Municipal lender the Bank of Suzhou has flagged efforts to further expand consumer finance operations in 2022.
Bank of Suzhou recently announced in an investor relations letter that it would “actively welcome the consumer market in 2022, and strive to increase the provision of consumer finance loans.”
The bank will also “flexibly adjust its retail lending strategy, guarantee [supply for] the rigid demand for residential home investment, and provide mortgages.”
Bank of Suzhou was first established in September 2010, and listed on the Shenzhen Stock Exchange August 2019. As Suzhou’s only municipal commercial bank, it specialises in “servicing small and medium-sized clients and servicing municipal residents.
The bank’s total assets were 453.033 billion yuan as of the end of 2021, for YoY growth of 16.74%, while its operating revenues were 10.831 billion yuan, for YoY growth of 4.51%, and its net profits were 3.101 billion yuan, for YoY growth of 20.57%.
As of the end of 2021 Bank of Suzhou’s nonperforming loan ratio was 1.11%, for a decline of 0.27 percentage points compared to the end of 2022, while its provision coverage ratio was 423.58%, for an increase of 131.84 percentage points.