股份行前三季度盈利承压 4家营收净利双降

Core Insights - The overall profitability of A-share listed joint-stock banks faces significant pressure, with both revenue and net profit showing a year-on-year decline [1][2] - Among the nine listed banks, total revenue reached approximately 1.12 trillion yuan, down 2.56% year-on-year, while net profit was 406.1 billion yuan, with a nearly 1% decrease [1][2] Revenue and Profit Performance - The top-performing bank, China Merchants Bank, reported revenue of 251.42 billion yuan, a slight decline of 0.51%, and net profit of 114.54 billion yuan [3][5] - Shanghai Pudong Development Bank was the only bank to achieve "double growth," with revenue increasing by 1.88% to 132.28 billion yuan and net profit rising by 9.76% to 39.17 billion yuan [5] - Four banks, including Ping An Bank and Huaxia Bank, experienced a decline in both revenue and net profit [5][6] Net Interest Margin and Asset Quality - The net interest margin (NIM) remains under pressure but shows signs of stabilization, with most banks reporting a year-on-year decline [7][8] - The average non-performing loan (NPL) ratio for the nine banks was 1.24%, with China Merchants Bank having the lowest at 0.94% [10][11] - The overall asset quality remains stable, with five banks reporting a decrease in NPL ratios compared to the end of the previous year [1][11] Non-Interest Income and Market Trends - Non-interest income growth is uneven, with China Merchants Bank leading in wealth management, achieving a nearly 20% increase in fee and commission income [9] - The capital market's increased activity has positively impacted some banks' agency and custody businesses, although overall non-interest income growth remains weaker than that of state-owned banks [9] Risk Management and Future Outlook - The provisioning coverage ratio is under pressure, with seven out of nine banks showing a decline [12][13] - Analysts suggest that the asset quality of small and micro loans remains a concern, but overall risks are manageable due to ongoing policy support [13]