SPD BANK(SH:600000) Chang Jiang Shang Bao·2025-08-11 00:41Core Viewpoint - Shanghai Pudong Development Bank (SPDB) reported strong half-year performance for 2025, with significant growth in both revenue and net profit, indicating a recovery trend in its financial health [1][3]. Financial Performance - For the first half of 2025, SPDB achieved operating revenue of 90.559 billion yuan, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 29.737 billion yuan, up 10.19% year-on-year [1][3]. - The bank's net profit growth accelerated in the second quarter compared to the first quarter, with a net profit of 17.598 billion yuan in Q1, reflecting a 1.02% increase [4][3]. Asset Quality and Management - SPDB's asset quality improved, with a non-performing loan (NPL) ratio of 1.31% at the end of Q2 2025, down 0.05 percentage points from the end of the previous year [1][10]. - The bank's provision coverage ratio rose to 193.97%, an increase of 7.01 percentage points from the end of the previous year, indicating enhanced risk mitigation capabilities [11][10]. Asset Scale and Growth - As of June 30, 2025, SPDB's total assets reached approximately 9.65 trillion yuan, nearing the 10 trillion yuan mark, with total loans of 5.63 trillion yuan and total deposits of 5.59 trillion yuan [9][1]. - The bank's total assets have grown significantly from 5.04 trillion yuan at the end of 2015, reflecting a robust expansion strategy [9][1]. Market Performance - SPDB's stock price has seen a substantial increase of approximately 40% since the beginning of 2025, indicating positive market sentiment towards the bank [2][11]. - The largest shareholder, Shanghai International Group, recently increased its stake in SPDB, further demonstrating confidence in the bank's future performance [11].