Workflow
农业银行(601288):业绩稳中有进,县域金融优势巩固
Yin He Zheng Quan·2025-09-02 08:42

Investment Rating - The report maintains a "Recommend" rating for Agricultural Bank of China (stock code: 601288) [1] Core Views - Agricultural Bank of China achieved operating income of 369.94 billion yuan in H1 2025, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of 139.51 billion yuan, up 2.7% year-on-year, indicating a recovery in growth rate compared to Q1 [3] - The bank's annualized ROE reached 10.16%, a decrease of 0.59 percentage points year-on-year, while the second quarter showed marginal improvements with revenue growth of 1.4% and net profit growth of 3.2% [3] - The bank's credit impairment losses decreased by 3.0% year-on-year in H1 2025, with a significant drop of 9.9% in Q2 [3] - The bank's strategy focuses on serving rural revitalization and the real economy, leveraging its county-level financial advantages and low-cost funding capabilities [3] Summary by Sections Financial Performance - In H1 2025, the bank's net interest income was 282.47 billion yuan, down 2.9% year-on-year, with a net interest margin of 1.32%, a decrease of 13 basis points year-on-year [3] - Total loans reached 26.58 trillion yuan, growing 7.3% year-to-date, with corporate loans increasing by 6.35% and retail loans by 5.4% [3] - Non-interest income was 87.46 billion yuan, a year-on-year increase of 15.1%, driven by a 10.1% rise in net fee and commission income [3] Asset Quality - The non-performing loan ratio stood at 1.28%, a decrease of 2 basis points from the end of the previous year, with a strong provision coverage ratio of 295% [3] - Retail loan non-performing ratio was 1.18%, up 15 basis points, primarily due to fluctuations in operating loans and credit card risks [3] Capital Adequacy - The core tier one capital adequacy ratio was 11.11%, indicating sufficient capital safety margins [3] - The bank's strategy includes enhancing wealth management and non-interest income growth, supported by a stable dividend payout ratio of 30% for the mid-2025 period [3] Future Projections - The report forecasts the bank's BVPS for 2025-2027 to be 8.04 yuan, 8.59 yuan, and 9.16 yuan respectively, with corresponding PB ratios of 0.88X, 0.82X, and 0.77X [3][40]