42家A股上市银行一季度业绩“见真章”：拨备释放“以丰补歉”作用明显，不良率维持稳定

Core Viewpoint - The performance of 42 A-share listed banks in Q1 2025 shows mixed results, with 26 banks achieving revenue growth and 30 banks maintaining profit growth, indicating operational pressure and challenges in meeting performance targets compared to the previous year [1][4]. Revenue Performance - In Q1 2025, four banks reported revenues exceeding 100 billion yuan: Industrial and Commercial Bank of China (ICBC) at 212.77 billion yuan, China Construction Bank (CCB) at 190.07 billion yuan, Agricultural Bank of China (ABC) at 186.67 billion yuan, and Bank of China (BOC) at 164.93 billion yuan [1]. - Five banks reported revenues between 50 billion and 100 billion yuan, with Postal Savings Bank at 89.36 billion yuan and China Merchants Bank at 83.75 billion yuan [2]. - 26 banks achieved year-on-year revenue growth, with Changshu Bank leading at 10.04% growth, while 16 banks experienced negative revenue growth, with Xiamen Bank declining by 18.42% [2][3]. Profitability - 30 banks reported positive net profit growth in Q1 2025, with four banks achieving double-digit growth: Hangzhou Bank at 17.3%, Qilu Bank at 16.47%, Qingdao Bank at 16.42%, and Changshu Bank at 13.81% [4]. - Notably, Huaxia Bank and Xiamen Bank saw significant declines in net profit, with decreases of 14.04% and 14.21%, respectively [4]. Asset Quality - The overall non-performing loan (NPL) ratio for the listed banks remained stable, with most banks maintaining levels below 1.5% [1][4]. - Banks with higher NPL ratios included Huaxia Bank at 1.61% and Zhengzhou Bank at 1.79%, while banks like Ningbo Bank and Hangzhou Bank maintained lower ratios around 0.76% [4]. Provision Coverage - Several banks experienced significant declines in provision coverage ratios, with Postal Savings Bank dropping by 20.02 percentage points and Xiamen Bank decreasing by 78.38 percentage points, although still above regulatory requirements [5]. - The reduction in provision coverage is attributed to banks releasing provisions to compensate for weaker revenue and profit growth [5]. Net Interest Margin - The average net interest margin for the 42 listed banks was approximately 1.6%, below the industry warning line of 1.8%, indicating challenges in profitability [6]. - The low net interest margin reflects a weakened ability to withstand risks, with concerns about the long-term implications for banks' profitability and capital adequacy [6]. Investment Strategies - In Q1 2025, banks faced losses in long-term bond trading, prompting a focus on asset-backed securities (ABS) as a potential growth area [7]. - The current revenue and risk pressures are concentrated in corporate and retail banking, with expectations for limited short-term improvements in credit yields [7][8].