杭州银行(600926)：营收环比改善 资本实力增强

Core Viewpoint - Hangzhou Bank reported a solid performance in the first half of 2025, with a year-on-year increase in operating income and net profit, indicating resilience in its business fundamentals [1][2][8]. Financial Performance - The bank achieved operating income of 20.09 billion, up 3.9% year-on-year, and net profit attributable to shareholders of 11.66 billion, up 16.7% year-on-year [1][2]. - The annualized weighted average return on equity was 19%, a decrease of 0.48 percentage points year-on-year [1]. Revenue Composition - Net interest income grew by 9.4% year-on-year, with a 2.5 percentage point increase compared to Q1 [2]. - Non-interest income decreased by 5% year-on-year, but the decline was less severe than in Q1 [5]. Loan and Deposit Structure - The loan-to-asset ratio slightly increased to 45.2%, with total loans growing by 12% year-on-year [2][3]. - New loans in Q2 were primarily driven by corporate loans, while retail loans saw a slight decline [3]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, with a corporate loan NPL ratio of 0.65% [6]. - The bank's provision coverage ratio was 520.9%, maintaining a strong risk mitigation capacity [7]. Capital Adequacy - The bank's capital adequacy ratios improved significantly, with the core Tier 1 capital ratio reaching 9.74% [7]. - The conversion of convertible bonds has strengthened the bank's capital base, alleviating refinancing pressures [8]. Future Outlook - The bank's EPS forecasts for 2025-2027 are 2.72, 3.18, and 3.71 respectively, with current PB valuations of 0.91, 0.80, and 0.69 times [8].