Wang Xifeng, Chairman of Qingdao Rural Commercial Bank Corporation (Qingdao Rural Commercial Bank), has retired upon reaching retirement age.
On November 26, Qingdao Rural Commercial Bank announced that Wang Xifeng resigned from his positions as executive director, chairman of the fifth board of directors, and chairman of the board’s strategic planning committee due to retirement. He will no longer hold any role at the bank.
Following his departure, the bank’s current president, Yu Fengxing, will temporarily assume the chairman’s responsibilities until a new chairman is elected and approved by regulators.
Notably, the announcement revealed that Wang Xifeng’s original term was set to expire on June 18, 2027, meaning his departure came a year and a half earlier than planned.
Wang Xifeng, born in August 1965, is 60 years old. He previously held long-term positions at Bank of China, rising from an accounting clerk to leadership roles, including president of Bank of China Rizhao Branch and Shandong Branch.
In November 2017, when Evergrowing Bank faced a major crisis due to corruption among its former management, Wang Xifeng was appointed as its president in June 2018. During his tenure, he implemented a three-step strategy—"disposing of non-performing assets, introducing strategic investors, and restructuring for listing"—to stabilize the bank.
In August 2022, Wang Xifeng joined Qingdao Rural Commercial Bank as party secretary and was nominated as an executive director candidate. By January 2023, he became the bank’s chairman and party secretary, serving nearly three years in the role.
In 2023, Wang Xifeng topped the salary rankings for A-share rural commercial bank chairmen with a pre-tax income of 1.8726 million yuan. In 2024, his salary increased by 85,800 yuan, maintaining his position as the highest-paid chairman.
Wang Xifeng was the bank’s second chairman, succeeding Liu Zhongsheng, a veteran who served for over a decade before stepping down due to exceeding tenure limits for key personnel.
Under Wang Xifeng’s leadership, Qingdao Rural Commercial Bank’s total assets steadily grew, surpassing the 500-billion-yuan milestone. By the end of Q3 2025, its assets reached 509.92 billion yuan, up 3.01% year-on-year.
In 2023, the bank reported revenue of 10.325 billion yuan, up 3.84% year-on-year, and net profit of 2.568 billion yuan, up 10.82%. In 2024, revenue rose 6.85% to 11.033 billion yuan, while net profit increased 11.24% to 2.856 billion yuan.
For the first three quarters of 2025, revenue declined 4.92% to 8.028 billion yuan, but net profit grew 3.57% to 3.318 billion yuan.
By the end of September 2025, the bank’s non-performing loan ratio dropped 0.06 percentage points year-on-year to 1.73%, with NPL balances falling 2.74% to 4.65 billion yuan, achieving a "dual decline" in both metrics.
Regarding dividends, the bank’s payout ratio fluctuated between 18.12% and 34.43% from 2018 to 2021. It skipped dividends in 2022 but resumed in 2023 and 2024 with ratios of 21.64% and 23.34%, respectively.
In August 2025, shareholders holding over 3% of the bank proposed a three-year interim dividend plan for Q3 reports from 2025 to 2027, suggesting payouts of at least 30% of quarterly net profits. However, the proposal was rejected by the board.
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