Recently, several large state-owned commercial banks have successively disclosed their 2023 operating performance reports. Overall, in the face of a complex and severe external environment, large state-owned commercial banks have delivered a stable and positive "report card": key indicators continue to improve, non-performing loan rates have decreased, support for key areas and weak links has increased, and internationalization levels have steadily improved. Multiple indicators have remained stable over the past year, and the revenue situation of state-owned banks has been good. Bank of China achieved a total revenue of 622.889 billion yuan last year, a year-on-year increase of 6.41%. China Postal Savings Bank (hereinafter referred to as Postal Savings Bank) achieved a revenue of 342.507 billion yuan, a year-on-year increase of 2.25%. The net amount of loans and advances issued by China Construction Bank increased by 12.64%, accounting for 1 percentage point of the total assets compared to the previous year; Bond investment increased by 13.02%, accounting for 0.49 percentage points of total assets. The non-performing loan ratio has decreased, and the effectiveness of risk management has been significant. As of the end of 2023, the non-performing loan ratio of Postal Savings Bank of China was 0.83%, a decrease of 0.01 percentage points from the end of the previous year; The non-performing loan ratio of Bank of China decreased by 0.05 percentage points from the end of last year to 1.27%; The non-performing loan ratios of Agricultural Bank of China and Bank of Communications were both 1.33%, a decrease of 0.04 percentage points and 0.02 percentage points respectively compared to the end of the previous year; The non-performing loan ratios of Industrial and Commercial Bank of China and China Construction Bank decreased by 0.02 percentage points and 0.01 percentage points respectively from the end of last year to 1.36% and 1.37%. Due to factors such as the decline in market interest rates and continuous concessions to the real economy, the net interest margin of several state-owned banks has decreased. Gu Shu, Chairman of Agricultural Bank of China, stated that at the end of 2023, the loan interest rate of Agricultural Bank of China was 3.79%, a decrease of 30 basis points from the previous year, which is basically consistent with industry trends and comparable banks. This is mainly due to supporting the real economy and actively making concessions to the real economy. Postal Savings Bank actively responded to market changes, accelerated the cultivation of differentiated growth poles, and achieved some significant countercyclical changes in 2023. According to Liu Jianjun, the President of Postal Savings Bank of China, the significant changes in the countercyclical trend are concentrated in maintaining a net interest margin of over 2%; The net interest income growth rate reached 3%, which is 1.44 percentage points higher than the growth rate in 2022. Looking ahead to 2024, the trend of narrowing the net interest margin of commercial banks may still continue. Postal Savings Bank will create differentiated growth poles and maintain moderate growth in loan scale. The annual report of state-owned banks that support key areas and weak links reflects more support for these areas. Industrial and Commercial Bank of China has strengthened its high-quality financial services for major strategic areas, key areas, and weak links. The loan growth rate in manufacturing, science and technology innovation, green, inclusive, rural revitalization, and personal consumption areas is higher than the average growth rate of various loans, and private borrowers are growing rapidly. Bank of Communications has increased financial support for small and micro enterprises and rural revitalization, serving to expand domestic demand and promote consumption, and steadily improving the quality and efficiency of inclusive financial business development. According to the annual report of Bank of Communications, at the end of the reporting period, the balance of inclusive small and micro enterprises and agricultural loans increased by 29.38% and 24.8% respectively compared to the end of the previous year, and by 159.99% compared to the end of 2020
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