XIANMEN BANK(SH:601187) Guan Cha Zhe Wang·2025-09-05 07:19Core Viewpoint - Xiamen Bank reported a decline in overall performance for the first half of the year, with a year-on-year decrease in operating income and net profit, primarily due to fluctuations in the bond market [1][4][5]. Financial Performance - For the first half of 2025, Xiamen Bank achieved operating income of 2.689 billion, a year-on-year decrease of 7.02% [2]. - The net profit attributable to shareholders was 1.158 billion, down 4.59% year-on-year [1][2]. - The bank's net interest margin was recorded at 1.08%, ranking last among 42 A-share listed banks, significantly below the industry average of 1.42% [5]. Revenue Structure - Interest income for the period was 1.992 billion, showing a slight decline of 0.47% year-on-year, while non-interest income fell sharply by 21.72% to 697 million [4][5]. - The fair value changes in bond investments resulted in a loss of 204 million, reflecting the impact of market volatility on the bank's investment business [4]. Strategic Initiatives - The new management under Chairman Hong Pipa is focusing on optimizing loan structures and reducing deposit costs to address the narrowing interest margin [5][6]. - The bank plans to enhance interest income through a strategy of "increasing volume while stabilizing price" and diversifying revenue sources [3][6]. Shareholder Returns - Xiamen Bank announced a mid-year dividend payout ratio of 32.62%, the highest since its listing, indicating a commitment to shareholder returns [3][7]. - The bank has consistently maintained a cash dividend rate above 30% for four consecutive years [7]. Market Context - The challenges faced by Xiamen Bank are reflective of broader industry trends, including narrowing net interest margins and pressure on profitability due to market conditions [7]. - Analysts suggest that regional banks like Xiamen Bank should leverage local advantages and invest in financial technology to enhance service efficiency and risk management [7].