Curious about Bank of Jiangsu net worth and how it ranks in 2024? In this article, Ando Money breaks down the bank’s financial performance, from its market cap to loans and assets.
Let’s dive in and see what drives the success of this major financial player.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | Bank of Jiangsu |
| Full Name | Bank of Jiangsu Co., Ltd. |
| Traded as | Shanghai Stock Exchange: 600919 |
| ISIN | CNE100002FY3 |
| Founded | January 24, 2007 |
| Founders | Formed through merger of 10 commercial banks |
| Country/Territory | China |
| Headquarters | Nanjing, Jiangsu Province, China |
| Chief Executive Officer | Ge Renyu |
| Number of Employees | 19,597 (2023) |
| Market Cap | $20.60 Billion (September 2024) |
| Total Assets | RMB 3.40 Trillion ($467.8 Billion) (2023) |
| Total Equity | RMB 259.12 Billion ($35.64 Billion) (2023) |
| Revenue | RMB 74.29 Billion ($10.22 Billion) (2023) |
| Net Income | RMB 30.01 Billion ($4.12 Billion) (2023) |
What is the Net Worth/Market Cap of Bank of Jiangsu in 2024?
As of September 2024, Bank of Jiangsu has a market capitalization of $20.60 billion. This positions the bank among the notable players in China’s financial sector, reflecting its significant presence.
The market cap shows steady growth, mirroring the bank’s increasing profitability and solid asset base.
Comparatively, this figure places Bank of Jiangsu slightly behind some of the larger state-owned banks in China but keeps it competitive within the realm of urban commercial banks.
In the global context, Bank of Jiangsu holds its ground, though larger international banks like HSBC and JPMorgan Chase still command higher market caps.
When comparing its market cap to some of the largest banks in the world, Bank of Jiangsu may not be at the very top but demonstrates impressive regional strength.
Here are some other banks related to Bank of Jiangsu:
- Industrial and Commercial Bank of China
- China Construction Bank
- Bank of China
- Bank of Nanjing
- Bank of Ningbo
- Agricultural Bank of China
- Ping An Bank
- China Merchants Bank
- Bank of Shanghai
For more details on the largest global banks, you can check out which banks are leading the industry.
Financial Performance Overview
Operating Income and Profitability
Bank of Jiangsu’s operating income in 2023 reached RMB 74.29 billion ($10.22 billion), reflecting a 5.28% year-on-year growth.
This increase was primarily driven by a combination of net interest income, which contributed RMB 52.64 billion ($7.24 billion), and the bank’s effective handling of loans and deposits.
Despite challenges such as fluctuating global interest rates, the bank’s focus on efficiency has kept its growth on track.
Net profit for 2023 rose to RMB 30.01 billion ($4.12 billion), demonstrating a 13.25% increase from the previous year.
This uptick can be attributed to the bank’s ability to control costs and manage risks effectively, leading to higher profitability despite a competitive banking landscape.
Contribution of Loans and Advances to Revenue
In 2023, Bank of Jiangsu’s loan portfolio played a significant role in driving revenue growth.
Loans to enterprises and individuals saw a combined increase of 12.32%, with total loans reaching RMB 1.80 trillion ($247.6 billion).
Corporate loans grew significantly by 19.89%, reflecting the bank’s strong focus on supporting local businesses, particularly in Jiangsu Province.
The bank’s loan-to-deposit ratio stood at 89.79%, showcasing an efficient allocation of its deposit base towards generating revenue through lending activities.
The balanced growth in corporate and retail loans reflects Bank of Jiangsu’s dual focus on serving both enterprises and individual clients.
Impact of Deposits and Liabilities on Revenue
Bank of Jiangsu’s deposits grew by 15.39% in 2023, totaling RMB 1.88 trillion ($258.7 billion).
These deposits form the backbone of the bank’s lending operations, allowing it to support both corporate and individual borrowers while maintaining a healthy loan-to-deposit ratio.
This deposit base not only fuels loan issuance but also supports other investment activities, providing a stable source of income for the bank.
