成都银行(601838)：贷款规模高增 资产质量优异

Core Viewpoint - Chengdu Bank reported a revenue of 17.76 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 3.0%, with a net profit attributable to shareholders of 9.49 billion yuan, up 5.0% year-on-year, although growth rates have slowed compared to the first half of 2025 [1][2] Group 1: Financial Performance - The bank's net interest income increased by 8.2% year-on-year to 14.72 billion yuan, with the growth rate improving by 0.6 percentage points compared to the first half of 2025 [1] - The bank's interest margin pressure has eased, contributing to the acceleration of net interest income growth, with the performance drag from interest margin at 5.6 percentage points, down from 6.4 percentage points in the first half of 2025 [1] - Non-interest income faced challenges, with net fee and commission income declining by 35.2% year-on-year to 380 million yuan, although the decline rate narrowed by 10.0 percentage points compared to the first half of 2025 [1] Group 2: Loan Growth and Asset Quality - The loan balance at the end of September 2025 reached 846.2 billion yuan, showing a year-on-year increase of 17.4%, consistent with the 18.0% growth rate at the end of the first half of 2025 [2] - Corporate loans and bill discounts saw a net increase of 10.4 billion yuan in the third quarter of 2025, driven by the construction of the Chengdu-Chongqing economic circle [2] - The non-performing loan ratio was 0.68% at the end of September 2025, slightly up by 2 basis points from the end of the first half of 2025, indicating stable asset quality [2] Group 3: Investment Outlook - The demand for infrastructure projects in the Chengdu-Chongqing region is strong, and Chengdu Bank is well-positioned to benefit from this, with expectations for continued high loan growth [2] - The bank's net profit attributable to shareholders is projected to reach 13.66 billion yuan, 14.72 billion yuan, and 16.05 billion yuan for 2025-2027, representing year-on-year growth rates of 6.2%, 7.8%, and 9.0% respectively [2]