Bank of Communications Trust recently announced the appointment of a new president, and there was no news of the resignation of the original president.
Tian Wenhui, a researcher at the Investment Times.
BOCOM International Trust *** hereinafter referred to as BOCOM Trust) recently announced the change of president. Judging from the published data, the company's performance in the first half of this year was not satisfactory, and last year's performance has declined. The new president will face challenges in terms of performance, among other things.
According to the recent disclosure of Bank of Communications Trust, the company appointed Zhao Haihui as president. Previously, the company's president was Li Yipeng.
Suneng shares (600925SH) also recently announced the resignation of a director named "Zhao Haihui". Zhao Haihui is the nominee director of Bank of Communications Financial Assets Investment, a shareholder of Suneng Co., Ltd., and serves as the vice president of Bank of Communications Investment.
Bank of Communications Investment is a subsidiary of Bank of Communications (601328SH) wholly owned subsidiary. BOCOM Trust is a holding subsidiary of Bank of Communications.
Li Yipeng, the former president of BOCOM Trust, and Tong Xuewei, the current chairman, are also from Bank of Communications.
According to the semi-annual report of the Bank of Communications, in the first half of this year, the net profit of the Bank of Communications Trust fell by 12 year-on-year81%。The company's net profit in 2022 also fell by 23% year-on-year71%, mainly due to a year-over-year decrease in fee and commission income and a year-on-year increase in credit impairment losses.
At the end of the first half of this year, the scale of assets under management of BOCOM Trust decreased by 3 year-on-year9%。At the end of 2022, the company's trust assets also decreased by 16% year-on-year28%。
According to BOCOM Trust's 2022 annual report, the company is strategically positioned as "the most trustworthy first-class trust company". For the new president of BOCOM Trust, the burden on his shoulders is not light.
The researcher of "Investment Times" sent a communication letter to BOCOM Trust on the above-mentioned changes in presidents and declining performance, but has not received a reply as of press time.
Change of President
The change of president of BOCOM Trust seems to be a bit sudden, and there has been no news of the resignation of the former president before.
On December 1, BOCOM Trust announced that according to the resolution of the board of directors meeting and the shareholders' meeting of BOCOM Trust, Zhao Haihui was appointed as the president of BOCOM Trust and Zhao Haihui was elected as the executive director of BOCOM Trust. Zhao Haihui's qualifications to serve as the president and executive director of BOCOM Trust have been approved by the Hubei Supervision Bureau of the State Financial Supervision and Administration Bureau.
According to the official WeChat information of Bank of Communications Trust, on August 4 this year, Zhao Haihui, deputy secretary of the Party Committee of Bank of Communications Trust, attended the 2023 Mid-year Work Conference and Warning Education Conference of Bank of Communications Trust.
The announcement did not disclose Zhao's previous employment experience. However, Suneng recently announced the resignation of a director named "Zhao Haihui". There are reports that the two are the same person.
According to the prospectus released by Suneng in February this year, Zhao Haihui is the nominated director of the company's shareholder, Bank of Communications Investment, and will serve from January 15, 2021 to August 6, 2023. Zhao Haihui has successively served as a local currency credit planner of the Comprehensive Planning Department of Bank of Communications, a senior secretary of the office secretariat, and a deputy general manager of the strategic investment departmentSince February 2018, he has served as the vice president of Bank of Communications Investment and the director of Xukuang Co., Ltd. (since January 2021). Zhao Haihui also serves as a director of China Insurance Investment and Bank of Communications Capital Management.
According to Changshu Bank's 2020 annual report, Zhao Haihui was a director of the bank from March 2014 to December 2020. Bank of Communications is a shareholder of Changshu Bank.
Regarding the former president of BOCOM Trust, the company's 2022 annual report shows that the company's president is Li Yipeng. He was appointed as an executive director of BOCOM Trust on 29 December 2018 and the president of BOCOM Trust on 26 February 2019.
Li Yipeng successively served as Assistant to the President of the Pacific Branch of Bank of Communications Wuhan Branch, Vice President and President of Jiang'an Branch, President of Qingshan Branch, Senior Manager of Corporate Business Department of Wuhan Branch, and Vice President of Bank of Communications Trust.
In addition, according to the 2022 annual report of BOCOM Trust, Tong Xuewei, chairman of the company, has served as the chairman of BOCOM Trust since September 10, 2018, and has successively served as Deputy Director of the Comprehensive Planning Department of Bank of Communications Nanjing Branch, President of Baixia Branch, Manager of the International Business Department of Nanjing Branch, Vice President and Senior Credit Executive Officer of Ningbo Branch, Deputy General Manager of Corporate Business Department and Corporate Institutional Business Department of the Head Office (at the head office level), and General Manager of the Financial Institutions Department.
According to the semi-annual report of Bank of Communications, the bank holds 85% of the shares of Bank of Communications Trust.
Net profit fell in the first half of the year
In terms of performance, judging from the disclosed performance of BOCOM Trust in the first half of the year, it is not ideal. According to the semi-annual report of the Bank of Communications, in the first half of this year, the Bank of Communications Trust achieved a net profit of 44 billion yuan, a year-on-year decrease of 1281%。
According to the 2022 annual report of Bank of Communications Trust, the bank's net profit in 2022 was 94.2 billion yuan, also down 2371%。In 2022, the operating income of fees and commissions was 106.3 billion yuan, down 15 percent year-on-year9%；Among operating expenses, credit impairment losses were 32.9 billion yuan, a year-on-year increase of 30617%。
According to the semi-annual report of Bank of Communications, at the end of the first half of this year, the assets under management of Bank of Communications Trust were 53258 billion yuan, down 3 percent year-on-year9%。According to the 2022 annual report of Bank of Communications Trust, the company's trust assets have declined in 2022, and the trust assets at the end of the year were 49521.1 billion yuan, down 16 percent year-on-year28%。
The semi-annual report of Bank of Communications did not disclose the type of assets under management of BOCOM Trust. According to the 2022 annual report of Bank of Communications Trust, at the end of 2022, the balance and proportion of real estate in the company's trust asset distribution decreased year-on-year, but the balance and proportion of real estate in the distribution of self-operated assets increased.
Specifically, at the end of 2022, in the distribution of trust assets of Bank of Communications Trust, the real estate category was 2375.6 billion yuan, accounting for 480%；In the distribution of self-operated assets, the real estate category is 569.2 billion yuan, accounting for 3140%。At the end of 2021, in the distribution of trust assets of BOCOM Trust, the real estate category was 444600 million yuan, accounting for 752%；In the distribution of self-operated assets, the real estate category is 454.3 billion yuan, accounting for 2635%。
According to BOCOM Trust's 2022 annual report, at the end of 2022, the top four of the company's top five self-operated loan companies were related to real estate. Among them, the fourth Tianjin Boya Real Estate*** has overdue loans, accounting for 10% of the total loans.
BOCOM Trust appoints a new president
Source**: BOCOM Trust official website.