Chongqing Rural Commercial Bank (3618) Q3 2024 earnings summary

Executive summary

• Net profit for January–September 2024 rose 4.24% year-over-year to RMB10,574 million; net profit attributable to shareholders increased 3.55% to RMB10,308 million.

• Operating income for the nine months was RMB21,483 million, down 1.91% year-over-year, with the decline narrowing from the previous period.

• Total assets reached RMB1,517,908 million as of 30 September 2024, up 5.30% from year-end 2023.

• Non-performing loan (NPL) ratio improved to 1.17%, down 0.02 percentage points from year-end 2023.

Financial highlights

• Net interest income for January–September 2024 was RMB16,700 million; net fee and commission income was RMB1,269 million.

• Operating expenses decreased 13.52% year-over-year to RMB6,081 million; cost-to-income ratio improved to 26.93%.

• Credit impairment losses increased 13.15% year-over-year to RMB3,769 million.

• Basic and diluted EPS for the nine months was RMB0.89, up from RMB0.86 year-over-year.

• Net cash flows from operating activities surged 98.67% year-over-year to RMB19,795 million.

Outlook and guidance

• Management continues to focus on cost reduction, efficiency enhancement, and risk resilience, as reflected in improved cost-to-income and provision coverage ratios.