Based solely on headline operating metrics, Bank Of Chongqing Co.,Ltd. appears to have delivered an impressive set of results for the first half of 2026. Financial data reveals the bank generated revenue of RMB 8.486 billion as of June 30, 2026, marking a 10.79% year-on-year increase, while net interest income reached RMB 3.667 billion, up 10.97% from the prior year.
However, a closer examination of the revenue structure paints a more concerning picture. Net interest income amounted to RMB 7.389 billion, surging 26.04% year-on-year and lifting its share of total operating revenue to 87.07%. This proportion stood at 72.98% in the same period of 2024 and 76.54% in 2025, representing an approximate 14 percentage point increase over two years. Conversely, the share of non-interest income has been nearly halved, dropping from 27.02% to 12.93%. The bank's revenue growth is becoming increasingly dependent on the single engine of lending and deposit spreads, marking a clear regression in income diversification. Moreover, as the first mainland Chinese bank to list on the Hong Kong stock exchange, Bank Of Chongqing Co.,Ltd. continues to make multiple errors in its public disclosures thirteen years after its IPO, raising serious doubts about its professionalism and attention to detail.
Growing Reliance on a Single Revenue Source Puts Earnings Stability Under Scrutiny
According to the bank's interim report, the 26.04% year-on-year growth in net interest income during the first half of 2026 far outpaced the 10.79% increase in overall revenue. The primary driver behind this was the rapid expansion of interest-earning assets. The average balance of interest-earning assets reached RMB 1.02 trillion, an increase of RMB 167.903 billion, or 19.73% year-on-year. The average balance of customer loans and advances grew by 18.68%, directly fueling loan interest income of RMB 11.472 billion, an increase of RMB 1.298 billion, or 12.75% year-on-year. A factor decomposition shows that balance sheet expansion contributed approximately RMB 1.165 billion to the increase in net interest income, while interest rate factors contributed around RMB 362 million, with scale factors accounting for over 70% of the growth. This suggests the high growth in net interest income is primarily a result of "compensating for lower prices with higher volume," rather than a substantive improvement in pricing power.
In stark contrast to net interest income, non-interest income experienced a broad contraction. The interim report shows that Bank Of Chongqing Co.,Ltd. recorded net fee and commission income of RMB 322 million in the first half of 2026, down 11.81% year-on-year. Its share of total revenue fell from 7.14% in the same period of 2024 to 3.79%, nearly halving. Furthermore, fluctuations in investment income were even more pronounced, dropping to just RMB 609 million in the first half of 2026, a substantial 61.61% decline year-on-year. Its contribution to revenue plummeted from 22.21% in the first half of 2024 to just 7.18%. With both pillars of non-interest income—fees and investment returns—weakening simultaneously, the revenue structure has tilted decisively toward interest-based business.
Frequent Disclosure Errors Cast Doubt on Professional Rigour
Beyond the increasingly concentrated revenue mix, the bank's financial report contains a series of conspicuous errors. In the long-term equity investment (continued) section, the report states: "As of June 30, 2026, the Group holds 4.97% of the shares of Chongqing Three Gorges Bank Co., Ltd." However, the Chinese phrasing used the word "截止" instead of the correct "截至". According to the 7th edition of the Modern Chinese Dictionary, "截止" is an intransitive verb that cannot be directly followed by a time object. The correct usage requires "截止到" or the alternative "截至". Across the entire financial report, the correct term "截至" is used 354 times, with this being the only instance of the incorrect usage.
Additionally, in the credit risk measurement section, the bank wrote: "This model also incorporates the expert judgment of credit risk management personnel into the final internal credit rating of individual credit exposures." A closer look reveals a clear grammatical error in the Chinese text, omitting a crucial character. The correct phrase should be "专家判断纳入到逐笔信用敞口" (expert judgment incorporated into individual credit exposures).
In the related party transactions (continued) section, the report refers to "关联方金融投资投资收益发生额" (related party financial investment investment income amount). Comparing this with preceding references to "关联方金融投资余额" (related party financial investment balance) and "关联方金融投资利息收入发生额" (related party financial investment interest income amount), it becomes evident that the word "投资" (investment) has been mistakenly duplicated in this instance.
Beyond these textual errors, there is a numerical discrepancy in the bank's financial report. It states a non-performing loan (NPL) provision coverage ratio of 247.31%. However, applying the standard formula—loan loss provision balance divided by non-performing loan balance, multiplied by 100%—to the disclosed figures (loan impairment provisions of RMB 15,902,546 thousand and NPLs of RMB 6,440,779 thousand) yields a calculated ratio of 246.90%. While the 0.41 percentage point difference may seem minor, it corresponds to a discrepancy of approximately RMB 106 million in the NPL balance basis. Although this calculation error could potentially stem from differing statistical scopes within the five-tier loan classification, the report's notes fail to provide any explanation for this variance.
A Decade of Listing, Yet a Persistent Accountability Gap
Thirteen years after its debut as the first mainland city commercial bank to list in Hong Kong, and now dual-listed on both the A-share and H-share markets, Bank Of Chongqing Co.,Ltd. has failed to translate its capital market credentials into a corresponding improvement in disclosure quality. This single interim report contains a litany of issues: confusion between "截止" and "截至", a missing character in a sentence, a duplicated word in a heading, and an unexplained difference in the provision coverage ratio calculation. While none of these errors are individually fatal, they collectively expose a careless compilation process and an ineffective review mechanism. A financial report constitutes the most fundamental trust contract between a listed company and its investors. Every figure and every statement within that contract must be able to withstand scrutiny.
More concerning than these textual slips are the signals emanating from the bank's operations. When scale expansion becomes the primary engine of growth, and when net interest margins continue to hover at low levels within the industry, the stability of earnings will face a genuine test once the credit cycle turns. Bank Of Chongqing Co.,Ltd. truly needs to engage in serious self-reflection: not just about a few typographical errors in a report, but about the fundamental professional standards underlying its information disclosure, and about how to forge a sustainable development path that does not rely solely on lending and deposit spreads amidst deepening interest rate liberalization.