东莞农商行披露三季报：营收下滑幅度收窄，资产质量压力仍存

Core Insights - Dongguan Rural Commercial Bank (9889.HK) reported a decline in both revenue and net profit for the first three quarters of 2025, with operating income at 8.611 billion yuan, down 6.6% year-on-year, and net profit at 3.794 billion yuan, down 22.26% year-on-year [2][3] Financial Performance - The bank's revenue and net profit showed signs of marginal improvement compared to the first half of the year, where operating income was 5.501 billion yuan, down 14.02%, and net profit was 2.629 billion yuan, down 22.22% [2] - Interest income and investment gains were key contributors to the bank's profitability, with net interest income at 6.557 billion yuan, down 5.74%, a smaller decline compared to the first half's 9.92% [2] - The bank's investment income surged to 1.939 billion yuan in the first three quarters, up from 1.12 billion yuan in the first half, providing significant support against the decline in interest income [2] Cost Management - The bank's business and management expenses decreased to 2.791 billion yuan from 2.937 billion yuan in the same period last year, indicating improved cost control [3] - However, the bank increased its asset impairment losses to 1.681 billion yuan, up 26.7% from 1.327 billion yuan in the previous year [3] Asset Quality - The bank's non-performing loan (NPL) ratio rose to 1.87% as of June, up from 1.84% at the end of 2024, marking the fourth consecutive year of increase [3] - The NPL balance reached 7.3 billion yuan, an increase of 323 million yuan from the previous year [3] Company Background - Dongguan Rural Commercial Bank, established from the Dongguan City Rural Credit Cooperative, was listed on the Hong Kong Stock Exchange on September 29, 2021, becoming the 13th rural commercial bank and the first local legal financial institution in Dongguan [4] - As of September 2025, the bank's total assets amounted to 769.705 billion yuan [4]