CEB BANK(601818) 新浪财经·2025-04-26 10:25Core Viewpoints - The bank's Q1 2025 operating income, PPOP, and net profit attributable to shareholders showed year-on-year growth rates of -4.06%, -4.38%, and 0.31% respectively, with changes of +2.99 percentage points, +5.26 percentage points, and -1.91 percentage points compared to Q4 2024 [1] Group 1: Highlights - Loan growth rebounded with a year-on-year increase of 5.24% by the end of Q1 2025, up 1.36 percentage points from Q4 2024, driven by targeted credit allocation in key sectors such as technology, green finance, and inclusive finance [2] - Deposit growth showed recovery with a year-on-year increase of 3.49% by the end of Q1 2025, up 4.92 percentage points from Q4 2024, resulting in an additional 202.7 billion yuan in deposits for the quarter [2] - The bank's fee and commission income grew by 3.27% year-on-year in Q1 2025, marking the first positive growth in this area since 2021, with expectations for continued growth throughout the year as macroeconomic conditions improve [2] - Investment income saw a significant increase, with net investment income rising by 303.0% year-on-year, despite a 212.6% negative change in fair value gains and losses [2] Group 2: Concerns - The net interest margin continued to narrow, measuring 1.39% in Q1 2025, down 14 basis points from Q4 2024, with asset yield under pressure [3] - The bank's non-performing loan ratio remained stable at 1.25%, while the provision coverage ratio decreased to 174.44%, indicating a need for further strengthening of the provision buffer [3] Group 3: Investment Recommendations - The bank announced a total dividend of 0.189 yuan per share for 2024, with a payout ratio of 30.14%, reflecting a 1.73 percentage point increase from 2023, suggesting ongoing investment value [3]