成都银行（601838）：营收向上源自扎实基本面

Investment Rating - The report upgrades the investment rating of Chengdu Bank to "Buy" [5][8] Core Views - Chengdu Bank's revenue growth is supported by solid fundamentals, with a year-on-year increase of 5.91% in revenue and 7.29% in net profit attributable to shareholders for the first half of 2025 [1][2] - The bank's net interest income has rebounded, contributing to the upward trend in revenue growth, with net interest income reaching approximately 97.66 billion yuan, up 7.59% year-on-year [2][13] - The bank maintains a robust asset quality with a non-performing loan ratio of 0.66% and a provision coverage ratio of 452.7% as of the end of the first half of 2025 [4][27] Financial Performance - Chengdu Bank's total revenue for the first half of 2025 was approximately 122.7 billion yuan, with a quarter-on-quarter growth rate increase of 2.74 percentage points [2][13] - The bank's net interest margin stood at 1.62%, unchanged from the first quarter of 2025, while the yield on interest-earning assets was 3.57%, down 27 basis points from the end of 2024 [2][16] - The bank's total interest-earning assets reached 1.36 trillion yuan, growing 9.79% from the end of 2024 and 14.19% year-on-year [4][22] Asset and Liability Management - As of the first half of 2025, Chengdu Bank's interest-bearing liabilities amounted to 1.26 trillion yuan, reflecting a year-on-year growth of 13.55% [4][26] - The bank's deposit structure shows a 12.68% year-on-year increase in deposits, with significant growth in bond issuance and interbank liabilities [4][26] - The bank's loan portfolio continues to grow, with corporate loans increasing by 15.62% year-on-year and retail loans by 12.85% [22][23] Non-Interest Income - Non-interest income for the first half of 2025 included net commission and fee income of 248 million yuan, down 45.15% year-on-year, while investment net income was 2.266 billion yuan, up 13.07% [3][21] Asset Quality - The non-performing loan ratio for corporate loans decreased to 0.59%, while the non-performing loan ratio for retail loans increased to 0.98% [27][28] - The bank's provision coverage ratio remains high at 452.7%, indicating strong risk management practices [4][27]