中国银行（601988）：非息支撑营收改善，质量稳健经营

Investment Rating - The investment rating for the company is "Accumulate" with a 6-month outlook [7] Core Views - The company's revenue improved due to non-interest income, with Q1 2025 revenue reaching 164.9 billion yuan, a year-on-year increase of 2.56%. Net interest income was 107.7 billion yuan, down 4.42% year-on-year, while non-interest income grew by 18.91% to 57.2 billion yuan, becoming the main driver of revenue growth [2][3] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.25% and a provision coverage ratio of 198% [3] - The bank's net interest margin recorded 1.29%, down 11 basis points quarter-on-quarter and 15 basis points year-on-year, primarily due to adjustments in the Loan Prime Rate (LPR) [3] Financial Performance Summary - In Q1 2025, the bank's total interest-earning assets amounted to 34.92 trillion yuan, a year-on-year increase of 7.2%. Loan and financial investment growth was 8.3% and 20.0%, respectively [3] - The bank's interest-bearing liabilities reached 31.59 trillion yuan, up 6.8% year-on-year, with deposits growing by 6.2% [3] - The bank's forecasted net profit for 2025 is expected to be 245.8 billion yuan, with a slight growth of 0.03% year-on-year, and projected growth rates for 2026 and 2027 are 2.37% and 3.41%, respectively [5][12]