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营收、净利润双降，东莞银行、南海农商行上市前路几何？
Nan Fang Du Shi Bao·2025-09-12 12:27

Core Viewpoint - The recent performance data of Dongguan Bank and Nanhai Rural Commercial Bank raises concerns about their prospects for A-share IPOs, as both banks have experienced significant declines in revenue and net profit in the first half of 2025 [2][3]. Financial Performance - In the first half of 2025, Dongguan Bank reported revenue of 4.97 billion yuan, a year-on-year decline of 8.02%, and a net profit of 2.36 billion yuan, down 1.4% [3]. - Nanhai Rural Commercial Bank's revenue was 3.28 billion yuan, a decrease of 8.2%, with a net profit of 1.39 billion yuan, down 14.2% [3]. - Both banks continued the downward trend observed in 2024, with Dongguan Bank's revenue and net profit declining by 3.7% and 8.2% respectively, while Nanhai's revenue fell by 6.3% [3]. Interest Margin and Asset Growth - The net interest margin for Dongguan Bank and Nanhai Rural Commercial Bank has decreased to 1.11% and 1.08% respectively, significantly lower than the industry average of 1.42% [3][4]. - Total assets for Dongguan Bank reached 677 billion yuan, growing by 5% year-on-year, while Nanhai's total assets were 337.71 billion yuan, also up by 5.2% [4]. Investment Income Dependency - Nanhai Rural Commercial Bank's investment net income accounted for 44.1% of its revenue, the highest among all A-share listed city commercial banks, while Dongguan Bank's investment net income represented 29.8% of its revenue [7]. - Both banks have seen increased volatility in non-interest income, with Dongguan Bank's non-interest income showing mixed results, including a significant loss in fair value changes [6][7]. Capital Adequacy and IPO Challenges - Dongguan Bank's core Tier 1 capital adequacy ratio decreased from 9.31% at the beginning of the year to 9.24% by mid-year, while Nanhai's ratio fell from 13.52% to 12.4% [8][9]. - The prolonged wait for an IPO, with Dongguan Bank having submitted its application in 2008 and Nanhai in 2018, highlights the increasing uncertainty surrounding bank listings in the current market environment [8][9].