QILU BANK(SH:601665) Xin Lang Cai Jing·2025-04-26 10:25Core Viewpoint - Qilu Bank reported strong growth in revenue, PPOP, and net profit for 2024 and Q1 2025, with net profit growth exceeding 16% [1][6] Financial Performance - For 2024, revenue, PPOP, and net profit grew by 4.55%, 3.05%, and 17.77% respectively, while Q1 2025 figures showed growth rates of 4.72%, 4.36%, and 16.47% [1] - The bank's net interest margin (NIM) for 2024 was reported at 1.51%, with a slight contraction of 3 basis points from the first half of 2024 [4] - Non-interest income from fees and commissions increased by 13.0% in 2024 and maintained an 8.6% growth in Q1 2025, driven by improvements in transaction banking [4] Asset and Liability Management - The growth rate of interest-earning assets was 13.65% for 2024 and 15.71% for Q1 2025, with loans growing at 12.31% and 12.60% respectively [3] - Deposits showed a recovery with growth rates of 10.03% for 2024 and 14.24% for Q1 2025 [4] - Investment assets increased by 19.13% year-on-year as of Q1 2025, primarily due to OCI [4] Asset Quality - The non-performing loan (NPL) ratio rose to 1.17% at the end of Q1 2025, up 4 basis points from Q4 2024, indicating pressure on personal loan quality [5] - The provision coverage ratio improved to 324.06%, reflecting a solid buffer against potential loan losses [5] Strategic Outlook - The bank is well-positioned in the Shandong provincial capital economic circle, benefiting from favorable policies and a focus on county-level inclusive finance [6] - The issuance of 8 billion yuan in convertible bonds is expected to strengthen the bank's capital base for future growth [6]