CEB BANK(SH:601818) 券商中国·2025-10-13 15:15Core Viewpoint - Everbright Bank has significantly underperformed compared to the banking industry, with declining revenue and increasing regulatory issues, raising concerns about its future growth and stability [2][3][10]. Revenue Performance - Everbright Bank has experienced four consecutive years of revenue decline, making it the only listed bank to do so among its peers [4][8]. - From 2021 to 2025, the bank's total revenue decreased from 152.8 billion to 135.4 billion yuan, marking a continuous decline since 2022 [6][7]. - In the first half of 2025, revenue fell by 5.6% year-on-year to 65.9 billion yuan [7]. Asset and Liability Growth - Between 2019 and 2024, Everbright Bank's total assets grew by 47.15%, lagging behind the industry average growth of 57.38% by over 10 percentage points [13][14]. - Total liabilities increased by 46.9% during the same period, again underperforming the industry average of 58.06% [13][14]. Loan Business Challenges - The bank's loan and advance balance grew by 49.61% from 2019 to 2024, significantly lower than the national average growth of 66.99% [16][18]. - The net interest margin has decreased from 2.18% in 2019 to 1.31% in the first half of 2025, dropping from third to eighth place among listed banks [19][21]. Fee and Commission Income - Everbright Bank's net income from fees and commissions has halved over six years, dropping from 369 million yuan in 2018 to 191 million yuan in 2024 [22][24]. - The bank's credit card transaction volume decreased by 27% from 2018 to 2024, contrasting with significant growth in competitors like China Merchants Bank [26][27]. Profitability Metrics - Despite declining revenue, Everbright Bank's net profit has shown some growth due to reduced credit impairment losses, which fell by 22% in 2024 [45][48]. - The return on equity (ROE) dropped from 10.27% in 2022 to 7.93% in 2024, indicating declining profitability [31][32]. Regulatory and Governance Issues - Everbright Bank has faced numerous regulatory penalties, with 70 cases reported since 2025, highlighting significant governance failures [60][65]. - High-profile executives, including two former chairmen, have been investigated for corruption, reflecting serious issues in corporate governance [66][67]. ESG Performance - The bank's ESG rating is lower than its peers, with a score of 7.49, indicating poor performance in environmental, social, and governance practices [70].