瑞丰银行（601528）：2025年半年报点评：净息差环比持平，拨备覆盖率提升

Investment Rating - The investment rating for the company is "Outperform the Market" [5][11]. Core Views - The company's revenue for the first half of 2025 reached 2.259 billion yuan, a year-on-year increase of 3.9%, with net profit attributable to shareholders at 890 million yuan, up 5.6% year-on-year [1]. - The net interest margin stabilized at 1.46%, with net interest income growing by 3.4% year-on-year, benefiting from the stabilization of the net interest margin [2]. - The asset quality remains robust, with a non-performing loan ratio of 0.98% and a provision coverage ratio of 340%, which increased by 14.2 percentage points from the previous quarter [3]. Financial Performance Summary - Revenue and Profit Forecasts: - 2025 estimated revenue: 4.576 billion yuan, a 4.4% increase year-on-year [4]. - 2025 estimated net profit: 2.034 billion yuan, a 5.8% increase year-on-year [4]. - Key Financial Ratios: - Return on Assets (ROA) is projected to be 0.89% in 2025, while Return on Equity (ROE) is expected to be 10.6% [9]. - Price-to-Book (PB) ratio for 2025 is estimated at 0.54x [4]. Asset Quality Summary - The company reported a non-performing loan ratio of 0.98% as of June 2025, with a year-on-year decrease in the annualized non-performing loan generation rate to 0.53% [3]. - The provision coverage ratio improved to 340%, indicating strong asset quality management [3].