苏农银行（603323）：2025年半年报点评：中期分红落地，投资收益表现亮眼

Investment Rating - The investment rating for the company is maintained at "Neutral" [4][6]. Core Views - The company reported a revenue of 2.28 billion and a net profit attributable to shareholders of 1.18 billion for the first half of 2025, with year-on-year growth rates of 0.21% and 5.22% respectively, indicating a decline in growth rates compared to the first quarter [1][2]. - The annualized weighted average ROE for the first half of 2025 was 12.64%, down by 1.06 percentage points year-on-year [1]. - The company’s total assets grew by 2.64% year-on-year to 223.25 billion, with loans (excluding accrued interest) increasing by 4.17% to 136.33 billion [2]. - The net interest margin for the first half of 2025 was 1.47%, a decrease of 18 basis points compared to the previous year, primarily due to a decline in asset yield [3]. - Non-interest income showed a year-on-year increase of 5.52% to 890 million, with investment income rising by 18.21% to 832 million [3]. Summary by Sections Financial Performance - The company achieved a revenue of 4.39 billion and a net profit of 2.11 billion for 2025, with expected year-on-year growth rates of 5.2% and 8.7% respectively [5][8]. - The diluted EPS is projected to be 1.15 for 2025, with a corresponding PE ratio of 5.1 [4][5]. Asset Quality - The non-performing loan ratio remained stable at 0.90% as of June, with a provision coverage ratio of 386.88%, although it decreased by 33.15 percentage points from March [3]. - The company’s core tier 1 capital adequacy ratio was 10.87%, showing a slight recovery from the previous quarter [2]. Dividend Policy - The company proposed a mid-year dividend of 0.09 per share, resulting in a mid-year dividend payout ratio of 15.42% [2].