上市银行2025Q1业绩综述：投资支撑营收，息差降幅收窄

Investment Rating - The report rates the banking industry as "Outperforming the Market" [7]. Core Insights - In Q1 2025, the total operating revenue of 42 listed banks was 1.45 trillion yuan, a year-on-year decrease of 1.72%. The net profit attributable to shareholders was 563.98 billion yuan, down 1.20% year-on-year [2][15]. - Investment income saw rapid growth, accounting for a significant portion of revenue. In Q1 2025, interest income, commission income, and investment income were 1.02 trillion yuan (down 1.65% YoY), 230 billion yuan (down 0.72% YoY), and 170 billion yuan (up 26.10% YoY), respectively [2][15]. - The reduction in provision for asset impairment losses helped to release profits, with total asset impairment losses at 347.13 billion yuan, down 2.37% YoY [2][15]. Summary by Sections Revenue and Profitability - The operating revenue of listed banks decreased by 1.72% YoY, while net profit fell by 1.20% YoY, indicating a slight decline in overall profitability [2][15]. - Investment income increased significantly, contributing 11.62% to total revenue, up 2.56 percentage points from the previous year [2][15]. Loan and Deposit Growth - As of the end of Q1 2025, the total loan and advance amount reached 174.13 trillion yuan, growing by 7.92% YoY, with a slight deceleration in growth rate [3]. - The deposit scale also showed improvement, with a total of 212.38 trillion yuan, reflecting a 6.21% YoY increase [4]. Interest Margin and Asset Quality - The average net interest margin for listed banks was 1.55%, with a year-on-year decline of 0.09 percentage points, although the rate of decline has narrowed [5]. - The average non-performing loan ratio remained stable at 1.16%, while the provision coverage ratio decreased by 7.87 percentage points [5]. Capital Adequacy - As of the end of Q1 2025, the average core tier 1 capital adequacy ratio was 10.35%, showing a slight decline from the previous year [5]. Investment Recommendations - The report suggests that the core factors supporting the stable performance of the banking sector in 2024 and Q1 2025 include increased investment income and reduced provision for losses, indicating resilience in sector profits. Recommended stocks include Chongqing Bank, Yunnan Rural Commercial Bank, Shanghai Bank, and Shanghai Rural Commercial Bank [6].