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Zhangjiagang Bank (002839) 2019 Annual Results Express Comment: Steady Growth in Net Profits and Optimization of Asset-Liability Structure

Zhangjiagang Bank (002839) 2019 Annual Results Express Comment: Steady Growth in Net Profits and Optimization of Asset-Liability Structure

Zhangjiagang Bank disclosed its 2019 performance report 2019 to realize net profit attributable to mothers9.

52 ppm, an increase of 14 years.

0%; Realize basic income of 0 in 2019.

53 yuan, an annual increase of 15.

2%.

The company achieved the expected average ROE9 in 2019.

20%, down from last year.

19 units; ROA calculated using net profit attributable / average assets at the beginning and end of the period is 0.

79%, down from last year.

01 averages.

Optimized Asset-Liability Structure At the end 杭州桑拿网 of 2019, total assets were US $ 1232 million, an annual increase of 8.

6%, a growth rate of 1 lower than the end of the first three quarters.

6 digits, which is roughly close to the industry average.

Among them, the loan budget is 71.4 billion, which is increasing by 18 per year.

7%, a faster growth rate, but down from the end of the third quarter.

5 shares per share; total deposits of 90.8 billion, an annual increase of 14.

2%, slower growth than loans, down 3 from the end of the third quarter.

3 units.

The company’s deposit and loan growth rate is faster than the overall asset growth rate, and the asset and liability structure is optimized, returning to the origin of deposit and loan.

The growth rate of net profit attributable to mothers is stable and realizing operating income in 201937.

50,000 yuan, an annual increase of 25.

1%, a growth rate of 5 lower than the first three quarters.

1 unit; operating profit 9.

60,000 yuan, an increase of 12 in ten years.

9%, the growth rate fell 4 compared with the first three quarters.

3 units; profit maximization 9.

7 ppm, an increase of 13 in ten years.

1%, the growth rate fell 3 compared with the first three quarters.

9 units; net profit attributable to mother 9.

5 ppm, an increase of 14 in ten years.

0%, the growth rate is flat compared with the first three quarters.

The NPL ratio decreased, and the provision coverage ratio decreased to a certain extent from the end of 2019.

37%, down 0 from the end of the third quarter.

05 averages, a decrease of 0 from the beginning.

05 averages; provision coverage ratio at the end of 2019 was 246%, a decrease of 10 percentage points from the end of the third quarter, an increase of 22 percentage points earlier.

Investment suggestion The company actively promotes strategic transformation, adheres to the small positioning of supporting agriculture and agriculture, and maintains stable and sustainable business development. However, its current profitability is still not high enough. We give it an “overweight” rating.

Risks suggest that the continued weakening of macroeconomic expectations may adversely affect the quality of bank assets.