CZBANK(601916)

Search documents
浙商银行:2025 年一季报点评息差回升,拨备反哺-20250505
ZHESHANG SECURITIES· 2025-05-05 15:40
Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company's Q1 2025 report indicates a rebound in net interest margin and a stable performance in non-performing loans, supported by a reduction in impairment losses [1][2][3] Summary by Relevant Sections Performance Overview - In Q1 2025, the company's revenue decreased by 7.1% year-on-year, a decline of 13.3 percentage points compared to 2024 annual results. The net profit attributable to the parent company increased by 0.6% year-on-year, a slight decline of 0.3 percentage points from 2024 annual results. The non-performing loan ratio remained stable at 1.38%, while the provision coverage ratio decreased by 7 percentage points to 171% [2][5] Profit Support from Provisions - The Q1 2025 revenue decline of 7.1% year-on-year was driven by a combination of improved net interest margin, negative impacts from non-interest income, and a significant reduction in impairment losses. The net interest margin for Q1 2025 was 1.61%, an increase of 30 basis points from Q4 2024, with a year-on-year decline narrowing by 35 basis points. Non-interest income saw a year-on-year decline of 24.9%, while impairment losses decreased by 20.4% compared to the previous year [3][4] Interest Margin Recovery - The net interest margin for Q1 2025 was 1.61%, reflecting a 30 basis point increase from Q4 2024. This improvement was attributed to a rise in asset yield by 13 basis points to 3.63% and a decrease in liability cost by 19 basis points to 1.94% [4] Non-Performing Loan Performance - The non-performing loan ratio remained stable at 1.38% at the end of Q1 2025. The generation rate of non-performing loans decreased by 15 basis points compared to the first half of 2024, indicating a need to monitor future pressures on new non-performing loans [5] Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company is expected to grow by 0.60% in 2025, 0.95% in 2026, and 1.43% in 2027. The target price is set at 3.95 CNY per share, corresponding to a price-to-book ratio of 0.60 for 2025, indicating a potential upside of 32% from the current price of 2.99 CNY per share [6]
浙商银行(601916):息差回升 资产质量稳定
Xin Lang Cai Jing· 2025-05-02 00:37
Core Viewpoint - Zhejiang Commercial Bank reported a decline in key financial metrics for Q1 2025, with year-on-year growth rates for operating income, PPOP, and net profit attributable to shareholders at -7.07%, -5.32%, and 0.61% respectively, indicating a slowdown compared to 2024 [1] Group 1: Financial Performance - The total asset size of the company grew by 8.90% year-on-year in Q1 2025, an increase of 3.12 percentage points compared to 2024 [2] - Loan size increased by 6.85% year-on-year, but the growth rate decreased by 1.35 percentage points compared to 2024 [2] - Deposit size saw a year-on-year growth of 6.03%, with an increase of 3.16 percentage points compared to 2024 [2] - The company reported a net interest margin of 1.76% in Q1 2025, up by 5 basis points from 2024 [3] - Non-interest income decreased by 22.23% year-on-year in Q1 2025, with a significant drop in intermediary income and other non-interest income due to market adjustments [4] Group 2: Asset Quality and Efficiency - The non-performing loan ratio remained stable at 1.38% as of the end of Q1 2025, unchanged from 2024 [3] - The provision coverage ratio was 171.21%, showing a slight decrease of 7.46 percentage points compared to 2024 [3] - The cost-to-income ratio improved to 25.49%, down by 2.03 percentage points year-on-year, reflecting effective cost management [3] Group 3: Investment Outlook - The bank is well-positioned in Zhejiang Province, benefiting from a strong economic foundation and market-oriented mechanisms, with continuous credit expansion and stable asset quality [4]
浙商银行(601916):息差回升,资产质量稳定
CMS· 2025-04-30 14:05
证券研究报告 | 公司点评报告 2025 年 04 月 30 日 浙商银行(601916.SH) 息差回升,资产质量稳定 总量研究/银行 浙商银行披露 2025 年一季度报告。25Q1 营业收入、PPOP、归母利润同比增 速分别为-7.07%、-5.32%、0.61%,增速分别较 24A 变动-13.27pct、-10.30pct、 -0.31pct,归母净利润、营收、PPOP 增速均出现回落。累计业绩驱动上,规 模、成本收入比下降、拨备计提为正贡献,净息差收窄、非息收入负增、有效 税率上升为主要负贡献。 核心观点: 亮点: (1)规模稳健增长。资产端,25Q1 公司总资产规模同比增长 8.90%, 增速较 24A 上升 3.12pct,其中贷款规模同比增长 6.85%,增速较 24A 下降 1.35pct。负债端,25Q1 存款规模同比增长 6.03%,增速较 24A 提升 3.16pct。 2025 年存款增长修复,25Q1 单季度存款增量 841 亿元,同比大幅多增 605 亿 元。 (2)净息差回升。公司披露 25Q1 净息差为 1.76%,较 24A 回升 5BP。2024 年全年,公司净息差从 2 ...
