拐点已至，平安银行零售走向何方？

Core Viewpoint - Ping An Bank is focusing on strengthening its retail business while optimizing its corporate and interbank operations, aiming for a stable performance in 2025 despite challenges faced in the current year [1][2]. Retail Business - The retail loan non-performing ratio has shown a significant turning point, decreasing by 12 basis points to 1.27% compared to the end of the previous year [3][4]. - The bank has undergone a two-year transformation in its retail strategy, addressing previous shortcomings and achieving major breakthroughs in customer acquisition, channel development, and risk control [2]. - The retail team has shifted focus from merely market-driven strategies to enhancing internal capabilities and collaboration between headquarters and branches [2][5]. Corporate Business - Ping An Bank's corporate business strategy remains focused on precision in industry, customer, and product selection, with future developments aimed at "maintaining integrity, optimizing, growing, and innovating" [6]. Financial Performance - For the first half of 2025, the bank reported a revenue of 69.385 billion yuan, a decrease of 10% year-on-year, and a net profit of 24.87 billion yuan, down 3.9% [7]. - The net interest income fell by 9.3% to 44.507 billion yuan, attributed to a strategic reduction in high-risk retail business [7][9]. - The bank's net interest margin was reported at 1.8%, with expectations of a slowdown in the downward trend of interest margins [9]. Dividend Policy - The bank announced a mid-year dividend of 2.36 yuan per share, totaling 4.58 billion yuan, which represents 20.05% of the net profit attributable to ordinary shareholders [11]. - Management emphasizes a commitment to maintaining stable and continuous dividends while balancing shareholder returns with capital needs [11][10]. Market Positioning - Ping An Bank aims to maintain a competitive net interest margin within the top tier of the industry, with ongoing efforts to manage asset-liability composition and pricing strategies [9]. - The management is focused on enhancing communication with the market to better translate intrinsic value into investment value, thereby improving shareholder returns [10][11].