Core Viewpoint - Bohai Bank is one of the few national joint-stock banks that achieved both revenue and net profit growth amid widespread operational pressures in the banking sector [1] Financial Performance - For the first half of 2025, Bohai Bank reported operating revenue of 14.215 billion RMB, a year-on-year increase of 8.14%, and net profit of 3.830 billion RMB, up 3.61% [2][3] - The bank's net interest income continued to decline, reaching 8.046 billion RMB, a decrease of 0.43% year-on-year, primarily due to adjustments in high-yield asset allocation [2][3] Business Segment Analysis - The bank's corporate financial business is experiencing weak growth, with revenue from this segment at 8.105 billion RMB, only a 0.93% increase year-on-year, and a pre-tax profit of 3.74 billion RMB, growing just 0.08% [4][6] - The retail business showed signs of improvement, with a pre-tax loss of 348 million RMB, significantly reduced from a loss of 709 million RMB in the same period last year [7] Financial Market Business - The financial market business was a key driver of overall performance, achieving revenue of 4.193 billion RMB, a substantial increase of 73.7% year-on-year, largely due to a 63.16% rise in financial investment income to 4.836 billion RMB [6] - Despite the revenue growth, the operating profit for the financial market segment was only 1.787 billion RMB, a slight decrease of 0.06% year-on-year, indicating a "revenue growth without profit growth" scenario due to rising costs [6] Risk Management and Strategic Adjustments - The bank has been reducing personal consumer loan sizes to manage risks from previous aggressive expansions, with consumer loan balances down 9.29% year-to-date [4] - Bohai Bank is focusing on transforming its corporate financial business by emphasizing three service models: "industry bank, professional bank, and ecological bank," targeting key industries such as new energy and biomedicine [4][6] Future Outlook - The bank's ability to optimize its business structure and enhance profitability while maintaining risk control will be crucial for its long-term investment value [7]
渤海银行中期报告解析：营收利润双升背后的结构性挑战