Shanghai Rural Commercial Bank Co Ltd

The Shanghai Regulatory Bureau of the National Financial Regulatory Administration disclosed administrative penalty information on October 8. Shanghai Rural Commercial Bank Baoshan Sub-branch was fined 1.8 million yuan for multiple serious violations of prudent operating rules involving employee conduct management, working capital loan management, installment business, and personal loan management. According to the penalty notice, Zhuang Rong, then a client manager in the bank's Market Department II, was banned from working in the banking industry for 10 years, and Gu Yanqing, then assistant manager of Retail Market Department I, was banned for 5 years. Shanghai Rural Commercial Bank is a corporate bank controlled by state-owned capital and headquartered in Shanghai. It is also the first provincial-level joint-stock commercial bank in China established through restructuring on the basis of rural credit cooperatives. On August 19, 2021, it became a company listed on the main board of the Shanghai Stock Exchange under the stock abbreviation SRCB and stock code 601825.SH. The latest financial report shows that in the first half of this year, the company achieved operating revenue of 13.688 billion yuan, up 1.82 percent year on year, and net profit attributable to shareholders of the parent company of 7.073 billion yuan, up 0.87 percent year on year. The earnings growth was mainly driven by growth in net interest income and cost control. The company plans to distribute a cash dividend of 2.499 yuan per 10 shares, tax included.