SPD BANK(SH:600000) Xin Lang Cai Jing·2025-08-29 02:27Core Viewpoint - Shanghai Pudong Development Bank (SPDB) reported a revenue of 90.6 billion yuan for the first half of 2025, representing a year-on-year growth of 2.62%, and a net profit attributable to shareholders of 29.7 billion yuan, up 10.19% year-on-year [1] Financial Performance - The bank's credit cost decreased, leading to a marginal improvement in profit growth, with revenue and net profit growth rates of 2.62% and 10.19% respectively, showing improvements of 1.3 percentage points and 9.2 percentage points compared to Q1 2025 [1] - Net interest income grew by 0.45% year-on-year, with a net interest margin of 1.41%, down 1 basis point from the previous year [1] Asset and Liability Management - Interest-earning assets and loan yields for H1 2025 were 3.25% and 3.47%, down 32 basis points and 41 basis points year-on-year respectively [2] - The bank's interest-bearing liabilities and deposit cost rates were 1.87% and 1.67%, down 33 basis points and 30 basis points year-on-year respectively [2] Non-Interest Income - Net fee and commission income decreased by 1.0% year-on-year, with a notable decline in credit card business [3] - Other non-interest income increased by 12.1% year-on-year, driven by a 15.9% increase in investment income [3] Asset Quality - As of Q2 2025, total assets reached 9.65 trillion yuan, with total loans of 5.63 trillion yuan, reflecting year-on-year growth of 4.2% and 6.0% respectively [4] - The non-performing loan (NPL) ratio was 1.31%, down 2 basis points from the previous quarter, indicating improved asset quality [4][5] Risk Mitigation - The provision coverage ratio and loan-to-deposit ratio were 193.97% and 2.54%, respectively, showing improvements of 7 percentage points and 5 basis points from the previous quarter [5] - The bank's credit cost for H1 2025 was 1.20%, down 9 basis points year-on-year [6] Investment Outlook - The bank is expected to maintain a stable profit growth momentum, with projected net profit growth rates of 10.48%, 9.56%, and 8.19% for 2025-2027 [6]