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破局低利率周期:价值银行的战略突围与韧性密码
INDUSTRIAL BANKINDUSTRIAL BANK(SH:601166) 华尔街见闻·2025-04-07 03:09

Core Viewpoint - 2024 is a challenging year for China's banking industry, with a macro environment stabilizing but entering a phase of "low interest rates and low interest spreads," leading to significant differentiation in the operational conditions of various institutions [1][2]. Group 1: Performance Highlights - Industrial Bank achieved a dual positive growth in "operating income" and "net profit" in the latest annual report, showcasing strong performance resilience [2][5]. - The bank's operating income reached 212.23 billion yuan, a year-on-year increase of 0.66%, while net profit attributable to shareholders was 77.21 billion yuan, up 0.12% [5]. - The bank effectively controlled costs, with business and management expenses decreasing by 0.65% year-on-year, and the cost-to-income ratio declining by 0.47 percentage points [5]. Group 2: Asset Quality and Income Structure - The non-performing loan ratio at the end of 2024 was 1.07%, a slight decrease of 0.01 percentage points from mid-year, indicating stable asset quality [6][7]. - Industrial Bank's net interest income was 148.11 billion yuan, marking a 1.09% increase from 2023, which is a notable achievement amid industry-wide challenges [11][12]. - The net interest margin remained at 1.82%, with a year-on-year decline of only 11 basis points, reflecting strong performance relative to peers [13]. Group 3: Customer Engagement and Business Structure - The bank's retail customer base grew to 110 million, an increase of 8.77% year-on-year, while corporate clients reached 1.54 million, up 9.57% [20][21]. - Industrial Bank's personal deposit scale reached 1.57 trillion yuan, with an increase of 208.2 billion yuan, ranking second among joint-stock banks [21]. - The bank's strategy focused on enhancing retail capabilities, resulting in significant growth in retail assets under management (AUM) and personal loans [21][22]. Group 4: Strategic Positioning and Future Outlook - The achievements are attributed to the bank's "value banking" strategy, characterized by strong profitability, deep customer cooperation, low risk costs, balanced business structure, and distinct operational features [23]. - The bank maintained its leading position in green loans, with a balance of 967.9 billion yuan, and ranked second in non-financial corporate bond underwriting [24][25]. - Industrial Bank's risk management showed improvement, with a non-performing loan ratio of 1.07% and a provision coverage ratio of 237.78%, indicating effective risk control [26].