齐鲁银行(601665)：息差升 不良降

Core Viewpoint - Qilu Bank's 2025 H1 financial results show significant growth in revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders, with year-on-year increases of 5.76%, 6.00%, and 16.48% respectively, indicating strong market expectations for double-digit growth [1] Group 1: Asset and Liability Growth - Total assets as of Q2 2025 increased by 16.02% year-on-year, with loans growing by 13.71%, and corporate loans showing a notable increase of 20.62% [2] - Total liabilities grew by 16.17% year-on-year, with deposits increasing by 12.54%, and bond issuance rising by 48.42% [2] Group 2: Net Interest Margin and Asset Quality - The net interest margin for H1 2025 was reported at 1.53%, a 2 basis point increase from 2024, outperforming the industry average [3] - The non-performing loan (NPL) ratio decreased to 1.09%, with a significant improvement in the provision coverage ratio to 343.24% [3] Group 3: Non-Interest Income and Future Outlook - Non-interest income from fees and commissions grew by 13.64% year-on-year, indicating better performance compared to peers [3] - Other non-interest income saw a decline of 24.25%, but the overall financial health remains strong, allowing for future asset allocation flexibility [4] - The company is well-positioned for growth due to favorable policies and a strong capital base, with recent convertible bond issuance further solidifying its financial standing [4]