万联证券：银行业单季净利润同比增速继续回升 高股息投资价值更加凸显

Core Insights - The net profit growth rate of commercial banks in Q3 2025 continues to rebound, driven by reduced provisioning, stabilized net interest margins, and improved non-interest income [1][2] - The overall asset growth rate of the banking industry remains stable, with large state-owned banks and city commercial banks showing relatively high asset growth rates [3] - Asset quality shows slight fluctuations, with a decrease in the provisioning coverage ratio [4] Group 1: Net Profit Growth - The cumulative net profit growth rate of commercial banks as of Q3 2025 is 0%, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks showing year-on-year growth rates of 2.3%, -2.1%, 1.7%, and -7.3% respectively [1] - The net profit growth rate for Q3 2025 is 2.4%, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks showing growth rates of 4.4%, -2.4%, 9%, and -5.8% respectively [1] Group 2: Net Interest Margin - The net interest margin for Q3 2025 is 1.42%, remaining stable compared to the previous quarter [2] - The net interest margins for state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks are 1.31%, 1.56%, 1.37%, and 1.58% respectively, with minimal changes [2] Group 3: Asset Growth - The total asset growth rate of commercial banks as of Q3 2025 is 8.8%, slightly down from 8.9% at the end of Q2 2025 [3] - State-owned banks and city commercial banks have higher year-on-year growth rates of 10% and 10.6% respectively, with minor fluctuations [3] - The loan growth rate in the industry is 6.6%, a decrease of 1% compared to 2024 [3] Group 4: Asset Quality - The non-performing loan (NPL) ratio and attention rate as of Q3 2025 are 1.52% and 2.2%, showing a quarter-on-quarter increase of 3 basis points each [4] - The provisioning coverage ratio is 207.15%, down by 4.82 percentage points from the previous quarter [4] - The NPL ratios for state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks are 1.22%, 1.22%, 1.84%, and 2.82% respectively, with varying changes [4]