PAB(SZ:000001) Bei Ke Cai Jing·2025-08-26 07:30Core Viewpoint - Ping An Bank reported a decline in both revenue and net profit for the first half of 2025, with a focus on maintaining stable dividend levels and addressing challenges in retail banking, particularly in credit card business [1][2][3]. Financial Performance - For the first half of 2025, Ping An Bank achieved operating revenue of 69.385 billion yuan, a year-on-year decrease of 10.0% - The net profit for the same period was 24.870 billion yuan, down 3.9% compared to the previous year [1]. Dividend Policy - The mid-term dividend distribution plan announced a cash dividend of 2.36 yuan per 10 shares, totaling 4.580 billion yuan, which represents 20.05% of the net profit attributable to ordinary shareholders - The mid-term dividend level is consistent with the previous year, indicating the bank's intention to maintain stability in dividend distribution [2][3]. Retail Banking Performance - Retail financial business revenue accounted for 44.8% of total revenue, down from 50.7% in the same period last year - As of June 30, 2025, the personal loan balance was approximately 1.73 trillion yuan, a decrease of 2.3% from the end of the previous year, with declines in credit card receivables and consumer loans [3][4]. Credit Card Business Challenges - The decline in retail loan scale was primarily driven by credit card business, which accounted for over 95% of the total decrease - The number of credit card accounts decreased by 3.3% to 45.3908 million as of June 30, 2025 [3][4]. Future Outlook - The bank's management indicated a focus on increasing retail loan issuance in the second half of the year while ensuring risk control - There are signs of stabilization in the credit card business, with expectations of improved performance as the macro consumption market shows signs of recovery [4].