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Public company info - Guangzhou Rural Commercial Bank Co. Ltd.- H Shares , 01551.HK
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Guangzhou Rural Commercial Bank Co. Ltd.- H Shares, 01551.HK - Company Profile
Chairman -
Share Issued (share) 1,820,000,000
Par Currency Renminbi
Par Value 1.0
Industry Banks
Corporate Profile Business Summary: The principal activities of the Bank comprise taking deposits from the general public (including domestic and foreign currency), granting short, medium and long-term loans (including domestic and foreign currency), domestic and international settlements, bills acceptance and discounting, providing agency services for issuing/ redemption and underwriting of government bonds, trading government bonds, trading and issuing financial bonds, inter-bank placements (including domestic and foreign currency), bank cards (including debit cards and credit cards) business, providing agency services of payment collection and insurance agency service, providing safe locker service, foreign currency remittance, foreign currency exchange, settlement and sale of foreign exchange, foreign credit investigations, advisory and attestation service, fund and insurance assets trusteeship, financing services, fund consignment business, e-bank services, securitization of credit assets, and other financial business activities approved by the CBIRC or other relevant regulators. Performance for the year: In 2019, the Group recorded a profit before income tax of RMB9,895 million, representing a year-on-year increase of 13.56%, and a net profit of RMB7,911 million, representing a year-on-year increase of 15.79%. Business Review： I. Corporate Banking Business (I) Corporate Deposit Business In 2019, the Bank continuously adhered to its objectives of keeping a foothold in “Sannong” and serving “Sannong”, took full advantage of corporate bank institutions in Guangzhou, continuously built a flexible and fruitful financial service system of rural revitalization, intensively cultivated the financial field of rural revitalization through sensitive market sense and reaction and greatly expanded the deposit of village communities. Meanwhile, in order to consolidate the deposit development of corporate customers, the Bank actively promoted the expansion of new customer base and the enhancement of existing customers, identified the leading enterprises or upstream and downstream parts of the industrial chain and ecosystem of the significant customers, as well as enhanced the comprehensive financial service level and financial management value-added service level by the capability of trading banks and investment banks. In addition, the Bank greatly expanded the corporate deposits and was awarded with the “Provincial Treasury Centralized Payment Agent Qualification 2019-2021” (2019-2021 年省級國庫集中支付代理資格), successfully put into operation the pre-sale of capital monitoring system in Zhuhai and Nansha and new reserve fund system in Guangzhou. With an effort to build a comprehensive product and service system combining cross-border business, supply chain finance, cash management, cloud bank, bank-and-government and bank-and-enterprise business, the Bank kept underpinning the customer base and assisted with the steady growth of corporate deposit business. (II) Corporate Loan Business In respect of the corporate loan business, given the Bank’s active response to the national strategic guidance, it firmly supported the real economy and the economic development of private enterprises, as well as the development of the Guangdong-Hong Kong-Macau Greater Bay Area, and the optimization of regional industry structure. Following the business principle of “providing Sannong services, serving medium, small and micro-sized businesses, as well as the local economic development”, the Bank strived to continuously improve the effectiveness of serving the real economy through product innovation and business model innovation. In 2019, the innovative product “Lian Lian Dai” (連連貸) was greatly promoted to further contribute capital into enterprises and effectively lower their financing cost. The development system of supply chain finance was improved and the innovative product “Win-win Loans” (共贏貸) was launched to achieve the breakthrough in supply chain financing innovation and effectively address the problem of difficulty in financing for small and medium enterprises. The Group’s business model was continuously innovated, and the bulk processing of business models of “business circles, supply chains and platforms” was pushed forward which expanded the financing channels of small and medium enterprises. The activity of “visiting millions of enterprises and assisting in real economy” was continuously pushed forward. The policy measures and service system were optimized, the financial support towards private enterprises and small and medium enterprises was strengthened, thirty-six measures for supporting the economic development of private enterprises were issued and a fund of RMB30 billion for easing the difficulties of private enterprises was established. The Bank carried out those measures to support the development