重庆银行(601963)：信贷有力投放 息差企稳回升

Core Viewpoint - Chongqing Bank reported a year-on-year increase in net profit, revenue, and PPOP for the first half of 2025, indicating a positive trend in financial performance [1][2]. Financial Performance - For the first half of 2025, Chongqing Bank's net profit attributable to shareholders increased by 5.4%, revenue by 7.0%, and PPOP by 7.0%, with growth rates improving compared to Q1 [1]. - The annualized ROA and ROE for the first half of 2025 decreased by 0.08 percentage points and 0.25 percentage points to 0.74% and 11.52%, respectively [2]. Asset and Loan Growth - As of the end of the first half of 2025, total assets, loans, and deposits grew by 22.0%, 19.6%, and 20.9% year-on-year, with loan growth continuing to show strong momentum [3]. - New loans in Q2 2025 amounted to 27.4 billion yuan, significantly higher than the 12.3 billion yuan in the same period last year, with a total of 60.4 billion yuan in new loans for the first half of 2025 [3]. Interest Margin and Non-Interest Income - The net interest margin for the first half of 2025 was 1.39%, showing a marginal recovery due to improved funding costs [4]. - Interest income increased by 12.2% year-on-year, while non-interest income decreased by 7.1%, with the decline in non-interest income narrowing compared to previous quarters [4]. Asset Quality - The non-performing loan (NPL) ratio decreased by 4 basis points to 1.17%, while the provision coverage ratio increased by 1 percentage point to 248% [5]. - The asset quality for corporate loans improved, with the NPL ratio dropping to 0.75%, while the retail sector experienced some fluctuations [5]. Valuation and Target Price - The bank's target price for 2025 is set at 11.48 yuan for A shares and 9.77 HKD for H shares, with a projected price-to-book (PB) ratio of 0.70 for A shares and 0.55 for H shares [6]. - The forecasted net profit for 2025-2027 is 5.4 billion, 5.8 billion, and 6.2 billion yuan, with a year-on-year growth rate of 6.0%, 6.7%, and 7.6% respectively [6].