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【财经分析】上市银行一季度营收、净利润同比双降 资产质量压力边际减轻
Xin Hua Cai Jing·2025-05-09 14:59

Core Viewpoint - The A-share listed banks reported a decline in both operating income and net profit for Q1 2025, attributed to narrowing net interest margins and negative growth in non-interest income, although core revenue capacity showed marginal improvement [1][3][5]. Financial Performance - Total operating income for the listed banks reached 1.45 trillion yuan, a year-on-year decrease of 1.7% [1]. - Net profit attributable to shareholders was 560 billion yuan, down 1.2% year-on-year [1]. - The overall net interest margin decreased by 13 basis points to 1.43%, with a smaller decline compared to the previous year's 17 basis points [5][7]. Individual Bank Performance - Among state-owned banks, Bank of China had the highest revenue growth at 2.56%, while Agricultural Bank of China led in net profit growth at 2.2% [5]. - In the joint-stock banks category, Minsheng Bank reported a revenue increase of 7.41% but a net profit decline of 5.13% [5]. - Qingdao Bank showed strong performance in city commercial banks with a revenue growth of 9.69% and a net profit increase of 16.42% [5]. Income Composition - Interest income for listed banks fell by 1.7% year-on-year, with both net interest margin contraction and negative non-interest income impacting revenue [5][9]. - Non-interest income saw a significant decline of 4% year-on-year, primarily due to bond market volatility and a high base effect from the previous year [9]. Asset Quality - The average non-performing loan (NPL) ratio for the listed banks was 1.23%, a slight decrease of 1 basis point from the end of 2024 [10][11]. - The overall asset quality pressure has eased, with a stable NPL generation rate of approximately 0.67% [12][13]. Market Outlook - Analysts predict that net interest margins will continue to narrow throughout the year, but the decline may be less severe due to improvements in deposit costs and supportive policies [7][8].