of private enterprises and real economy, and was awarded “Top 10 Outstanding Private Enterprises in Financial Service Innovation”. (III) Trading Bank Business The Bank insisted on serving entities and people’s livelihood and continued to optimize the product system of the trading bank business by relying on product innovation as its internally driven force, thereby further improving the brand influence of the Bank’s trading bank business. In 2019, a number of innovative products were launched successively such as the first product of “Hui Trade” (慧交易) among banks, in an effort to provide more comprehensive, closed and safer supply chain and payment settlement services for Internet customers of the industry chain. The Bank also responded to the “three old” redevelopment policy by promoting the “fund supervision platform for urban renewal and redevelopment”, such product was named as the “Top Ten Technological Innovative Products of Rural Finance in China” by the 9th Value List of Rural Finance Brands of China. With a view to actively responding to the rural revitalization strategy, the Bank launched the product of “Bidding Easy” (招標 易) which provided “tailor-made” rural collective asset transactions. In support of the development of the Guangdong-Hong Kong-Macau Greater Bay Area, the Bank launched its overseas loan business of “International Tax Transfer” (國際匯稅通) and “Global Loan” (環球貸), in order to facilitate cross-border investment and financing as well as services for enterprises in the Greater Bay Area, thereby improving its comprehensive service capability there. The Bank completed the development of trading bank business systems, such as “new corporate Internet banking” and “comprehensive financial service platform for corporate customers”, it also created a new international settlement system and Sun e-financing chain, to enhance its comprehensive service capability, making financial services easily accessible and developing the layout for the market in the future. II. Personal Banking Business (I) Personal Deposit Business In 2019, the Bank’s savings deposits continued to show a relatively rapid growth, ranking the first in terms of increase among banks in Guangzhou and the second (up one place) in terms of market share compared to last year. Centering on the concept of “deposit-based banking” and with the implementation of the personal deposit business, the Bank greatly promoted the deposit business to reach a new high through various measures, such as optimizing and innovating of products, caring and protecting the customer groups, linking the business sectors, as well as differentiating the pricing in a flexible way, etc.. A number of series of innovative products with sound sales were launched such as large-denomination certificates of deposit, “Happiness Deposits” (幸福存款), “Dream Deposits” (夢 想存款), “Zhi Huijin” (智匯金) and “Yummy Deposit”(美味儲蓄). The Bank continuously enriched the forms for rewarding customer service, and various customer activities such as “Sun New Stars Training Camp” (太陽新星訓練營), “Golden Pigs for Blessing (金豬送福)”, “Value-added Benefits Flash Sales” (增值權益秒殺) were favorable to the Group’s customers. (II) Personal Loan Business To enhance customer experience, the Bank, while ensuring compliance and risk being manageable, strived to source for high quality customers, enhance user experience for them, and successfully interconnect tax data and expand the service scope of online consumer loans from Guangzhou to Guangdong Province (excluding Shenzhen) which provide customers with efficient and convenient financial services, and satisfy the gradual increase of consumer demand arising from the enlarging customer base. (III) Bank Card Business In 2019, the Bank continuously enriched its debit card products and incentivized the issuance of debit card products. More featured card products such as “Sun • Military Personnel Preferential Card (太陽• 擁軍優撫卡)”, “Sun • Leading Yue Card (太陽•領粵卡)” and “Sun • Tenth Anniversary Card (太陽•十 周年紀念卡)” were issued during the year. Meanwhile, through a series of marketing activities, such as “Sun Card, inviting you to travel around the world (太陽卡，邀您環遊世界)”, the Bank endeavored to promote the “Sun” debit cards and enhance card-using experience for its customers, which was welcomed by the market. As of the end of 2019, the Bank issued an accumulation of 1,148.6 thousand new personal debit cards, and had 7,320.7 thousand existing personal debit cards. The cumulative deposit balance of existing personal debit cards amounted to RMB117,478 million, representing a year-on-year increase of RMB22,475 million. In 2019, the cumulative spending related to the debit cards of the Bank amounted to RMB84,403 million, and the various fee income arising from personal debit cards reached RMB63 million. III. Financial Market Business The Bank’s financial market business mainly covered fund operation business, investment business, bill rediscounting business, asset custody business and wealth management business. In 2019, given the stringent financial regulation environment and unabated deleveraging trend in the PRC market, the financial market business was confronted with limited investment scope. In order to promote