INDUSTRIAL BANK(SH:601166) Zheng Quan Ri Bao Wang·2025-10-31 12:37Core Insights - The core viewpoint of the news is the performance and strategic adjustments of Industrial Bank in the third quarter of 2025, highlighting revenue, profit, asset quality, and loan dynamics. Financial Performance - In the first three quarters of 2025, Industrial Bank achieved revenue of 161.23 billion yuan, a year-on-year decrease of 1.82%, with the decline narrowing by 0.47 percentage points compared to the first half of the year [1] - The net profit attributable to shareholders was 63.08 billion yuan, a slight increase of 0.12% year-on-year [1] - The net interest margin stood at 1.72%, down 10 basis points from 2024, aligning with initial expectations [1] Loan Dynamics - As of the end of September, total loans increased by 253.3 billion yuan since the beginning of the year, with corporate loans rising by 259.4 billion yuan, achieving 87% of the annual target [2] - Personal loans decreased by 49.6 billion yuan, primarily due to changes in economic conditions and market demand, leading to a strategic shift to prioritize quality over growth [2] - The introduction of a personal consumption loan subsidy policy on September 1 positively impacted individual loan issuance, with a 5.07% month-on-month increase in September [2] Asset Quality - As of September 30, the non-performing loan balance was 64.56 billion yuan, an increase of 3.08 billion yuan from the end of the previous year, with a non-performing loan ratio of 1.08% [3] - The bank's chief risk officer indicated a significant decrease in newly generated non-performing assets compared to the same period last year, with a lower non-performing asset generation rate [3] - The bank expects a decrease in new non-performing loans for the year compared to the previous year, maintaining stable asset quality [3] Non-Interest Income - The bank's net fee and commission income grew by 3.79% year-on-year to 20.08 billion yuan, with an acceleration in wealth management service income [4] - Credit card income showed a reduced decline compared to the first half of the year, indicating improved performance in this segment [4] - Other non-interest income decreased by 9.28% year-on-year to 30.19 billion yuan, influenced by fluctuations in bond rates, but remained competitive within the industry [5] Market Trends - There has been an increase in customer allocation towards equity products, with a notable rise in the penetration of equity-linked products among high-net-worth clients [5] - The bank observed a significant increase in the activity of third-party custody clients, with monthly average sign-ups doubling compared to the first half of the year [5] - The overall market conditions remain favorable for the bond market, although there are concerns about the impact of a strong stock market on bond valuations [5]