CMS·2026-03-25 13:33Investment Rating - The report maintains an "Accumulate" rating for Chongqing Bank [5]. Core Views - Chongqing Bank has demonstrated strong growth in total assets and loans, with a total asset growth rate of 20.62% and a loan growth rate of 20.72% in 2025 [2]. - The net interest margin remains stable at 1.39%, with a slight improvement of 4 basis points compared to the previous year [2]. - Asset quality is stable and improving, with a non-performing loan ratio of 1.14% and a coverage ratio of 245.58% as of the end of 2025 [2]. Summary by Relevant Sections Performance - In 2025, Chongqing Bank reported a year-on-year growth in operating income, PPOP, and net profit attributable to shareholders of 10.48%, 10.70%, and 10.49% respectively [1]. - The bank's total assets reached approximately 1,033.73 billion, with total loans at 529.12 billion and total deposits at 565.70 billion by the end of 2025 [12]. Non-Interest Income - Non-interest income decreased by 24.24% year-on-year, primarily due to a 32.66% decline in net fee income [3]. - The bank is focusing on transforming its wealth management strategy and enhancing investment risk management, although market conditions have impacted its performance [3]. Interest Margin and Capital - The net interest margin is stable, with a slight decrease in the yield on interest-earning assets to 3.53% and a reduction in the cost of interest-bearing liabilities to 1.47% [2]. - The core Tier 1 capital adequacy ratio was 8.53% at the end of 2025, with potential improvement expected from the conversion of convertible bonds [3]. Asset Quality - The non-performing loan ratio remained stable at 1.14%, with a decrease in the attention ratio to 1.94% [2]. - Retail asset quality remains under pressure, while corporate loan non-performing ratios have slightly improved [2].