the steady development of financial market business, the Bank adjusted its investment strategy in a timely manner and promoted the transformation of financial business on a multi-dimensional basis from business development model, profitability model, investment decision-making mechanism, risk control, etc. Firstly, the Bank put its focus back on financial market business, focusing on the development of intermediate business and low-risk business with the adoption of the strategy of small profit but quick turnover, and supplementing price with quantity. Secondly, in respect of wealth management business, the Bank focused on accelerating the transformation of products to net-value ones and actively promoting product innovation so as to vigorously improve investment research capability and active management capability. Thirdly, the construction of Zhujiang financial institutions cooperation platform was promoted continuously to accelerate the progress of system development and to facilitate interbank business transformation. IV. Inclusive and SME Businesses (I) Team Building The Bank optimized the professional inclusive and SME business management system, and established 12 inclusive and SME business centers in Guangzhou, under which 33 inclusive and SME marketing teams were set up; and 5 inclusive and SME marketing teams were set up in the branches in Guangdong Province. Meanwhile, with reference to the benchmark bank model of SME financial services in China, the Bank set up a SME specialized institution (Zhujiang sub-branch) to embed and localize the “Taizhou” model by adhering to the principle of “piloting first before spreading out”, with a view to striving to solve the financing difficulties of small and micro enterprises, and promoting the implementation of business model with SME characteristics. (II) Product Innovation The Bank vigorously developed the “Sun Inclusive” (太陽普惠) brand series based on the categories of villagers and non-villagers and online and offline, with inclusive and small and micro-sized business financial products such as “Sun • SME Loans” (太陽•小微貸), “Sun • Housing Loans” (太陽•房易貸), “Sun • Business Loans for Villagers” (太陽•村民致富貸), “Sun • Micro E-loan” (太陽•微e貸) and “Sun • Villager E-loan” (太陽•村民e貸) being the focus of development (III) Financial Technology The Bank performed precise profiling on customers of more fields through access to third-party data such as taxation, industry and commerce, online property valuation, etc., coupled with updated risk control model, direct and fully automatic approval of small credit loans by system was realized. On the other hand, the Bank proactively connected with the businesses of well-known third-party platform which were strong and technologically advanced, to cooperate in areas such as inclusive and SME business customers diversion. (IV) Construction of Foundation Adhering to the principle of localized development, the Bank penetrated into the village communities, communities and specialized markets to actively expand localized business, thereby reinforcing the differentiation of local inclusive, small and micro-sized enterprises and consumption customer groups, enhancing service capability and efficiency, while strengthening ability on risk control and post-loan management level. Relying on the core enterprises of the supply chain, the Bank customized a comprehensive service plan regarding the business model based on the characteristics of the supply chain and the financing needs of each transaction process, in a bid to expand the financing needs of small and micro enterprises of the core enterprises in the upstream and downstream parts of the supply chain in batches. V. Distribution Channels (I) Physical Outlets As of 31 December 2019, the Bank had 635 operating outlets, of which 619 were located in the Guangzhou region and 16 were non-local outlets in the Guangdong province. The number of outlets of the Bank in the Guangzhou region accounted for approximately 23% of the total number of outlets of banks in the Guangzhou region, ranking first. The Bank operated five non-local branches in Foshan, Qingyuan, Heyuan, Zhaoqing and Zhuhai, ten sub-branches (of which four sub-branches were newly established in 2019) and one sub-office. (II) Self-service Banking As of 31 December 2019, the Bank established 121 24-hour self-service banking facilities. The number of ATMs, self-service inquiry terminals and smart service terminals of the Bank amounted to 2,799, among which 1,904 were ATMs, 742 were self-service inquiry terminals and 153 were smart service terminals. (III) Smart Banking As of 31 December 2019, the Bank had a total of 108 smart banking outlets and smart facilities installed including VTM and STM. Financial transactions worth RMB6,552 million have been settled in 2019. (IV) Internet Finance The Bank has always adhered to the concept of “opening up innovation and cooperation for a win-win situation”. With this in mind, it constantly explored new modes of internet finance development, and strived to build an “Internet + Inclusive” integrated financial platform. Through the core platforms and functions such as mobile banking, online banking, direct banking, WeChat banking and