12.28%营收跌幅与2.62%净利增幅反差：肥西农商银行2025上半年靠减值计提"撑局"

Core Insights - Feixi Rural Commercial Bank reported a decline in operating income by 12.28% year-on-year to 437 million yuan in the first half of 2025, while net profit increased by 2.62% to 130 million yuan, primarily due to a significant reduction in credit impairment losses [1][2][3] - The bank's net interest income, the main revenue source, decreased by 2.01% to 301 million yuan, and investment income fell sharply by 40.59% to 109 million yuan, contributing to the overall revenue decline [1][2] - As of June 2025, total assets reached 50.229 billion yuan, with total liabilities at 47.383 billion yuan, indicating steady growth in asset and liability scale [3] Revenue Composition - Net interest income remains the core revenue source, accounting for 3.01 billion yuan, despite a year-on-year decline [1] - Investment income significantly dropped to 1.09 billion yuan, marking a 40.59% decrease, which has been a major factor in revenue decline [1][2] - Fee and commission income was weak, with net income at only 10 million yuan as of June 2025 [1] Asset Quality and Risks - The bank's deposit structure shows signs of imbalance, with a high proportion of fixed-term deposits, leading to increased funding costs and liquidity management challenges [3] - Although the non-performing loan (NPL) ratio decreased to 1.71% by the end of 2024, overdue loans increased by 32.23% year-on-year, raising concerns about asset quality [3] - A significant portion of extended and renewed loans, amounting to 221 million yuan, is classified as non-performing or under observation, indicating pressure on some borrowers [3] Company Background - Established in February 2010, Feixi Rural Commercial Bank is the first county-level rural commercial bank in Anhui Province, evolving from the Feixi County Rural Credit Cooperative [4] - The bank operates 45 branches, expanding its service area beyond Feixi County to include multiple districts in Hefei City [4]