成都银行(601838)：业绩增长提速 负债成本改善明显

Core Viewpoint - Chengdu Bank reported a steady growth in revenue and net profit for the first half of 2025, with a focus on improving net interest margin and maintaining asset quality [1][5]. Financial Performance - The company achieved a revenue of 12.27 billion yuan, a year-on-year increase of 5.9%, with net profit reaching 6.62 billion yuan, up 7.3% year-on-year [1]. - Net interest income rose by 7.6% to 9.77 billion yuan, driven by a reduction in the drag from interest margin [2]. - The net interest margin for 1H25 was 1.62%, a decrease of 4 basis points year-on-year, but an improvement from a decline of 15 basis points in 2024 [4]. Income Sources - Non-interest income showed mixed results, with net fees and commissions dropping by 45.1% to 248 million yuan, primarily due to declines in wealth management and asset management services [2]. - Other non-interest income increased by 9.7% to 2.26 billion yuan, with notable investment returns from various accounts [2]. Loan and Deposit Trends - The total loan balance reached 833.4 billion yuan, a year-on-year increase of 18.0%, with significant contributions from public sector loans [3]. - The company saw a notable increase in bill discounting, with a net increase of 20.6 billion yuan to 22 billion yuan [3]. - Personal loans grew steadily, with a net increase of 5.1 billion yuan, although the company did not significantly increase personal loan issuance amid industry pressures [3]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.66%, with improvements in public sector asset quality, while retail NPLs saw a slight increase [5]. - The NPL ratio for public loans improved to 0.59%, while retail loans experienced a rise to 0.98% [5]. Future Outlook - The demand for infrastructure projects in the Chengdu-Chongqing area is expected to support continued loan growth, with further optimization of funding costs anticipated to enhance performance [5]. - Projected net profits for 2025-2027 are expected to be 13.893 billion, 15.101 billion, and 16.467 billion yuan, reflecting year-on-year growth rates of 8.0%, 8.7%, and 9.0% respectively [5].