LPR年内首次下调，存款利率正式迈入“零时代”

Core Viewpoint - The recent simultaneous reduction of the Loan Prime Rate (LPR) and deposit rates by major banks is aimed at addressing the declining net interest margin (NIM) of commercial banks, which has reached a historical low of 1.43% in Q1. The market is divided on whether this will alleviate or exacerbate pressure on banks' NIMs [1][8]. Group 1: LPR and Mortgage Rates - The reduction in LPR directly leads to lower mortgage rates, resulting in decreased financing costs for homebuyers. For instance, a 1 million yuan mortgage over 30 years sees monthly payments drop from approximately 4270 yuan to 4216 yuan, saving about 54 yuan monthly or 1.9 million yuan over the loan term [3]. - Different banks have adopted varied strategies in response to LPR changes, with some regions seeing an increase in mortgage rates to balance risk and profitability. For example, banks in Guangzhou and Xiamen have adjusted their rates upwards by 10 and 5 basis points, respectively [3][4]. - The adjustments in mortgage rates reflect a balance between maintaining NIM and promoting credit issuance, with expectations of further regional differentiation in mortgage pricing [4]. Group 2: Deposit Rate Adjustments - Major banks have lowered deposit rates, with the one-year deposit rate falling below 1% for the first time, and the three and five-year rates seeing a reduction of 25 basis points. The new rates for one-year deposits now range from 0.95% to 1.05% [5][6]. - The synchronization of deposit rate reductions with LPR adjustments is seen as a proactive strategy by banks to manage funding costs and stabilize NIM amid declining asset yields [6][7]. - The reduction in deposit rates is expected to provide banks with a cost buffer, helping to mitigate the impact of LPR reductions on asset yields and maintain profitability [7]. Group 3: Future Outlook on NIM - Despite the recent adjustments, some industry experts believe that the pressure on banks' NIM will persist due to a lag in loan demand recovery compared to interest rate declines. This suggests that banks may continue to face challenges in maintaining their NIM in the long term [8].