Group 1 - The core viewpoint of the report indicates that the revenue and net profit of listed banks in Q2 2025 are expected to grow by 0% and 1% year-on-year, showing slight improvement compared to Q1 2025's declines of -2% and -1%, aligning with market expectations [1][2] - The improvement in performance is attributed to a narrowing decline in interest margins and alleviation of pressure on other non-interest income, with the central bank's guidance on loan and deposit pricing seen as a stabilizing factor for bank profitability and a measure to prevent financial system risks [1][2] - The report anticipates that even with further interest rate declines to support the real economy, the net interest margin of listed banks will continue to show a trend of simultaneous decline in both asset and liability rates, providing positive support for net interest income and revenue growth [2] Group 2 - As of the end of June, the total assets of the banking industry grew by 7.9% year-on-year, with large banks, joint-stock banks, city commercial banks, and rural financial institutions showing growth rates of 10.6%, 4.8%, 10.2%, and 5.5% respectively, an increase from 6.6% at the end of March [3] - Loan growth as of June was 7.1%, with large national banks and small to medium-sized banks showing growth rates of 9.2% and 6.1% respectively, slightly down from 7.4% at the end of March, with infrastructure and corporate sectors remaining the primary areas for loan issuance [3] - The report maintains a positive outlook on the stability of bank profits and dividends for the year, noting that some A-shares and H-shares of Chinese banks have dividend yields rising to 4.5%-5.5%, indicating investment value, including state-owned large banks and specific banks like Chengdu Bank and Jiangsu Bank [3]
中金：预计二季度上市银行净利润同比增长1% 政策呵护业绩稳健
Zhi Tong Cai Jing·2025-08-07 07:15