兴业银行营收、净利“双增”，负债成本压降成果已现

Core Viewpoint - In 2025, Industrial Bank reported a modest growth in revenue and net profit, indicating challenges in the banking sector amid narrowing interest margins [1][2]. Financial Performance - In 2025, Industrial Bank achieved operating revenue of 212.74 billion yuan, a year-on-year increase of 0.24%, and a net profit attributable to shareholders of 77.47 billion yuan, with a growth rate of only 0.34% [1]. - The bank's return on equity (ROE) decreased by 0.74 percentage points to 9.15%, and basic earnings per share slightly declined to 3.46 yuan due to capital expansion [7]. Asset and Liability Management - As of the end of 2025, total assets expanded to 11.09 trillion yuan, with a growth rate of 5.57%, reflecting a relatively restrained expansion pace [7]. - The growth rate of loans was only 3.70%, significantly lower than the overall asset growth, while deposit growth reached 7.18%, nearly double that of loans [7]. - The high growth in deposits indicates effective cost control on liabilities, as the bank actively absorbs low-cost liabilities to build a defense against interest margin pressures [7]. Asset Quality - The non-performing loan (NPL) ratio slightly increased by 1 basis point to 1.08%, remaining within a favorable range for the industry, although the NPL balance rose by 2.77 billion yuan, indicating ongoing pressure from new NPL generation [7]. - The provision coverage ratio decreased by 9.37 percentage points to 228.41%, still above regulatory requirements, but the reduced provisioning may have smoothed profit figures amid low net profit growth [8]. Strategic Focus - Industrial Bank continues to strengthen its focus on technology, green finance, and inclusive finance as key strategic areas [8]. - The bank's future outlook hinges on whether its current "low-speed cruising" state has reached a bottom [9][10].