瑞丰银行：息差降幅明显收窄，拨备进一步夯实-20250429

Investment Rating - The report maintains a "Buy" rating for Ruifeng Bank [6] Core Views - Ruifeng Bank's Q1 2025 performance shows revenue of 1.11 billion yuan, a year-on-year increase of 5.12%, and a net profit attributable to shareholders of 420 million yuan, up 6.69% year-on-year [1][2] - The bank's net interest margin decline has narrowed significantly, with a net interest margin of 1.46%, down 4 basis points from the previous year [2] - Asset quality is further solidified, with a non-performing loan ratio of 0.97% and a provision coverage ratio of 326.08%, both stable or improved compared to the previous year [3] Performance Summary - Revenue and Profit Growth: In Q1 2025, revenue and net profit growth rates were 5.12% and 6.69%, respectively, showing a decrease of 10.2 percentage points and 4.6 percentage points compared to 2024 [2] - Net Interest Income: Increased by 2.68% year-on-year, with a notable improvement in the growth rate compared to 2024 [2] - Non-Interest Income: Grew by 11.43% year-on-year, with investment net income rising by 23.01% despite a loss of 130 million yuan from fair value changes [2] Asset Quality - Non-Performing Loan Ratio: Remained stable at 0.97%, with a focus rate increase of 9 basis points [3] - Provision Coverage Ratio: Increased by 5.2 percentage points to 326.08%, indicating stronger asset quality management [3] Asset and Liability Management - Asset Growth: Total assets and loans reached 229.3 billion yuan and 136.8 billion yuan, respectively, with year-on-year growth of 11.07% and 11.67% [4] - Deposit Growth: Total deposits increased by 13.83% year-on-year, with a net increase of 8.7 billion yuan in Q1 2025, primarily from personal time deposits [4] Investment Outlook - The report suggests that Ruifeng Bank is positioned for stable loan growth in its region, with potential for market share improvement and continued asset quality enhancement, leading to sustained performance ahead of peers [4]