投资收益超去年全年，非息收入“支撑”长沙银行半年业绩

Core Viewpoint - Changsha Bank reported steady growth in its performance for the first half of 2025, with revenue increasing by 1.59% and net profit attributable to shareholders rising by 5.05%, marking the first interim dividend since its listing [2][3][10] Revenue and Profit Analysis - In the first half of 2025, Changsha Bank's operating income was 13.249 billion yuan, a year-on-year increase of 1.59%, while net profit attributable to shareholders was 4.329 billion yuan, up 5.05% [3] - The bank's net interest margin decreased to 1.87%, down 0.25 percentage points year-on-year, and net interest spread fell to 1.97%, down 0.30 percentage points [4] Income Structure - The contribution of net interest income to total revenue is declining, with net interest income at 9.659 billion yuan, down 1.74% year-on-year, accounting for 72.90% of total revenue, down from 75.37% in the same period last year [4] - Non-interest income reached 3.590 billion yuan, a year-on-year increase of 11.78%, driven primarily by investment income and net commission income, which grew by 118.82% and 14.60%, respectively [4][5] Investment Income - Investment income accounted for 88.69% of non-interest income, totaling 3.184 billion yuan, a significant increase of 118.82%, mainly due to gains from trading financial assets and other debt investments [5][6] - The balance of trading financial assets increased by 65.07% year-on-year to 182.429 billion yuan, with investment income from these assets rising by 62.31% [6][7] Market Conditions and Strategy - Despite a challenging bond market characterized by low interest rates and high volatility, Changsha Bank aims to enhance both investment scale and returns through strategic fund management [8][9] - The bank's investment strategy has shifted significantly since its listing, with investment income growing from 0.407 billion yuan in 2018 to 3.184 billion yuan in the first half of 2025, increasing its revenue share from 2.92% to 24.03% [8] Dividend Announcement - Changsha Bank's board approved a mid-term dividend plan, proposing a cash dividend of 2.00 yuan per 10 shares, totaling 804 million yuan, which represents 18.58% of net profit attributable to shareholders [10][11]