PAB(SZ:000001) 光大证券研究·2025-10-26 23:04Core Viewpoint - Ping An Bank reported a decline in revenue and net profit for the first three quarters of 2025, indicating ongoing challenges in the banking sector and the need for structural adjustments in its business operations [5][6]. Financial Performance - For the first three quarters of 2025, Ping An Bank achieved operating revenue of 100.7 billion, a year-on-year decrease of 9.8%, and a net profit attributable to shareholders of 38.3 billion, down 3.5% year-on-year [5]. - The weighted average return on equity was 11.09%, a decrease of 1.11 percentage points compared to the previous year [5]. Revenue Composition - The decline in revenue was primarily driven by a decrease in net interest income, which fell by 8.2% year-on-year, and non-interest income, which decreased by 12.6% [6]. - The reduction in net interest income was attributed to slower balance sheet expansion and narrowing interest margins, while non-interest income was affected by fluctuations in the bond market [6]. Asset Growth - As of the end of Q3 2025, interest-earning assets grew slightly by 0.5% year-on-year, with loans and financial investments increasing by 1% and 2.6%, respectively [7]. - The loan structure showed that corporate loans were the main driver of asset growth, with a total loan balance increase of 9.3 billion, primarily from corporate loans [7]. Liability Management - The growth rate of interest-bearing liabilities and deposits showed a slight decline, with interest-bearing liabilities decreasing by 0.4% and deposits increasing by 0.6% year-on-year [8][9]. - The composition of interest-bearing liabilities was negatively impacted by a reduction in deposits and interbank liabilities [8]. Interest Margin - The net interest margin for the first three quarters was 1.79%, a decrease of 1 basis point from the mid-year figure, but showed a slight recovery in Q3 compared to Q2 [10]. - The yield on interest-earning assets was 3.5%, while the cost of interest-bearing liabilities was 1.73%, indicating ongoing pressure on the interest margin [10].