浙商银行(601916) - 浙商银行股份有限公司关于外部监事无法履职的进展公告

2025-04-30 12:40
浙商银行股份有限公司 关于外部监事无法履职的进展公告 证券代码:601916 证券简称:浙商银行 公告编号:2025-026 1 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 近日,浙商银行股份有限公司(以下简称"本公司")从中央纪委国家监委 网站获悉,中国建设银行浙江省分行原党委书记、行长高强涉嫌严重违纪违法, 目前正接受中央纪委国家监委驻中国建设银行纪检监察组纪律审查和北京市通 州区监察委员会监察调查。 2025 年 4 月 30 日 高强为本公司第七届监事会外部监事、提名委员会主任委员,除此以外未 担任本公司内部任何职务,不参与本公司日常经营管理工作,上述事项不会对 公司经营管理活动产生重大影响。本公司将持续关注后续情况,严格按照相关 规定及时履行相关程序和信息披露义务。 特此公告。 浙商银行股份有限公司监事会 ...
浙商银行(601916):负债成本改善明显 净息差回升
Xin Lang Cai Jing· 2025-04-30 08:37
Core Viewpoint - Zhejiang Merchants Bank reported a 1Q25 performance with a year-on-year decline in operating income of 7.1% and a slight increase in net profit attributable to shareholders of 0.6%, aligning with expectations [1] Financial Performance - In 1Q25, net interest income increased by 1.4% year-on-year, primarily due to effective control of deposit costs, which supported a rebound in net interest margin [2] - The net interest margin for 1Q25 was 1.60%, with a year-on-year decrease of 8 basis points and a quarter-on-quarter increase of 29 basis points [2] - Interest-earning asset yield decreased by 50 basis points year-on-year to 3.60%, while the cost of interest-bearing liabilities fell by 42 basis points to 1.93% [2] - The bank maintained a steady expansion of interest-earning assets, which grew by 8.9% year-on-year and 3.5% quarter-on-quarter, with total loans increasing by 6.9% year-on-year [2] Non-Interest Income - Other non-interest income saw a significant decline of 24.9% year-on-year in 1Q25, attributed to a high base in 1Q24 and rising bond rates [3] - Net fee income decreased by 13.2% year-on-year, contributing to an overall decline in non-interest income of 22.2% [3] Asset Quality - The non-performing loan ratio slightly increased by 6 basis points to 1.44% in 1Q25, while the net non-performing loan generation rate decreased by 20 basis points to 1.32% [3] - The provision coverage ratio fell by 7.46 percentage points to 171.21% [3] Profit Forecast and Valuation - The profit forecast remains unchanged, with the A-shares trading at 0.4x P/B for 2025E and 2026E, maintaining a target price of 3.55 yuan, indicating a 17.5% upside [4] - The H-shares are trading at 0.4x P/B for 2025E and 0.3x for 2026E, with a target price of 3.01 HKD, reflecting a 15.3% upside [4]
浙商银行一季报:资负结构继续调整,客户存款规模首破2万亿元
2 1 Shi Ji Jing Ji Bao Dao· 2025-04-30 07:42
Core Viewpoint - Zhejiang Commercial Bank has achieved significant growth in customer deposits, surpassing 2 trillion yuan for the first time, indicating a strategic shift towards liability-driven operations [2][3]. Financial Performance - As of the end of Q1 2025, Zhejiang Commercial Bank reported total assets of 3.44 trillion yuan, a 3.54% increase from the previous year [2]. - The bank's total liabilities reached 3.24 trillion yuan, reflecting a 3.67% growth year-on-year [2]. - The