Bank Of Ningbo Co.,Ltd. (002142.SZ), a top-performing city commercial bank, has announced a leadership transition. On the evening of February 26, the bank disclosed resolutions from its first board meeting of the ninth term, confirming that former chairman Lu Huayu has retired upon reaching retirement age. Zhuang Lingjun has been elected as the new chairman, while Feng Peijiong has been appointed vice chairman and president, subject to regulatory approval. Until their appointments are formally approved, both will perform the respective duties on an acting basis. This marks the official handover to a new management team at the trillion-yuan city commercial bank.
Prior to the leadership change, Bank Of Ningbo released its 2025 performance forecast, showing operating revenue of 71.968 billion yuan and net profit attributable to shareholders of 29.333 billion yuan, representing year-on-year growth of 8.01% and 8.13%, respectively. This extends the bank’s streak of simultaneous growth in both revenue and net profit to 21 consecutive years since data became available.
In 2025, Bank Of Ningbo’s total assets grew significantly, rising from 3.13 trillion yuan at the end of 2024 to 3.63 trillion yuan by the end of 2025, an increase of 16.11%. At the same time, the bank’s non-performing loan (NPL) ratio has remained low for many years, staying below 0.8% for the past eight years, and stood at 0.76% at the end of 2025.
The new chairman, Zhuang Lingjun, born in July 1979, holds a master’s degree in history from Sichuan University. His career has been closely tied to the development of Bank Of Ningbo since he joined in 2006. Starting from grassroots positions, he has held roles including assistant general manager of Beilun Branch, assistant general manager of the Personal Banking Department at headquarters, deputy head of Shenzhen Branch, and head of Mingzhou Branch, gaining extensive practical experience in branch operations, retail banking, and regional expansion.
Notably, Zhuang previously served as general manager of the Risk Management Department at headquarters, a role that provided him with deep insights into bank risk control, aligning with the bank’s philosophy that “banking is fundamentally about managing risk.” In October 2019, he was promoted to vice president of Bank Of Ningbo, joining the senior management team. In April 2022, at the age of 43, he became the bank’s president, making him one of the youngest presidents among A-share listed banks at the time.
With his latest appointment as chairman, Zhuang is set to become the youngest chairman of an A-share listed bank, setting a new industry record. Previously, the youngest chairman among A-share listed banks was Liang Yanbo of Qingdao Rural Commercial Bank, who was born in August 1978.
Over his nearly 20-year career, Zhuang has been deeply involved in Bank Of Ningbo’s transformation from a regional bank to a leading national city commercial bank, playing a key role in retail business upgrades, risk management system development, and cross-regional expansion. Under his involvement, the bank has maintained consistent growth in both operating revenue and net profit, with asset quality consistently ranking among the best in the industry.
Since its listing in 2007, Bank Of Ningbo has achieved continuous growth in both operating revenue and net profit attributable to shareholders. Even prior to its IPO, available data shows that the bank achieved growth in both metrics in 2005 and 2006.
The new vice chairman and president, Feng Peijiong, is another seasoned internal executive with long tenure at Bank Of Ningbo. Feng began his career as deputy office director at Dongmen Branch and has served as a vice president of the bank since April 2015, bringing over a decade of experience in senior management at headquarters.
The management transition represents a routine succession plan. From an industry perspective, stability and strategic continuity in leadership are particularly important for city commercial banks during their development. By promoting internal candidates, Bank Of Ningbo avoids磨合 costs associated with external appointments and ensures the continued implementation of its long-term strategy. The younger leadership also aligns with trends in the financial industry, such as digital transformation and the development of capital-light businesses.
Notably, Bank Of Ningbo’s senior management team demonstrates a youth-oriented profile. The seven vice presidents appointed by the board are all born in the 1970s or later, with ages ranging from 38 to 54. Vice President Hu Haidong, born in January 1988, is currently only 38 years old, reflecting a clear trend toward younger,梯队化 leadership.
Amid the leadership transition, Bank Of Ningbo delivered a strong performance in 2025, extending its record of simultaneous growth in operating revenue and net profit attributable to shareholders.
According to the performance forecast, the bank’s operating revenue and net profit reached 71.968 billion yuan and 29.333 billion yuan, respectively, up 8.01% and 8.13% year-on-year, marking 21 consecutive years of growth since records began. Data from Tonghuashun shows that in 2004, the bank’s operating revenue and net profit were 1.039 billion yuan and 438 million yuan, respectively. This implies that over the 21 years from 2005 to 2025, Bank Of Ningbo’s operating revenue and net profit have increased more than 68-fold and 65-fold, respectively.
By business segment, Bank Of Ningbo’s revenue structure continued to optimize in 2025, with both net interest income and non-interest income contributing to growth. Net interest income reached 53.161 billion yuan, up 10.77% year-on-year, achieving double-digit growth despite industry-wide pressure on net interest margins. This was supported by effective liability cost management and prudent allocation of credit assets.
On the liability side, total customer deposits reached 2.024883 trillion yuan by the end of 2025, an increase of 188.538 billion yuan from the beginning of the year. Demand deposits accounted for 70.84% of the increase, and the deposit interest rate fell by 33 basis points year-on-year. In December 2025, the monthly deposit interest rate was 1.42%, down 44 basis points from a year earlier, indicating further reduction in funding costs.
Meanwhile, the bank’s capital-light businesses showed robust growth. Net fee and commission income reached 6.085 billion yuan in 2025, surging 30.72% year-on-year, significantly outpacing overall revenue growth and emerging as a key highlight. The rapid development of capital-light businesses not only optimizes the revenue mix and reduces reliance on capital-intensive operations but also aligns with the industry’s shift toward asset-light, high-quality development, laying a foundation for long-term growth.
Alongside sustained profit growth, Bank Of Ningbo’s asset base expanded rapidly. By the end of 2025, total assets reached 3.628601 trillion yuan, up 16.11% from 3.125232 trillion yuan at the end of 2024, surpassing the 3.6 trillion yuan mark and maintaining a leading position among city commercial banks.
This asset growth reflects expansion aligned with real economic demand. Total loans and advances reached 1.733313 trillion yuan by the end of 2025, an increase of 257.25 billion yuan from the beginning of the year, up 17.43%. Loan growth exceeded total asset growth, with loans accounting for 47.77% of total assets, up 0.54 percentage points from the start of the year. This indicates ongoing optimization of the asset structure, with credit assets serving as the core driver of growth and enhancing the bank’s capacity to serve the real economy.
Despite rapid asset expansion, the bank’s NPL ratio remained low. Data shows that from 2018 to 2025, the NPL ratios were 0.78%, 0.78%, 0.79%, 0.77%, 0.75%, 0.76%, 0.76%, and 0.76%, respectively, staying below 0.8% for eight consecutive years.
In recent years, Bank Of Ningbo’s NPL ratio has been well below the average for city commercial banks. According to data from the National Financial Regulatory Administration, the average NPL ratio for city commercial banks was 1.84% at the end of the third quarter of 2025. Bank Of Ningbo’s ratio was less than half the industry average, highlighting its significant advantage in asset quality. While the provision coverage ratio declined slightly to 373.16% at the end of 2025, it remained at a historically high level, well above regulatory requirements, providing a solid financial buffer against credit risk.
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