bohocasinonodepositbonuscodes| The stock price once approached the limit and the net profit growth rate fell short of expectations. The secondary market voted with its feet? Bank of Jiangsu management responds that market value management will do so
Financial Associated Press, April 26 (Reporter Gao Ping) after the disclosure of the 2023 annual report and the first quarterly report of this year the night before, Jiangsu Bank was voted with its feet by investors today. Trading prices show that today, Jiangsu Bank jumped short and fell sharply, once approaching the limit. By the close of noon, the Bank of Jiangsu was down 9. 9%.Bohocasinonodepositbonuscodes.6%. At the beginning of afternoon trading, the decline of Jiangsu Bank narrowed somewhat, down 8% as of press time.Bohocasinonodepositbonuscodes.77%.
According to the data, Jiangsu Bank's revenue and homing net profit increased by 5.3% and 13.3% in 2023 compared with the same period last year, and declined in the fourth quarter of 2023, respectively, but increased by 11.72% and 10.02% respectively in the first quarter of 2024. Some securities firms have reported that the growth rate of net profit of Jiangsu banks is lower than market expectations. Today, at the performance meeting of 2023 and the first quarter of 2024, the management of the Bank of Jiangsu conducted a meeting on this year's performance trend, dividend plan, market capitalization management measures and other issues.BohocasinonodepositbonuscodesResponded.
Management looks forward to the performance trend of this year
"overall, the growth rate of Jiangsu Bank's net profit is larger than before, which is lower than our and market expectations, mainly due to interest margin pressure and provision provision." For the latest disclosure of Jiangsu BankBohocasinonodepositbonuscodesAccording to China International Capital Corporation's periodic report, the research newspaper thinks so. According to the data, the revenue and net profit of Jiangsu Bank increased by 5.3% and 13.3% in 2023 compared with the same period last year, while those in the fourth quarter of 2023 decreased by 7.1% and 36.8% respectively, and increased by 11.72% and 10.02% respectively in the first quarter of 2024.
In recent years, banking spreads are generally under pressure to narrow. According to the annual report, the net interest margin of Jiangsu banks fell to 1.98% and 1.95% in 2023. In 2022, the net interest margin is 2.32% and the net interest margin is 2.11%. China International Capital Corporation research newspaper pointed out that in 2023, the average daily net interest margin of Jiangsu Bank decreased by 34bp to 1.98% compared with the same period last year. The research report believes that the income held by trading financial assets will no longer be included in interest income under the reduction caliber. It is estimated that the net interest margin in the fourth quarter of 2023 fell by 35bp to 1.59% from the previous quarter, and rose to 1.82% in the first quarter of 2024 from the previous quarter.
At the performance meeting, some investors mentioned the reasons for the low profits in the fourth quarter of 2023. The management of the Bank of Jiangsu did not respond directly to the problem, saying only that the bank maintained healthy revenue and net profit growth in 2023. Against the background of a high base in the first quarter of last year, revenue and net profit growth in the first quarter of this year still maintained double digits, reflecting a benign and sustainable development trend. In the future, the bank will continue to aim to outperform the market.
In addition, looking forward to the performance trend of this year, GE Renyu, chairman of Jiangsu Bank, stressed that the first quarter of this year was off to a good start. "combined with the periodic report and the previous exchanges, I believe you can see that the Bank of Jiangsu has maintained a steady and good development trend in last year and the first quarter of this year, especially in the first quarter of this year. We have further achieved double growth in revenue and return net profit on a high base and a high starting point, and achieved a relatively good start." GE Renyu said that despite the increasingly complex and severe development environment and industry competition faced by banks, they are still confident of successfully achieving their full-year goals.
The work of increasing the frequency of medium-term dividends has been studied.
The dividend situation of listed banks is a topic concerned by the market. According to reports, coupled with the cash dividend in 2023, Jiangsu Bank has accumulated cash dividends of more than 38 billion yuan in common shares over the past eight years on the market. If preferred stock dividends and convertible bond coupons are added, the total dividend payout to various investors in the A-share market will exceed 45 billion yuan. "especially in the past four years, we have further combined with the changes in the internal and external situation, and on the basis of overall consideration of investor returns and our own sustainable development, we have maintained a cash dividend ratio of 30% of the net profit returned to the home every year, and the stock price has outperformed the market in the same period, providing investors with more stable cash dividends and stock investment returns." Lu Songsheng, secretary of the board of directors of Jiangsu Bank, said.
Recently, guidelines on cash dividends of listed companies and the "New Nine articles" have been issued one after another. what are Jiangsu Bank's plans for dividends in the future? Lu Songsheng said that over the past period of time, the bank has paid close attention to and carefully studied some of the new regulations and requirements issued by the regulatory authorities, although the listed banks are relatively special in terms of industry attributes, and the services to the real economy and the promotion of measures to benefit the people have been continuously strengthened, and the capital demand is getting stronger and stronger, but the Bank of Jiangsu still hopes to maintain stability in the overall dividend policy.
Recently, the board of directors of the Bank of Jiangsu examined and passed a motion on requesting the general meeting of shareholders to authorize the board of directors to decide on the distribution of medium-term profits in 2024. Lu Songsheng said that the Bank of Jiangsu has carefully studied some work such as increasing the frequency of dividends, which will be carried out in strict accordance with the relevant regulations on the basis of overall consideration of the company's profits, cash flow and medium-and long-term development plans.
The performance will encounter a sharp fall in the company's share price. In further question-and-answer exchanges, some investors asked about the specific measures of Jiangsu Bank in market value management in 2024. In response, the management of Jiangsu Bank said that it will actively carry out market value management and promote market value management in 2024 mainly from several aspects. First, it will continue to do a good job in operation and management and constantly increase investors' returns. "from the first quarter," Our revenue and return net profit have maintained double-digit growth and continued to maintain a healthy development momentum of making progress in the midst of stability and outperforming the general trend. The second is to strive to maintain a high cash dividend ratio, continuing to maintain the cash dividend ratio of 30% of homed net profit in 2023. In addition, taking full account of the demands of investors, we plan to carry out interim dividends in 2024; third, we will continue to strengthen communication between institutional investors and major shareholders and actively promote major shareholders to increase their holdings. the amount of increase of major shareholders in 2023 will be among the highest in the Shanghai stock market, and we will further do a good job in this regard in 2024.
