SPD BANK(SH:600000) Huan Qiu Wang·2025-08-07 04:45Core Viewpoint - Shanghai Pudong Development Bank (SPDB) reported a year-on-year increase in operating income and net profit for the first half of 2025, indicating a positive financial performance despite a challenging economic environment [1][2]. Financial Performance - SPDB achieved operating income of 90.559 billion yuan, a 2.62% increase compared to the same period last year [1][2]. - The net profit attributable to shareholders reached 29.737 billion yuan, reflecting a 10.19% year-on-year growth [1][2]. - Basic earnings per share increased to 0.99 yuan from 0.89 yuan, while diluted earnings per share rose to 0.90 yuan from 0.82 yuan [2]. Asset Quality - As of the end of June, SPDB's total assets amounted to 96,457.91 billion yuan, marking a 1.94% increase from the end of the previous year [2]. - The non-performing loan (NPL) balance was 736.72 billion yuan, which increased by 5.18 billion yuan year-on-year but decreased by 6.08 billion yuan from the previous quarter [2][3]. - The NPL ratio stood at 1.31%, down 0.05 percentage points from the end of the previous year and down 0.02 percentage points from the previous quarter [3]. Provision Coverage - The provision coverage ratio improved to 193.97%, an increase of 7.01 percentage points from the end of the previous year and 6.98 percentage points from the previous quarter [3]. Strategic Initiatives - SPDB is focusing on expanding its customer base through various channels and scenarios, leading to a noticeable decrease in interest expenses [3]. - The decline in funding costs is expected to stabilize the net interest margin, contributing to a rebound in revenue growth [3]. Stock Performance - SPDB's stock price has increased by nearly 40% this year, closing at 13.8 yuan per share on August 7, reflecting a growth of 39.68% [3].