兴业银行业绩会：对可转债转股乐观，将重新安排金融债发行计划

Core Viewpoint - The performance report of Industrial Bank shows a slight increase in total assets and a modest growth in net profit, indicating a stable financial position despite a decline in operating income [1][2]. Financial Performance - As of June 30, 2023, Industrial Bank's total assets reached 10.61 trillion yuan, a year-on-year increase of 1.01% [1]. - The bank's operating income for the first half of the year was 110.46 billion yuan, a decrease of 2.29% year-on-year, although the decline has narrowed compared to the first quarter [1]. - Net profit attributable to shareholders was 43.14 billion yuan, reflecting a slight increase of 0.21% year-on-year, with growth turning positive compared to the first quarter [1]. Convertible Bonds and Stock Conversion - The bank's management is optimistic about the conversion of convertible bonds into stocks, as the current stock price exceeds the conversion price, providing a buffer before mandatory redemption [3]. - As of June 30, 2023, 82.7% of the issued convertible bonds remain unconverted, indicating potential for future conversion [5]. - The bank's stock valuation has improved, with the price-to-book (PB) ratio increasing from 0.52 to 0.67, driven by the stabilization of the banking sector and increased investments from long-term funds [5]. Dividend Policy and Shareholder Structure - Industrial Bank has consistently increased its dividend payout ratio over the past fifteen years, with a dividend payout ratio exceeding 30% last year, ranking second among joint-stock banks [6]. - The current static dividend yield is 4.66%, placing the bank in the top third among national banks, while its PB ratio of 0.62 indicates room for valuation recovery [6]. - The bank aims to enhance the proportion of long-term stable investors through various means, including encouraging existing major shareholders to increase their holdings [6]. Net Interest Margin Outlook - The bank's net interest margin (NIM) for the first half of the year was 1.75%, down 7 basis points from the previous year, with expectations to limit the annual decline to within 10 basis points [7]. - The bank anticipates a decrease in interest expenses due to the maturity of high-interest deposits, which will positively impact NIM stability [7]. Financial Bond Issuance Strategy - The recent tax policy change regarding the issuance of financial bonds may lead to a reassessment of the bank's issuance strategy, as it could increase the cost of issuing financial bonds [10]. - The bank plans to evaluate the issuance of financial bonds in light of the new tax implications and the comparative costs with other liabilities [10].