Ningbo Bank's "Thunderous Overhaul" Breaks 21-Year Old Pattern

Listing | Read Business Era

Editor | Li Xiaoyan

As competition among city commercial banks intensifies, Ningbo Bank, with 3 trillion yuan in assets, issued a major announcement on the evening of February 26: the ninth board of directors has completed its reshuffle, and the executive team has been fully reorganized. Lu Huayu, who has led the bank for 21 years, has stepped down upon reaching retirement age, with Zhongsheng Generation management core members Zhuang Lingjun and Feng Peijiong taking over. This is not only a “sweeping personnel overhaul” for Ningbo Bank but also a systematic reshaping of its development direction for the next 5–10 years amid the deepening of interest rate marketization and increasing industry competition.

Supporting this smooth transition is Ningbo Bank’s solid 2025 performance report. The performance quick report shows that the bank achieved an operating income of 71.968 billion yuan for the year, an increase of 8.01% year-on-year; net profit attributable to the parent was 29.333 billion yuan, up 8.13%. Despite the overall slowdown in banking industry growth, the bank maintained profit expansion of over 8%, demonstrating strong profitability resilience. By the end of 2025, total assets reached 3.63 trillion yuan, a 16.11% increase; loans and advances amounted to 1.73 trillion yuan, up 17.43%, with credit issuance intensity exceeding asset growth pace.

More importantly, the bank’s asset quality indicators are noteworthy: non-performing loan ratio at 0.76%, remaining below 1% for 18 consecutive years since listing in 2007; provision coverage ratio at 373.16%, maintaining a high level. The combination of “low non-performing loans + high provisions” forms the core barrier to cycle fluctuations and is the most important underlying factor in this personnel reshuffle.

Within this performance framework, the resumes and roles of the new management team are highly indicative.

Born in 1979, the new Chairman Zhuang Lingjun will become the youngest chairman among A-share listed banks. His career path covers the entire banking operation chain: starting as a branch customer manager, working long-term on the front line; later entering the risk management department at the head office, serving as general manager of risk management, involved in building credit approval, risk warning, and asset classification systems; subsequently serving as head of Beijing branch, overseeing cross-regional operations; promoted to president in 2022, leading industry-wide business and risk coordination. During his tenure, assets grew from 2.9 trillion yuan to 3.63 trillion yuan, with asset quality continuing to lead among peers. His management philosophy emphasizes capital constraints, risk pricing, and transparent control, being a key architect of the “banking as risk management” system. His appointment indicates that risk bottom line and capital discipline will remain central to governance.

At the “Ningbo Bank 2025 Outlook” event held at the end of December 2025, then-CEO Zhuang Lingjun stated that Ningbo Bank is committed to serving the real economy, actively implementing the “Five Major Articles,” and aims to create value for clients through professionalism. Currently, the bank’s total assets exceed 3 trillion yuan, making it a systemically important bank nationally, ranked among the top 100 banks globally, at 80th place; it remains one of the highest-valued A-share listed banks with the lowest non-performing rate. Ningbo Bank continues to develop the “Four Modernizations and Five Supports” service system, empowering clients through specialization, digitalization, platformization, and internationalization.

The new CEO, Feng Peijiong, born in 1974, has long focused on retail finance and regional operations. He has served as head and deputy head of Suzhou branch, with extensive experience in regional market expansion; also managed retail and human resources, gaining deep expertise in channel development, wealth management systems, and performance incentive design. His management style emphasizes refined operations and organizational collaboration, excelling in customer segmentation and product mix management. Under his leadership, with assets under management continuously growing and non-interest income increasing, his execution is seen as further amplifying retail advantages. Zhuang Lingjun and Feng Peijiong have long partnered, forming a “risk coordination + business promotion” dual-core structure with clear division of labor and mature cooperation.

At the vice president level, the approach continues to be “mainly internal promotion, supplemented by external hiring.” Wù Wénshēng, Wáng Yǒngjié, Xú Xuěsōng, and Wáng Dāndān remain in their roles, covering operations management, risk compliance, financial markets, and retail wealth segments, ensuring continuity of key areas. Wáng Yǒngjié also serves as vice president, chief compliance officer, and risk director, centralizing risk and compliance oversight, creating a closed-loop system with low non-performing loans and high provisions.

Three newly appointed vice presidents are precisely filling key areas. Yú Gāng concurrently serves as board secretary, strengthening capital operations and information disclosure; Lù Hǎiyīng, from corporate banking, is familiar with corporate client management and industry financial services, helping to enhance the bank’s comprehensive competitiveness; Hú Hǎidōng, from finance, promotes cost-income ratio optimization and refined financial management, improving profitability measurement and resource allocation under the light-capital transformation. The team is well-structured and professional, maintaining stability while releasing vitality.

From a governance perspective, Ningbo Bank’s current reshuffle adheres to an internal development path, with no external appointments, reflecting high confidence in its existing risk culture and management system. In the macro environment of declining interest rates and stricter regulation, this transition appears to be a carefully designed “steady transition”—stability is the tone; progress is the backup.