银行半年报透视：经营业绩回暖 净息差降幅趋稳

Core Viewpoint - The overall performance of A-share listed banks in the first half of 2025 shows a significant recovery, with operating income and net profit attributable to shareholders both turning positive compared to the first quarter, supported by growth in non-interest income [1][3]. Financial Performance - A total of 42 A-share listed banks achieved operating income exceeding 2.9 trillion yuan and net profit attributable to shareholders exceeding 1.1 trillion yuan in the first half of 2025 [2]. - More than half of the banks reported growth in both operating income and net profit. Jiangyin Bank and Changshu Bank achieved double-digit year-on-year growth in both metrics [2]. - Jiangyin Bank reported operating income of 2.401 billion yuan, a year-on-year increase of 10.45%, and net profit of 846 million yuan, up 16.63%. Non-interest income, particularly investment income, significantly contributed to this growth [2]. - Changshu Bank reported operating income of 6.062 billion yuan, a year-on-year increase of 10.10%, and net profit of 1.969 billion yuan, up 13.51%. The bank's strong performance was also driven by substantial growth in non-interest income, particularly from fees and commissions [2]. Net Interest Margin Trends - The decline in net interest margin is stabilizing, with banks acknowledging ongoing pressure but expecting the rate of decline to narrow [4]. - The president of Citic Bank noted that while asset prices remain low, the replacement of high-yield loans will continue to exert downward pressure on net interest margins [4]. - The CFO of China Construction Bank indicated that the impact of previous interest rate adjustments has a lag effect, but improvements in monetary policy are expected to help stabilize net interest margins [4]. Anti-Competition Measures - Banks are implementing anti-competition measures to address excessive competition in loan pricing and deposit rates, which is seen as beneficial for both corporate health and asset quality [5][6]. - The general manager of the financial department at Industrial Bank highlighted that these measures present both opportunities and challenges, with a reduction in harmful competition observed in recent months [5]. - Long-term, these anti-competition initiatives are expected to improve supply-demand relationships, enhance corporate profitability, and direct financial resources towards high-end manufacturing and green economy sectors [5].