兴业银行业绩会：宁可让利不让风险，反内卷下价格战终结

Core Viewpoint - The bank aims to establish itself as a value bank, focusing on improving strategic execution, customer service, investment trading, comprehensive risk control, and management promotion while addressing challenges such as high liability costs and low loan ratios in key areas [1][2]. Financial Performance - In the first half of the year, the bank's operating income was CNY 110.46 billion, a year-on-year decrease of 2.29%, while net profit reached CNY 43.14 billion, a slight increase of 0.21% [2]. - The bank's net interest margin was 1.75%, down 11 basis points year-on-year and 7 basis points from the beginning of the year, indicating a trend of narrowing [2][3]. Cost Management - The bank achieved a 30 basis point reduction in the interest rate on general deposits year-on-year, with a significant 54 basis point decrease in the interest rate on interbank deposits [3]. - The bank expects to save CNY 1.54 billion in interest expenses by re-pricing CNY 270 billion of 3-5 year fixed deposits that are maturing [3]. Asset Quality - As of the end of the first half, the bank's non-performing loan ratio was 1.08%, stable compared to the first quarter, with a focus loan ratio of 1.66%, down 0.05 percentage points from the beginning of the year [5]. - The bank has made significant progress in risk mitigation in key areas such as real estate and local government financing platforms, with new non-performing loans peaking [6]. Market Environment - The banking industry is currently experiencing a bottoming phase in net interest margins, with signs of improvement as high-interest deposits mature [3][4]. - The "anti-involution" policies initiated in various regions aim to prevent unhealthy competition in the banking sector, which may lead to increased loan default risks in the short term but could improve the overall market structure in the long term [8][9]. Strategic Focus - The bank is committed to enhancing its professional service capabilities and optimizing product design and business processes to adapt to the changing competitive landscape [9].