On the liabilities front, Bank of Jiangsu has managed its debt securities carefully, with total issued debt securities amounting to RMB 392.4 billion ($53.9 billion), a reduction of 17.96% compared to the previous year.
The bank’s focus on reducing liabilities has helped it to lower interest expenses, thus boosting profitability.
Non-Interest Income Streams
While net interest income is a key driver of Bank of Jiangsu’s revenue, non-interest income also plays a critical role.
The bank reported RMB 4.28 billion ($590 million) in fees and commission income, although this figure represents a 31.6% drop from 2022 due to changes in handling fees and commissions.
Despite this decline, the bank continues to focus on wealth management, asset management, and financial leasing through its subsidiaries like Suyin Financial Leasing Co., Ltd., which have helped diversify its income streams.
Risk Management and Asset Quality’s Role in Financial Stability
The bank’s focus on risk management has been a crucial factor in maintaining the quality of its assets. In 2023, the non-performing loan (NPL) ratio dropped to 0.91%, reflecting a sustained improvement in asset quality.
The provision coverage ratio stood at 378.13%, demonstrating that the bank has adequate reserves to cover potential loan losses.
These risk management practices are essential to maintaining financial stability and protecting the bank’s profitability in the long term.
Green and Inclusive Finance: New Revenue Drivers
In recent years, Bank of Jiangsu has been a pioneer in green finance and inclusive finance.
By the end of 2023, the bank’s green credit portfolio grew by 42.50%, reflecting its commitment to supporting environmentally friendly projects.
At the same time, its focus on inclusive finance saw small and micro loans reach RMB 620 billion ($85.5 billion), an increase of 25.27%.
These initiatives not only align with national priorities but also open up new avenues for revenue growth.
Role of Digital and Intelligent Finance in Boosting Revenue
Bank of Jiangsu is also pushing the boundaries of digital finance.
With over 18 million mobile banking customers and more than 6 million monthly active users, the bank is leading in the adoption of digital solutions in the Chinese banking sector.
The use of technologies like artificial intelligence (AI) and big data is helping the bank to improve customer service, reduce costs, and enhance revenue generation.
This digital transformation is further reflected in the bank’s focus on smart financial products and innovative services, which are tailored to meet the evolving needs of its customers in a rapidly digitalizing world.
Shareholder Returns and Capital Strength
Finally, Bank of Jiangsu’s strong financial performance has allowed it to maintain generous shareholder returns.
In 2023, the bank distributed RMB 8.63 billion ($1.19 billion) in dividends, representing 30% of its net profit.
This shareholder-friendly policy, combined with the conversion of RMB 20 billion ($2.75 billion) worth of convertible bonds into shares, has strengthened the bank’s capital base, ensuring continued growth and stability.
FAQs about Bank of Jiangsu
Who is the Chief Executive Officer of the bank?
The CEO of the bank is Xia Ping. Under its leadership, the bank continues to grow in profitability and global presence.
How many employees does the bank have?
The bank employs 19,597 people as of 2023. Its workforce supports its operations across China and internationally.
When was the Bank of Jiangsu founded?
The bank was founded on January 24, 2007. It emerged from the consolidation of city commercial banks in Jiangsu Province.
What are the major sources of revenue for the bank?
The bank’s revenue comes from:
- Interest income through loans
- Non-interest income via fees and commissions
- Green and inclusive finance initiatives
What is the non-performing loan ratio of the bank?
The bank’s NPL ratio stands at 0.91% in 2023, showing effective risk management and strong asset quality.
What is the capital adequacy ratio of the bank?
The capital adequacy ratio of the bank is 13.31%, showing its ability to cover potential losses.
Where is the headquarters of the Bank of Jiangsu?
The bank is headquartered in Nanjing, Jiangsu Province, China, placing it in a key economic hub.
Conclusion
Bank of Jiangsu continues to perform strongly in 2024 with impressive growth in its net worth, market cap, and revenue streams.
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