A股银行中报业绩观察：中期分红在路上，息差压力仍存

Core Viewpoint - The performance of seven A-share listed banks in the first half of 2025 shows steady growth in total assets, operating income, and net profit attributable to shareholders, with a decrease in non-performing loan ratios, indicating ongoing risk improvement [1][2]. Group 1: Financial Performance - Seven banks reported positive growth in total assets compared to the beginning of the year, with Ningbo Bank leading at an 11.04% increase, the only bank exceeding 10% [2]. - All seven banks achieved year-on-year growth in operating income and net profit attributable to shareholders, with Shanghai Pudong Development Bank's total revenue surpassing 90 billion yuan, a 2.62% increase [2]. - Jiangyin Bank reported the highest revenue growth at 10.45%, while Changshu Bank followed closely with a 10.1% increase in revenue [3]. Group 2: Asset Quality - The non-performing loan ratios of Ningbo Bank, Hangzhou Bank, and Jiangyin Bank remained stable compared to the beginning of the year, while the other four banks showed varying degrees of improvement, with Qilu Bank experiencing the largest decline of 10 basis points [2]. Group 3: Dividend Expectations - Several banks have announced expectations for mid-year dividends, with the high dividend yield of bank stocks enhancing their investment value [1][4]. - The total cash dividends of A-share listed banks reached 646.025 billion yuan in 2024, reflecting a year-on-year increase of 5.33%, which has bolstered investor confidence [4]. Group 4: Market Trends - The banking sector has seen a significant upward trend, with the China Securities Banking Index rising by 52.7% since the beginning of 2024 [4]. - The average net interest margin for commercial banks was 1.42% in the first half of the year, down 10 basis points from the end of the previous year, indicating pressure on interest margins [5].