SPD BANK(SH:600000) Nan Fang Du Shi Bao·2025-08-28 12:01Core Viewpoint - Shanghai Pudong Development Bank (SPDB) has reported positive growth in net profit for the first half of 2025, continuing the trend from 2024 and Q1 2025, with a net profit of 29.737 billion yuan, a year-on-year increase of 10.19% [2][3]. Financial Performance - For the first half of 2025, SPDB achieved operating income of 90.559 billion yuan, an increase of 2.62% year-on-year, and a net profit attributable to shareholders of 29.737 billion yuan, up 10.19% year-on-year [2][4]. - The bank's net profit excluding non-recurring gains and losses was 29.984 billion yuan, reflecting an 11.86% increase year-on-year [2]. - Despite the positive results, SPDB's performance has not yet returned to its peak levels from 2019, when it reported operating income of 97.599 billion yuan and a net profit of 32.106 billion yuan [3]. Asset Quality - As of the end of June, SPDB's non-performing loan (NPL) ratio was 1.31%, marking a decrease of 0.05 percentage points from the end of the previous year, continuing a five-year downward trend [4][5]. - The bank's NPL balance was 73.672 billion yuan, with a provision coverage ratio of 193.97%, up 7.01 percentage points from the end of the previous year [4][6]. Loan Quality - The NPL ratio for corporate loans decreased to 1.19%, while the NPL ratio for retail loans increased to 1.65% [5][6]. - Specific increases in retail loan NPLs were noted in personal mortgage loans, personal business loans, and consumer loans, while credit card and overdraft NPLs decreased [5]. Business Performance - SPDB's net interest income for the first half of 2025 was 58.307 billion yuan, a slight increase of 0.45% year-on-year, while non-interest income reached 32.252 billion yuan, up 6.79% [8]. - The bank's retail financial assets under management (AUM) grew to 4.29 trillion yuan, a 10.55% increase from the end of the previous year, with a significant increase in the number of personal customers [8][9]. - SPDB's corporate customer base reached 2.4369 million, reflecting a growth of 2.89% from the previous year [8]. Comparison with Peers - SPDB's retail AUM growth outpaced that of CITIC Bank and surpassed Ping An Bank, which saw minimal growth [9]. - The bank's private banking segment also showed strong growth, with the number of clients with financial assets exceeding 6 million yuan increasing by 10.20% [9].