On the evening of August 20th, Jinzhou Bank (004 16. HK) issued a profit warning, indicating that it is expected to record a net loss of 4 billion to 5 billion yuan (unit: RMB, the same below) in 20 18, and it is expected that the net loss in the first half of this year will be 500 million to 10 billion yuan.
Jinzhou Bank explained that the main reason for the loss was to deal with the decline in asset quality and the increase in the balance of non-performing assets, implement the International Financial Reporting Standards No.9 (IFRS 9), adopt the expected loss model, increase the provision for impairment of financial assets, and enhance the bank's ability to resist risks.
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Jinzhou Bank further stated that the profit warning was only based on the preliminary evaluation of the information currently available by the bank's board of directors and was not confirmed by the audit committee or external auditors. At the end of August, the bank will release the 20 18 annual report and the 20 19 interim results announcement.
The first half of 20 19 is like riding a roller coaster for this city commercial bank headquartered in Liaoning Province. Jinzhou Bank, which should have published last year's annual report at the end of March this year, failed to disclose the annual report, and its H shares and overseas preferred shares were suspended from April 1.
Until the end of July, Jinzhou Bank "dawned", and the bank introduced three strategic investors: ICBC Investment, Cinda Investment and Great Wall Assets. ICBC invested no more than 3 billion yuan to acquire 65,438+00.82% equity of the bank, and Cinda Assets also acquired 6.49% equity of domestic shares of the bank.
After the introduction of strategic investment, the top management of Jinzhou Bank is also facing a round of "big change of blood". Liu Hong, the former president of Jinzhou Bank, resigned for personal health reasons, and Guo Wenfeng, a veteran who has worked in ICBC for more than 25 years, took over as the new president. Only three days after the announcement of coaching change, Liaoning Banking Insurance Regulatory Bureau quickly approved Guo Wenfeng's qualification. At the same time, several senior managers of Jinzhou Bank have also been approved for supervision, including two vice presidents, Yang Weihua and Kang Jun, and the chief financial officer.
Jinzhou Bank also revealed that there will be a further capital replenishment plan, and it will issue H shares or domestic shares to high-quality investors who meet the shareholder qualification requirements of commercial banks.
At the end of June last year, the NPL ratio was 1.26%.
The 20 18 interim report of Jinzhou bank shows that the bank achieved revenue of 9.672 billion yuan in the first half of last year, up 13.4% year-on-year, and its net profit reached 4.34 billion yuan, up 7.7% year-on-year.
The main reason of Jinzhou Bank's huge loss this time: "the quality of assets decreased and the outstanding balance of non-performing assets increased" is not obvious in the bank's 20 18 interim report.
By the end of June 20 18, the NPL ratio of the Bank was 1.26%, up by 0.22 percentage point from the end of June 20 17. The balance of non-performing loans was 36,543.8+33 billion yuan, an increase of 39.43% over the end of last year. As for the increase in NPL ratio, the Bank explained that it was mainly due to the national macroeconomic uncertainty, and some customers in individual industries had difficulties in operating, which led to the increase in NPL ratio.
According to the semi-annual report, by the end of the second quarter of 20 18, the bank's overdue loans totaled 6.389 billion yuan, loans overdue for more than 90 days were 3.222 billion yuan, and the deviation of non-performing loans was about 103%. At the same time, the bank's provision coverage ratio was 242. 1%, down 58.23 percentage points from the same period last year.
According to public information, Jinzhou Bank was established in 1997 and listed on the main board of the Hong Kong Stock Exchange in 20 15. By the end of the second quarter of last year, the bank had set up 15 branches in Beijing, Tianjin and Shenyang, with 7 rural banks and 1 financial leasing company: Jinyin Financial Leasing Co., Ltd., with total assets of 748.392 billion yuan. The National Business Daily reporter noted that before the suspension, Jinzhou Bank's H shares were quoted at HK$ 7 per share with a total market value of HK$ 54.5 billion.