Gelonghui, April 26 | Chongqing Rural Commercial Bank (03618.HK) announced that in the first quarter of 2024, the Group achieved net profit of 3,662 billion yuan, of which net profit attributable to the Bank's shareholders was 3,524 billion yuan, down 8.77% and 10.81% respectively from the same period last year, mainly due to changes in credit impairment losses. Credit impairment losses for the current period were 1,333 billion yuan, an increase of 1,203 billion yuan over the same period of the previous year, mainly due to the fact that the Group achieved a large amount of non-performing asset disposal during the same period last year, accounting for 70.76% of the year. Therefore, the Group's credit impairment loss comparison base for the same period last year was low, and the net profit comparison base was high. On the basis of maintaining careful calculation of assets to reduce impairment losses, the Group will continue to step up efforts to clear non-performing assets and strive to maintain a stable repayment amount throughout the year. Profit before provision for the current period was 5.123 billion yuan, up 5.44% from the same period last year, and the annualized average return on total assets was 1.00%, down 0.17 percentage points from the same period last year; the annualized weighted average return on net assets was 11.97%, down 2.64 percentage points from the same period last year.

The Group achieved revenue of 7.125 billion yuan in the current period, down 2.94% from the same period last year, and the decline narrowed by 0.32 percentage points. Among them, net income from interest was $5,519 million, and net income from handling fees and commissions was $523 million, an increase of 0.19%. Net interest yield 1.64%. The Group's operating expenses for the current period were 2,003 billion yuan, and costs and revenue decreased by 5.79 percentage points to 27.22% compared with the same period last year. It is mainly due to the Group's active optimization of resource allocation, taking more measures to reduce costs and increase efficiency.

As of March 31, 2024, the Group's non-performing loan balance was 8.274 billion yuan, up 215 million yuan from the end of the previous year; the non-performing loan ratio was 1.19%, the same as at the end of the previous year; the provision coverage rate was 367.54%, up 0.84 percentage points from the end of the previous year.