成都银行(601838)：规模扩张强度加大 营收盈利增长提速

Core Viewpoint - Chengdu Bank reported a revenue of 12.27 billion and a net profit of 6.62 billion for the first half of 2025, showing year-on-year growth of 5.9% and 7.3% respectively, indicating a positive trend in revenue and profit growth despite a slight decline in return on average equity [1][2] Financial Performance - Revenue, pre-provision profit, and net profit growth rates for Chengdu Bank in the first half of 2025 were 5.9%, 6.8%, and 7.3% respectively, with improvements compared to the first quarter [2] - The net interest income and non-interest income growth rates were 7.6% and -0.2%, showing a mixed performance in income sources [2] - The cost-to-income ratio and credit impairment losses as a percentage of revenue were 23.2% and 11.5%, both showing a slight decrease year-on-year, indicating stable cost management [2] Asset and Loan Growth - As of the end of Q2 2025, Chengdu Bank's interest-earning assets and loans grew by 12.2% and 18% year-on-year, reflecting an acceleration in asset expansion [3] - The bank's new loans and financial investments for Q2 were 27.2 billion and 11.4 billion respectively, with significant increases compared to the previous year [3] - Corporate loans showed a strong growth rate of 19.1%, while retail loans grew at a slower pace of 12.9% [4] Deposit Trends - By the end of Q2 2025, Chengdu Bank's interest-bearing liabilities and deposits grew by 13.7% and 14.7% year-on-year, with a slight decrease in the growth rate of deposits compared to Q1 [5] - The trend towards term deposits continued, with term deposits accounting for 70% of total deposits by the end of Q2 [5] Interest Margin and Non-Interest Income - The net interest margin (NIM) for the first half of 2025 was 1.62%, showing a slight decrease from the previous year, but the decline in margin pressure has eased [6] - Non-interest income for the first half of 2025 was 2.5 billion, reflecting a year-on-year decrease of 0.2%, primarily due to reduced fee income [7][8] Asset Quality and Risk Management - Chengdu Bank maintained a low non-performing loan (NPL) ratio of 0.66% and a slight increase in the attention ratio to 0.44% by the end of Q2 2025 [8][9] - The bank's credit impairment losses for the first half of 2025 were 1.4 billion, indicating a stable risk management environment [9] Capital Adequacy - By the end of Q2 2025, Chengdu Bank's capital adequacy ratios were 8.61%, 9.24%, and 13.13%, showing a slight decline due to seasonal factors [9] - The rapid expansion of risk-weighted assets (RWA) at a growth rate of 15.8% indicates a strong capital base supporting future growth [9] Future Outlook - Chengdu Bank is expected to benefit from strategic opportunities in the Chengdu metropolitan area, with a strong asset quality and a high provision coverage ratio supporting its risk management capabilities [10]