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上市银行2025中报综述回调完,中报后,再评估银行股的投资价值
Huafu Securities·2025-09-01 02:30

Investment Rating - The industry investment rating is maintained at "Outperform" [1] Core Viewpoints - The financial indicators of banks showed marginal improvement in the first half of 2025, with most banks experiencing a rebound in revenue and profit growth, a stable decline in non-performing loan ratios, and a stabilization in provision coverage ratios [4] - The banking sector is expected to experience a rotation and rebound due to solid fundamentals and prior adjustments in the sector, with the overall performance of banks in the mid-year report being positive [4] - The ranking of bank sub-sectors is as follows: Joint-stock banks > City commercial banks = State-owned banks > Rural commercial banks, with a strong preference for joint-stock banks [4] Summary by Sections Financial Performance - In the first half of 2025, state-owned banks saw a significant rebound in fee and other non-interest income growth, which boosted revenue growth [14] - Joint-stock banks generally experienced a recovery in revenue growth in Q2 2025, primarily driven by contributions from other non-interest income [17] - City commercial banks mostly saw an increase in revenue growth, mainly from improvements in interest and other non-interest income [21] - Rural commercial banks showed mixed performance, with some experiencing improvements in interest income growth [26] Revenue Growth - The revenue growth rates for various banks in H1 2025 indicate a positive trend, with specific banks like Minsheng Bank and Ping An Bank showing notable increases [18][19] - The overall revenue growth for the banking sector in H1 2025 was better than in Q1, indicating a recovery trend [4] Loan Growth - The loan growth rates for state-owned banks in Q2 2025 showed a range of 7.9% to 10.1%, indicating a healthy lending environment [32] - Joint-stock banks exhibited lower loan growth rates, with the highest being 6.0% for certain banks [36] - City commercial banks demonstrated strong loan growth, with some banks exceeding 35% [39] Non-Performing Loans - The non-performing loan ratios for state-owned banks showed slight improvements, with ratios around 1.28% to 1.33% [79] - Joint-stock banks had non-performing loan ratios ranging from 0.93% to 1.60%, indicating a stable credit environment [84] - City commercial banks also reported stable non-performing loan ratios, reflecting effective risk management [89]