bank's operating income for Q1 2025 was 17.105 billion yuan, a decrease of 1.302 billion yuan or 7.07% compared to the previous year [3]. - Net interest income increased to 11.981 billion yuan, up 1.38% year-on-year, while non-interest income fell to 5.124 billion yuan, down 22.23% [3]. Profitability - The net profit attributable to shareholders was 5.949 billion yuan, a slight increase of 0.36 billion yuan or 0.61% year-on-year [4]. Asset Quality - As of March 2025, the non-performing loan balance was 25.955 billion yuan, up 1.81% from the previous year, with a non-performing loan ratio of 1.38%, unchanged from the end of the previous year [4]. - The provision coverage ratio decreased to 171.21%, down 7.46 percentage points from the previous year [4]. Capital Adequacy - The capital adequacy ratio stood at 12.18%, a decrease of 0.43 percentage points from the previous year, while the core tier 1 capital ratio remained stable at 8.38% [4].
透视股份行一季报:4家营收净利“双降”!华夏银行降幅最大
Nan Fang Du Shi Bao· 2025-04-30 07:13
Group 1 - The overall performance of the nine A-share listed joint-stock banks in the first quarter is generally unsatisfactory, with four banks experiencing a decline in both revenue and net profit, while only Shanghai Pudong Development Bank achieved growth in both metrics [1][2][3] - Among the banks with declining performance, Huaxia Bank reported the largest drop in both revenue and net profit, with declines of 17.73% and 14.04% respectively, contrasting sharply with its previous year's growth [2][3][4] - The decline in Huaxia Bank's performance is attributed to a significant drop in other non-interest income, which fell by 78.9% due to the bond market's downturn and a high base from the previous year [4] Group 2 - In terms of interest income, six banks reported a year-on-year increase, while Huaxia Bank, Ping An Bank, and Everbright Bank saw declines in net interest income [7] - The net interest margin and net interest spread continued to narrow, further compressing profit margins, although some banks managed to maintain positive growth in interest income through increased credit issuance and cost control [7] - Fee and commission income showed significant variation, with some banks like Huaxia Bank experiencing an increase of 11.45%, while others like Zheshang Bank saw a decline of 13.15% [8] Group 3 - Asset quality remained resilient, with most banks reporting a stable or declining non-performing loan (NPL) ratio compared to the end of the previous year, except for Huaxia Bank and Industrial Bank, which saw slight increases [9] - Huaxia Bank had the highest NPL ratio among the nine banks at 1.61%, exceeding the 1.5% threshold [9] - The provision coverage ratio decreased for seven banks, with Ping An Bank experiencing the largest drop of 14.18 percentage points, indicating potential adjustments in provisioning strategies [10]
