智通财经网·2025-09-03 01:08Core Viewpoint - The report from CITIC Securities indicates that the banking sector's mid-year profitability has stabilized and improved, slightly exceeding expectations. The stable fundamentals are expected to bolster investor confidence in the sector, with a positive outlook for absolute returns in the future. Group 1: Performance Overview - The banking sector's revenue and profit growth turned positive in Q2 2025, with operating income and net profit attributable to shareholders increasing by 1.0% and 0.8% year-on-year, respectively, compared to declines in Q1 [1] - The recovery in net interest income growth was driven by improved volume and price coordination, while non-interest income also saw a positive turnaround, increasing by 3.1% year-on-year [1] - The profit growth contribution from cost factors turned negative due to asset impairment losses and tax growth exceeding revenue growth [1] Group 2: Individual Bank Performance - The profit growth range for listed banks in the first half of the year was between -7.9% and 16.7%, with a general upward trend in profit growth central [2] Group 3: Asset and Liability Management - Total assets of listed banks increased by 2.3% quarter-on-quarter in Q2 2025, reflecting a balanced structure in asset allocation [3] - The net interest margin for commercial banks was 1.42% in Q2 2025, showing a slight decline of 1 basis point from Q1, with the decline rate narrowing compared to the previous quarter [3] - The reduction in interest-bearing asset yields continued, but the cost of interest-bearing liabilities decreased significantly, providing effective hedging [3] Group 4: Non-Interest Income - Non-interest income for listed banks grew by 7.0% year-on-year in Q1 2025, with significant contributions from middle business activities and improved capital market conditions [4] - The fair value changes turned positive in Q2 2025, benefiting from the recovery in the bond market [4] - Investment income remained high, with a year-on-year increase of 26.1% in Q1 and 23.6% in the first half of 2025 [4] Group 5: Asset Quality - The average non-performing loan ratio for listed banks was 1.23% at the end of the first half of 2025, showing a slight improvement [6] - The broad credit cost remained stable at 0.47% in Q2 2025, reflecting a cautious approach to impairment provisions [6] - The average provision coverage ratio was 287.3% at the end of the first half of 2025, indicating stable risk resistance capabilities [6]