PAB(SZ:000001) Mei Ri Jing Ji Xin Wen·2025-08-25 14:28Core Viewpoint - Ping An Bank has successfully navigated through the most challenging period of its retail business and is currently in a recovery phase, with significant improvements in strategy, tactics, and team morale [2][3]. Retail Business - The bank's retail strategy has become clearer, moving away from high-risk, high-return pursuits and focusing on self-operated channels [2]. - Tactical improvements have been made in customer acquisition and experience, leading to better service quality [2]. - The morale of the retail team has improved, with a focus on both market awareness and internal capabilities [3]. - As of mid-2025, the non-performing loan (NPL) ratio decreased from 1.06% at the end of the previous year to 1.05%, with personal loan NPLs at 1.27%, down by 0.12 percentage points [3]. Financial Performance - For the first half of 2025, Ping An Bank reported a revenue of 69.385 billion yuan, a year-on-year decrease of 10.0%, and a net profit of 24.870 billion yuan, down 3.9% [4]. - The bank aims to enhance revenue and profit levels in the second half of the year by focusing on key business units and branches [4]. Dividend Policy - The mid-2025 profit distribution plan includes a cash dividend of 2.36 yuan per 10 shares, totaling 4.58 billion yuan, which is 20.05% of the net profit attributable to ordinary shareholders [6]. - The bank intends to maintain a stable dividend policy while balancing shareholder returns and capital needs [6]. Industry Perspective - The management emphasized the importance of rational competition in the banking sector, warning against "self-destructive" competition that fails to cover costs [7]. - The bank advocates for strict adherence to industry self-regulation, particularly regarding interest rates and risk pricing [8].