Upgrade Loan Rates Reach 24%, Suning Commercial Bank Faces Mounting Credit Impairment Losses

Recently, numerous users reported seeing frequent advertisements for Suning Commercial Bank's "Upgrade Loan" product circulating on WeChat Moments. The advertisement displays an annual interest rate (simple interest) of 3.92%-24% after the first borrowing coupon, with a maximum loan amount of 300,000 yuan. Specific loan amounts and interest rates are subject to actual approval results.

According to Suning Commercial Bank's official website, the Upgrade Loan is a consumer loan product designed specifically for individual consumers. The product features an annual interest rate starting from 4.9% (simple interest), requires only an ID card for application, offers a maximum limit of 200,000 yuan, and provides approval and disbursement within 3 minutes at the fastest. However, the website does not specify the upper limit of the product's lending rate.

Regarding questions about the actual lending rates of the Upgrade Loan product and the proportion of 24% lending rates, the bank has not responded to media inquiries as of publication time.

According to public information, Suning Commercial Bank was established in June 2017, located in Nanjing, Jiangsu Province, with Huang Jinlao as the legal representative and a registered capital of 4 billion yuan. It is a commercial bank approved by the China Banking and Insurance Regulatory Commission. The bank was formerly known as "Jiangsu Suning Bank Co., Ltd." In March 2024, following regulatory approval, Suning Bank was officially renamed "Suning Commercial Bank."

In terms of shareholding structure, as of the end of 2024, Suning Commercial Bank's shareholders are primarily listed companies from Jiangsu Province. Suning.Com Co.,Ltd. (002024.SZ, stock name "ST易购") and Solareast Holdings Co.,Ltd. (603366.SH) are the bank's top two shareholders, holding 30% and 23.60% respectively.

Jiangsu Shuangxing Color Plastic New Materials Co.,Ltd. (002585.SZ) and Focus Technology Co.,Ltd. (002315.SZ) each hold 9.95% stakes, tied as the bank's third-largest shareholders. Jsti Group (300284.SZ), actually controlled by Guangzhou State-owned Assets Supervision and Administration Commission, holds 9.80% of the bank's shares.

It was noted that Suning Commercial Bank's financial report disclosure is quite concealed. After considerable effort, the bank's 2024 financial report was finally located around page 18 of the announcement section on its official website.

The annual report shows that in 2024, Suning Commercial Bank achieved operating revenue of 5.006 billion yuan, a year-on-year increase of 11.22%, and net profit of 1.158 billion yuan, up 10.23% year-on-year. This was mainly due to the bank's continued efforts to increase credit lending, achieving steady revenue growth despite narrowing interest margins.

A significant increase in investment income was identified as one of the reasons for Suning Commercial Bank's substantial performance growth. In 2024, the bank achieved investment income of 891 million yuan, accounting for 76.94% of the bank's net profit, while in 2023, the bank recorded an investment loss of 19 million yuan.

As of the end of 2024, Suning Commercial Bank's total assets reached 137.554 billion yuan, up 17.92% year-on-year; total liabilities were 129.700 billion yuan, up 18.16% year-on-year; and the asset-liability ratio was 94.29%.

During the same period, the bank's total loans amounted to 69.896 billion yuan, up 12.08% year-on-year, while deposit balances reached 93.066 billion yuan, up 18.55% year-on-year, with deposit growth outpacing loan growth.

Notably, Suning Commercial Bank's credit impairment losses have been continuously increasing in recent years. In 2021, 2022, 2023, and 2024, the bank's credit impairment losses were 1.808 billion yuan, 2.006 billion yuan, 2.445 billion yuan, and 2.868 billion yuan, respectively.

Regarding operating expenses, Suning Commercial Bank's business and administrative expenses showed significant growth in 2024. Business and administrative expenses totaled 1.430 billion yuan, up 48.39% year-on-year, mainly due to the bank's continued investment in AI large models and big data risk control during the reporting period, resulting in substantial increases in business-related expenses such as data inquiry fees and information technology service fees.