On May 15, 2026, senior executives from BANKCOMM participated in a collective annual results briefing for Shanghai-listed companies. Vice President Zhou Wanfu and Board Secretary He Zhaobin engaged in discussions with investors.
Addressing widespread investor concerns about stock valuation improvement, they emphasized the bank's commitment to prioritizing this at both strategic and operational levels. The focus will be on enhancing sustainable value creation capabilities while effectively controlling risks.
Regarding the outlook for second-quarter performance, Zhou Wanfu indicated that for corporate credit, the bank's project pipeline for Q2 remains generally stable. Subsequent efforts will be fully dedicated to promoting the implementation of credit extensions, maintaining a year-on-year growth trend. For retail credit, he noted that demand is still in a recovery phase, influenced by factors including a deep adjustment in the real estate market, debt cycles, and the macroeconomic environment.
Pushing Forward Corporate Credit Implementation During the briefing, an investor inquired about the Q1 credit data, which showed strength in corporate lending but relatively weaker growth in retail. Questions were raised about the sufficiency of the project pipeline for corporate credit in Q2 and the second half of the year, and whether the bank has new strategic growth areas in retail credit, beyond mortgages, to counter downward pressure.
Zhou Wanfu explained that for corporate credit, BANKCOMM has consistently placed high importance on project pipeline development. The bank actively implements requirements for high-quality financial services to the real economy, striving to expand and improve the quality of its project储备. The current Q2 pipeline is overall stable, and the bank will全力推动 credit投放落地 to sustain a year-on-year increase.
Retail Credit Aims for "Volume, Price, Risk" Balance Regarding retail credit, Zhou Wanfu stated that demand continues to recover amidst the combined impact of the real estate market adjustment, debt cycles, and the macroeconomic environment. In the next phase, efforts will focus on "stabilizing existing business, expanding new business, and improving quality," aiming to promote balanced development in the volume, pricing, and risk of retail credit.
Specifically, for consumer loans, the bank will actively support the national strategy to expand domestic demand, implement fiscal interest subsidy policies, and increase support for consumption in key areas. For business loans, targeting service sector operators in consumption-related fields, the bank will cater to居民消费需求 from the supply side, using key products like mortgage loans and merchant-friendly loans to solidify the customer base and expand business coverage. For credit cards, the bank will continue to optimize the loan structure, steadily reducing the proportion of low-yield, high-risk loan business. For mortgages, efforts will focus on enhancing contributions from business in high-tier and high-potential cities, deepening strategic coordination with优质渠道, and accelerating process re-engineering and digital empowerment.
Strengthening Personal Loan Quality On how BANKCOMM will further strengthen the quality control of personal loans, Zhou Wanfu responded that the next stage will involve enhancing risk prevention and control in retail credit. The bank will continuously monitor changes in asset quality within retail credit业务, increase the intensity of asset quality management, iteratively optimize risk control model systems, strengthen anti-fraud联防联控, continuously improve collection systems, and strive to maintain stable asset quality.
Pre-loan measures include dynamically optimizing准入管理, focusing on优质合作项目 and优质客群, continuously adjusting the customer structure, and optimizing the allocation of credit resources. During the loan term,加强动态监控, precise analysis of evolution trends and risk causes, deepening the联防联控 system across business lines, products, and processes, and establishing a全渠道 fraud information collection, sharing, and investigation mechanism. Post-loan,完善临期提醒机制,健全漏斗式一体化催收机制,加强过程监控和精细化管理, accelerating the introduction of non-litigation methods such as arbitration, notarization for enforcement, and mediation, and fully utilizing measures like securitization and transfer to expedite the disposal of existing non-performing loans.
Outlook on ROE Trend An investor also questioned the bank's valuation enhancement plan launched in 2025, noting that the price-to-book (PB) ratio has declined since the plan's announcement and remains the lowest among the six major state-owned banks. Comparing the 2025 and 2026 plans for "improving quality, efficiency, and回报," the bank's wording shifted from "valuation enhancement" to "focusing on value creation." Given the objective situation of a declining PB ratio, the investor asked if the board had reviewed the effectiveness of the 2025 plan with a归因分析 and inquired about management's outlook for future ROE trends.
Zhou Wanfu stated that in recent years, the banking industry has continuously increased its efforts to serve the real economy, accelerating capital consumption. Coupled with ongoing factors of yielding benefits, revenue and profit growth have slowed, leading to a downward trend in the industry's overall ROE (Return on Equity) since 2022. BANKCOMM's trend aligns with the industry.
It has been a year since the bank launched its valuation enhancement plan in 2025. Zhou Wanfu revealed that going forward, BANKCOMM will attach great importance to this at both strategic and operational levels, aiming to提升可持续的价值创造能力和水平 under the premise of effective risk control. Simultaneously, the bank will fully consider investor concerns, taking multiple measures persistently to manage valuation.
Striving to Maintain Stabilizing and Improving Net Interest Margin Regarding the net interest margin (NIM), Zhou Wanfu reported that for Q1, the group's NIM was 1.23%, flat year-on-year but up 3 basis points from the previous quarter, achieving stabilization and recovery. This was primarily driven by the repricing of maturing time deposits leading to a decrease in customer deposit costs.
Looking ahead, efforts will focus on three areas to maintain the stabilization and improvement of NIM: First, balancing the volume and pricing of deposits and loans. This involves seizing policy opportunities, increasing投放 in key areas, and improving the quality and efficiency of serving the real economy; leveraging customer base engineering and digital-intelligent transformation to promote reasonable growth in deposit volume and structural optimization. Second,精细化管理存贷款定价, strictly adhering to自律要求. This includes坚持风险定价原则, reasonably determining loan interest rate levels; flexibly adjusting deposit pricing strategies based on business development. Third, scientifically optimizing the asset-liability structure. Centered around annual management objectives, closely tracking market interest rate changes,加强各类产品比价关系分析, coordinating liquidity management, interest rate risk prevention, and operational效益提升, and dynamically adjusting business structures and allocation strategies.
Aiming for Stable Asset Quality Throughout the Year On asset quality, Zhou Wanfu stated that at the end of Q1, the group's non-performing loan (NPL) ratio was 1.30%, up 0.02 percentage points from the beginning of the year, while related leading indicators showed overall平稳变动. Moving forward, the bank will intensify recovery and disposal efforts, strengthen management of overdue loans, dynamically optimize准入管理, enhance technological empowerment,持续推进重点领域风险化解, striving to maintain stable asset quality throughout the year.
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