Zhi Tong Cai Jing·2025-10-13 02:05Core Viewpoint - Chongqing Bank is expected to achieve steady growth in its corporate business driven by regional strategic initiatives, with effective cost control supporting its net interest margin and improving asset quality indicators. The bank's projected operating revenue for 2025-2027 is 145.16, 155.15, and 166.77 billion yuan, with net profit attributable to shareholders at 53.63, 57.47, and 62.14 billion yuan respectively, leading to a PB valuation of 0.40, 0.37, and 0.34 times based on the closing price on October 10 [1]. Group 1 - The bank's corporate loans have shown significant growth, increasing by 20.65% year-to-date to 377.64 billion yuan, driven by the "Chengdu-Chongqing Economic Circle" strategy, while retail loan growth remains modest at 2.03% [2]. - The bank's net interest margin expanded by 8 basis points to 1.35%, primarily due to a substantial reduction in the average cost of interest-bearing liabilities, which decreased by 36 basis points to 2.29% [3]. - Non-interest income has faced pressure, with net commission and fee income dropping by 28.62% to 365 million yuan, largely due to a 59.77% decline in income from agency wealth management services [4]. Group 2 - The asset quality of the bank is improving, with the non-performing loan ratio decreasing by 8 basis points to 1.17%, and both the attention and overdue loan ratios have declined [5]. - The bank's provision coverage ratio increased by 3.19 percentage points to 248.27%, indicating a stronger safety buffer [5].