上市银行2025年中报：银行业绩迎来关键回暖｜银行与保险

Core Viewpoint - The banking industry in China has shown signs of stabilization and recovery in the first half of 2025, with improvements in both profitability and asset quality, as indicated by the performance of the 42 listed banks [2]. Group 1: Profitability - In the first half of 2025, 26 out of 42 listed banks achieved positive growth in both operating income and net profit, accounting for over 60% of the total [4]. - The net interest income of listed banks decreased by 1.29% year-on-year, while non-interest income increased by 6.97%, indicating a return to positive growth since the first quarter [4][5]. - The six major state-owned banks reported a slight increase in total operating income to CNY 1.83 trillion, while net profit was CNY 682.52 billion, slightly lower than the previous year [4][5]. Group 2: Income Structure - Interest income remains dominant but faces structural challenges, with a net interest margin contraction affecting profitability [5]. - Non-interest income, particularly from fees and commissions, has rebounded significantly, contributing positively to overall revenue growth [5]. - Investment income saw a year-on-year increase of 23.46%, further enhancing the banks' profitability [4]. Group 3: Asset Quality - As of June 2025, the overall non-performing loan (NPL) ratio for listed banks was stable at 1.23%, with improvements in corporate loans but rising NPLs in personal loans [8]. - Among state-owned banks, Postal Savings Bank had the lowest NPL ratio at 0.92%, while other major banks maintained stable NPL ratios [8][11]. - The provision coverage ratio showed mixed results, with some banks improving while others experienced declines, indicating varying levels of risk management [9]. Group 4: Future Outlook - The banking sector is expected to continue supporting the real economy while focusing on risk management and capital foundation, ensuring stable growth amid changing global economic conditions [12].