Gelonghui, April 9 | According to the Cathay Pacific Junan Research Report, the 2023 revenue growth rate of Zheshang Bank (601916.SH) increased by 0.2 pc to 4.3% compared to the previous three quarters, and the Q4 revenue growth rate in a single quarter increased by 1.8 pc month-on-month. The performance was superior to that of peers. The main contributing factor was scale expansion. Zheshang Bank's total asset growth rate in 2023 reached 19.9%, 13 percentage points higher than the average of other stock banks. The credit performance was also impressive. The loan balance in 2023 increased 12.4% year on year, maintaining a high rate of expansion. Taking into account the 2023 financial report and 2024 credit volume and price trend expectations, the target price was lowered to 3.45 yuan, corresponding to 0.55 times PB in 2024, maintaining the holdings increase rating.
研报掘金丨国泰君安：浙商银行23年信贷表现较为亮眼，扩表速度提升
Research Report: Cathay Pacific Junan: Zheshang Bank's credit performance in '23 was impressive, and the rate of table expansion increased
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