瑞丰银行（601528）：息差回升3BP，拨备继续创新高

Investment Rating - The report maintains a "Buy" rating for Ruifeng Bank [2][9]. Core Insights - Ruifeng Bank's operating income for the first three quarters of 2025 grew by 1.0% year-on-year, while net profit attributable to shareholders increased by 5.8%. The net interest income saw a growth of 6.1%, with a significant acceleration in Q3 at 11.4% [2][6]. - The bank's net interest margin rebounded by 3 basis points to 1.49%, showing stability compared to a decline of only 1 basis point for the entire year of 2024. The non-performing loan ratio remained stable at 0.98%, and the provision coverage ratio improved by 5 percentage points to 345% [2][6]. - The current PB valuation for 2025 is 0.55x, and the PE valuation is 5.3x, indicating potential for recovery [2][6]. Financial Performance - For the first three quarters, net interest income growth was 6.1%, with Q3 showing a high growth rate of 11.4%. Non-interest income decreased by 10.1% due to fluctuations in the bond market, impacting overall revenue [12]. - Total assets increased by 4.4% year-to-date, with loans growing by 2.0%. Corporate loans expanded significantly, while the bank continued to reduce its bill size, optimizing its credit structure [12]. - The net interest margin's recovery is attributed to a decrease in the cost of interest-bearing liabilities, which fell by 6 basis points to 1.87% [12]. Asset Quality - The non-performing loan ratio remained stable at 0.98%, with a significant improvement in the provision coverage ratio, which increased by 24 percentage points since the beginning of the year [12]. - The bank's risk mitigation capacity is further strengthened with a provision-to-loan ratio of 3.38% [12]. Investment Recommendations - The report suggests that the stability in net interest margin and continuous improvement in asset quality indicate a positive outlook for Ruifeng Bank. The bank's strong capital position, with a core Tier 1 capital adequacy ratio of 12.9%, supports its growth strategy [12].