Tianfeng Securities·2025-09-01 06:41Investment Rating - The report maintains a "Buy" rating for Agricultural Bank with a target price not specified [9] Core Views - Agricultural Bank's revenue and profit have shown improvement in the first half of 2025, with a year-on-year revenue increase of 0.85% and a net profit increase of 2.66% [2][6] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.28% and a provision coverage ratio of 295% [5][28] Revenue and Profitability - In H1 2025, Agricultural Bank achieved a revenue of approximately 369.94 billion yuan, with net interest income of 282.47 billion yuan, accounting for 76.36% of total revenue [2][14] - Non-interest income was strong, reaching 87.46 billion yuan, a year-on-year increase of 15.10% [3][22] - The bank's net interest margin recorded at 1.32%, slightly down by 2 basis points from Q1 2025 [17][19] Asset and Liability Management - As of H1 2025, the total interest-earning assets amounted to 46 trillion yuan, growing by 8.42% from the end of 2024 [4][23] - The total interest-bearing liabilities reached 42.47 trillion yuan, with a year-on-year growth of 13.02% [4][27] Asset Quality - The non-performing loan ratio stood at 1.28%, unchanged from the previous quarter, while the overdue rate increased slightly to 1.22% [5][28] - The provision coverage ratio remains high at 295%, indicating strong risk management [5][29] Future Profitability Projections - The report forecasts Agricultural Bank's net profit growth for 2025-2027 at 1.98%, 3.94%, and 4.63% respectively [6][8]