兴业银行（601166）：2025 年三季报业绩点评：营收降幅持续收窄

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 26.01 CNY over the next six months [5]. Core Insights - The company's revenue decline has continued to narrow, with a year-on-year decrease of 1.82% in Q3 2025, marking the third consecutive quarter of reduced revenue decline. The pre-provision profit decreased by 2.56% year-on-year, while the net profit attributable to shareholders increased by 0.12% year-on-year [1]. - The bank's asset scale grew by 3.55% year-on-year, with a quarterly increase of 589 billion CNY, driven by a recovery in corporate credit issuance. However, the net interest margin has contracted, and non-interest income has declined, impacting overall performance [1][2]. - The bank's credit quality remains stable, with a non-performing loan ratio of 1.08% and a provision coverage ratio of 228.54% as of Q3 2025 [8][9]. Summary by Sections Revenue and Profitability - The company's revenue for 2025 is projected to grow by 0.54%, with a profit growth rate of 1.91%. The net interest margin for the first three quarters of 2025 is reported at 1.72%, showing a year-on-year contraction of 12 basis points [9][17]. - Non-interest income has shown a mixed performance, with net fee income increasing by 6.12% year-on-year, while other non-interest income decreased by 16.63% [8]. Asset and Liability Management - As of Q3 2025, the total assets of the bank increased by 3.55% year-on-year, with significant growth in corporate loans, which rose by 7.84% year-on-year [2][3]. - The total liabilities increased by 3.64% year-on-year, with a notable rise in interbank liabilities, which grew by 9.55% year-on-year [3]. Credit Quality and Risk Management - The bank's asset quality remains stable, with a non-performing loan ratio of 1.08% and a focus on managing risks in key areas such as credit cards and corporate real estate [9][10]. - The provision coverage ratio stands at 228.54%, indicating a strong buffer against potential loan losses [8][9].