bank was trading at 6.54 yuan per share; since hitting a new high in May, the bank's stock price has continued to fall and is currently down about 18% from its highest point.

Editor: Captain

Review: Xu Wen

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