PAB(SZ:000001) Jing Ji Guan Cha Wang·2025-08-26 04:12Core Viewpoint - Ping An Bank anticipates 2025 to be a challenging year, but positive trends have emerged in the first half, indicating that difficulties are gradually passing [1] Retail Business Performance - Retail loan scale has seen a narrowing decline, achieving a near stop in the downturn; credit card loans accounted for over 95% of the total decline in retail loans [1] - In Q1 2025, retail loan balance decreased by 38 billion yuan compared to the end of 2024, while in Q2 2025, the decline was only 3.1 billion yuan, showing significant improvement [1] - Mortgage loans increased by 20 billion yuan compared to the beginning of the year, indicating a recovery in retail lending [1] Asset Quality and Risk Management - Retail non-performing loan (NPL) generation decreased by over 9 billion yuan year-on-year in Q2, with the NPL generation rate down by 18 basis points from the end of Q1 and 64 basis points from the beginning of the year [2] - As of June 2025, the personal loan NPL ratio was 1.27%, down 0.12 percentage points from the end of the previous year and 0.05 percentage points from the end of Q1 2025 [2] - The bank is confident in maintaining stable retail asset quality, closely monitoring economic conditions and personal repayment capabilities [2] Corporate Banking Strategy - Ping An Bank has focused on six key industries, including infrastructure and new energy, while actively avoiding risks in real estate [2] - New loans in four major industries reached 239.77 billion yuan, a year-on-year increase of 19.6%, while loans in three emerging industries grew by 16.7% to 123.82 billion yuan [3] - The bank has established a tiered customer management system to cater to strategic, regional, and small micro-enterprise clients, enhancing service quality and optimizing customer structure [3] Future Outlook and Strategic Focus - The bank plans to enhance performance monitoring of key business units and branches, aiming to improve revenue and profit levels [4] - Ongoing business transformation initiatives will focus on product and service innovation, optimizing customer structure, and enhancing internal collaboration [4] - Ping An Bank will concentrate resources in economically vibrant areas with strong credit demand, aiming to improve asset yield and deposit interest rates while increasing the proportion of non-interest income [4]