SPD BANK(SH:600000) Bei Jing Shang Bao·2026-01-13 14:34Core Viewpoint - Shanghai Pudong Development Bank (SPDB) has reported positive growth in both revenue and net profit for the year 2025, with total assets exceeding 10 trillion yuan, despite its stock price lagging behind other A-share listed banks [1][4][6]. Financial Performance - SPDB achieved operating revenue of 173.964 billion yuan in 2025, an increase of 1.88% compared to 2024 [3][4]. - The net profit attributable to shareholders reached 50.017 billion yuan, reflecting a growth of 10.52% year-on-year [3][4]. - The bank's total assets stood at 10.081746 trillion yuan, marking a 6.55% increase from the previous year [3][4]. - The non-performing loan (NPL) ratio improved to 1.26%, down by 0.10 percentage points from the previous year [3][4]. Asset Quality and Risk Management - SPDB reported a decrease in non-performing loan balance to 71.99 billion yuan, down by 1.164 billion yuan year-on-year [4][5]. - The provision coverage ratio increased to 200.72%, up by 13.76 percentage points from the previous year, indicating enhanced risk mitigation capabilities [3][4]. Strategic Initiatives - The bank's performance improvement is attributed to enhanced service to the real economy, proactive asset-liability management, and a focus on digital transformation [5][6]. - The new management team, which took over in 2024, has implemented a strategic restructuring that has positively impacted the bank's operations and profitability [6][8]. Market Performance - Despite the positive financial results, SPDB's stock price has underperformed, with a year-to-date decline of 6.99%, placing it at the bottom of the A-share bank performance rankings [1][7]. - Analysts suggest that while the recent earnings report may stabilize the stock price in the short term, long-term recovery will depend on the bank's ability to continue demonstrating risk management effectiveness and profitability [7][8].