平安银行零售“渐企稳”，对公“稳增长”

Core Viewpoint - Ping An Bank's retail business has moved past its most challenging period and is currently in a recovery phase, supported by prior reforms that lay a solid foundation for future growth [2]. Retail Business Performance - In the first half of 2025, Ping An Bank reported a revenue of 69.385 billion yuan, a year-on-year decline of 10.0%, but the rate of decline has narrowed [2]. - Net profit for the same period was 24.870 billion yuan, down 3.9% year-on-year, also showing a reduced decline compared to the first quarter [2]. - Retail financial business balance decreased by 2.1% compared to the end of the previous year, while wholesale financial business increased by 4.5%, now accounting for over half of total assets [2]. Risk Management and Asset Quality - The retail loan scale's decline has slowed, with a significant reduction in high-risk retail loans, including a drop from over 150 billion yuan to around 10 billion yuan for "New Yi Loan" and from 500 billion yuan to 390 billion yuan for credit cards [7]. - The non-performing loan (NPL) ratio for personal loans improved to 1.27%, down 5 basis points from the first quarter and 12 basis points from the end of the previous year, indicating a continuous downward trend [8]. - Retail asset quality is improving, with credit and other asset impairment losses decreasing from 105.4% to 96.9% year-on-year [8]. Corporate Business Development - Corporate loans increased by 4.7% compared to the end of the previous year, while corporate deposits rose by 5.4% [9]. - The average yield on corporate loans decreased to 3.14%, while the cost of corporate deposits was optimized, with a rate of 1.67%, down 34 basis points from the previous year [9]. - The overall corporate NPL ratio improved from 1.80% to 1.64%, although the corporate loan NPL ratio slightly increased to about 0.83% due to early risks in the real estate sector [9]. Strategic Focus Areas - Ping An Bank is focusing on six key industries, including infrastructure and public utilities, while avoiding high-risk sectors like real estate [10]. - The bank aims to enhance its product offerings, including supply chain finance and cross-border finance, while expanding its customer base and deepening client relationships [10][12]. - Future strategies will emphasize risk management, optimizing deposit structures, and exploring new financial models to sustain growth [11][12].