online mall, the Bank provided online and offline integrated financial services to more customers. Prospects: In 2019, as influenced by the lasting effect of the stressful trade situation, the Group saw the continued weak recovery of the global economy. The slowing growth trend of major economies will remain. There was a sudden increase in risk in the return of economic recession in the U.S. while over-reliance on a unilateral trade rebalancing mechanism and the ongoing loose monetary policy further deepened the uncertainty of economic performance. Europe continued to suffer from a slowdown in economic growth. The progress of Brexit tore the regional cooperation as a whole. Within the region, certain countries’ imbalanced policies further weakened the recovery momentum of the European Union’s economy. Japan managed to have a slow economic improvement. Its tight sales tax policy and deteriorating exportation situation continuously threatened the sustainability of its economic growth. Differentiation and fluctuation of emerging economies would still remain as their tendency. Weak export, vulnerable finance and heavy debt remained to be the sources of their major risks. In 2019, China’s economy was affected by a number of unfavorable factors, including intensified geopolitical risk, continuous trade friction, increasing market risk, tightened financial environment. The reform on supply side received remarkable results with stable progression of the three major battles, both the quality and effectiveness of the industrial structural adjustment improved and the open-door policy and business environment were optimized gradually. The total economic value for the year was more than RMB99 trillion, up 6.1%, basically being maintained at a steady level. Overall speaking, the development concept of innovation, coordination, green, open and sharing for the domestic economy for the year was better implemented, with an incessant improvement in the business environment and ancillary facilities. Deepening transformation of the financial market sped up, the flexibility of the monetary policy increased gradually and the increasing proactivity towards the finance policy was achieved, as well as the deepening reform and the wider opening initiative progressed well to a good stage, therefore China’s economy would expect to grow under a steady and constant trend though suffering a series of impacts. During the year of 2019, Guangdong Province deeply adapted to and led the new normal of economic development, adhered to the foundation of steady work progression, and accelerated the strategic adjustments to the economic structure steadfastly. The comprehensive capability of the province has already reached a historically new stage. The annual gross regional domestic product (GDP) broke through the level of RMB10 trillion, a year-on-year increase of 6.2%, accounting for 10.8% of the country’s total and ranking first in the country for 31 consecutive years. In 2019, the GDP of Guangzhou amounted to RMB2.3 trillion, an increase of 6.8% over the previous year, showing a continuous stable and promising trend in the economic operation. Looking ahead to 2020, continued uncertainty of the global economic recovery is probable, difficulty on coordination between the financial policy and trade policy of major economies will increase, and the differentiation pattern will remain. The Chinese economy has been entering a stage of high quality development. Though the adverse impact of the pandemic appeared early this year, as propelled by the ongoing expansion and upgrade of the industrial structure and domestic market demand, the stable growth is expected to be maintained and the economy will keep its great resilience and sustainability. Meanwhile, on top of well preparation for any impact on stability, it is necessary to stay alert that any long-term cumulative risks will be released too rapidly, and therefore the Group need to strengthen the internal power of the economy in no time. In 2019, the Bank’s overall operations and scale of assets grew steadily with stable increasing profitability. The Group’s asset quality met all the regulatory requirements and the balanced development of scale, benefits and quality was achieved. In 2020, the Bank will continue to adhere to its market logic, existing strategic positioning and basic principle of stable growth. The Group’s strategic objective is to “devote in developing into a first-class bank of China and then to the world”. Through the steady business transformation under a new development concept, the Party’s leadership as well as the development under modern governance, the Bank will reinforce the development of internal control system, strive for stable, innovative and efficient operation, and strictly implement the strategic positioning and direction established by the Board. It will come back to its basic business, stick to the initial goal of “Inclusive” and focus on improvement of quality and effectiveness. Apart from the aforesaid, the Bank will expedite the listing of A shares and continue to maintain high-quality growth and create a new phase of sustainable development.

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