瑞丰银行（601528）：息差企稳，拨备创新高

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's revenue growth in the first half of the year was 3.9%, with a net profit growth of 5.6% and a non-recurring net profit growth of 11.4%. The net interest income growth was 3.4%, with a stable net interest margin of 1.46% [2][6]. - The non-interest income growth was 5.0%, which was lower than the previous year due to a high base from last year's fair value gains. The non-performing loan ratio was 0.98%, with a slight increase of 1 basis point, but the non-performing loan balance decreased [2][6]. - The provision coverage ratio increased to 340%, up 14 percentage points, indicating improved risk coverage [2][6]. Summary by Sections Financial Performance - Revenue growth of 3.9% in H1, with net profit growth of 5.6% and non-recurring net profit growth of 11.4%. Interest income growth was 3.4%, with a stable net interest margin of 1.46% [2][6]. - Non-interest income growth was 5.0%, impacted by a high base from last year. The non-performing loan ratio was 0.98%, with a decrease in non-performing loan balance [2][6]. Loan and Deposit Growth - Total assets grew by 4.3%, with loans increasing by 2.5%. The company reduced its bill financing significantly, with a 38% decrease in bill size [9]. - Corporate loans grew by 9.6%, primarily in manufacturing and wholesale retail sectors, while retail loans saw a modest increase of 0.9% [9]. Interest Margin and Cost Management - The net interest margin stabilized at 1.46%, with a decrease in deposit costs to 1.94%, indicating potential for further cost reductions [9]. - The asset yield decreased, but bond investment yields remained stable, helping to mitigate the impact of declining loan yields [9]. Asset Quality and Provisions - The non-performing loan generation rate decreased to 0.53%, attributed to a higher proportion of corporate loans with better asset quality [9]. - The provision coverage ratio improved significantly, indicating a stronger risk mitigation position [9].