浙商银行股份有限公司 2025年第一季度报告
Zheng Quan Ri Bao· 2025-04-30 00:30
Core Viewpoint - The report presents the financial performance and operational status of Zhejiang Zheshang Bank for the first quarter of 2025, highlighting stable growth in business scale and maintaining asset quality. Group 1: Financial Performance - Total assets reached 3,443.12 billion RMB, an increase of 117.58 billion RMB, or 3.54% compared to the end of the previous year [8] - Total liabilities amounted to 3,237.33 billion RMB, up by 114.54 billion RMB, or 3.67% [8] - Net profit attributable to shareholders was 5.949 billion RMB, reflecting a slight increase of 0.36 billion RMB, or 0.61% year-on-year [8] Group 2: Revenue and Income - Operating income was 17.105 billion RMB, a decrease of 1.302 billion RMB, or 7.07% year-on-year [8] - Net interest income was 11.981 billion RMB, an increase of 0.163 billion RMB, or 1.38% [8] - Non-interest income was 5.124 billion RMB, a decrease of 1.465 billion RMB, or 22.23% [8] Group 3: Asset Quality - Non-performing loans amounted to 25.955 billion RMB, an increase of 0.461 billion RMB, or 1.81% [9] - Non-performing loan ratio remained stable at 1.38% [9] - Provision coverage ratio was 171.21%, a decrease of 7.46 percentage points [9] Group 4: Capital Adequacy - Capital adequacy ratio stood at 12.18%, down by 0.43 percentage points [9] - Tier 1 capital adequacy ratio was 9.60%, a slight decrease of 0.01 percentage points [9] - Core Tier 1 capital adequacy ratio remained stable at 8.38% [9] Group 5: Shareholder Information - The total number of shareholders at the end of the reporting period was disclosed, with specific details on the top ten shareholders [5] - No existing preferred shares were reported as of the end of the reporting period [7]
浙商银行(601916) - 浙商银行股份有限公司第七届监事会第十次会议决议公告

2025-04-29 14:09
证券代码:601916 证券简称:浙商银行 公告编号:2025-024 浙商银行股份有限公司 第七届监事会第十次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 浙商银行股份有限公司(以下简称"本公司")第七届监事会第十次会议 于2025年4月23日发出会议通知,以书面传签方式召开,表决截止日为2025年4 月29日。本次会议应出席监事11名,实际参与书面传签表决的监事共10名,高 强监事因个人原因未出席会议。本次会议的召开符合法律、法规、部门规章、 其他规范性文件和《浙商银行股份有限公司章程》的有关规定。 会议审议通过了以下议案: 一、通过《浙商银行股份有限公司2025年第一季度报告》。 表决结果:10票赞成,0票反对,0票弃权。 监事会对本公司2025年第一季度报告进行了审核,并出具如下审核意见: 《浙商银行股份有限公司2025年第一季度报告》的编制和审议程序符合法律、 法规以及监管部门的相关规定,内容真实、准确、完整地反映了本公司的实际 情况。 二、通过《浙商银行股份有限公司普惠小微金融2024年工作总结与2 ...
浙商银行(601916) - 浙商银行股份有限公司第七届董事会2025年第三次临时会议决议公告

2025-04-29 14:07
浙商银行股份有限公司 第七届董事会 2025 年第三次临时会议决议公告 证券代码:601916 证券简称:浙商银行 公告编号:2025-023 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 浙商银行股份有限公司(以下简称"本公司"或"浙商银行")第七届董 事会 2025 年第三次临时会议于 2025 年 4 月 23 日发出会议通知,以书面传签方 式召开,表决截止日为 2025 年 4 月 29 日。本公司董事会现有董事 12 名,实际 参与书面传签表决的董事共 12 名。本次会议的召开符合法律、法规、部门规章、 其他规范性文件和《浙商银行股份有限公司章程》的规定。 会议审议通过了以下议案: 一、通过《浙商银行股份有限公司 2025 年第一季度报告》 表决结果:12票赞成,0票反对,0票弃权。 本议案已经公司董事会审计委员会审议通过。 具体详见本公司在上海证券交易所及香港联交所披露的《浙商银行股份有 限公司 2025 年第一季度报告》。 二、通过《浙商银行股份有限公司 2025 年第一季度第三支柱信息披露报告》 表决结果:1 ...