BANK OF QINGDAO(SZ:002948) 光大证券研究·2025-10-29 23:07Core Viewpoint - Qingdao Bank reported a revenue of 11 billion and a net profit of 4 billion for the first three quarters of 2025, showing a year-on-year growth of 5% and 15.5% respectively, indicating stable profitability despite challenges in non-interest income growth [6][7]. Revenue and Profitability - The company's revenue, pre-provision profit, and net profit growth rates for the first three quarters of 2025 were 5%, 7.6%, and 15.5%, respectively, showing a decline compared to the first half of 2025 [7]. - Net interest income grew by 12%, while non-interest income saw a decline of 10.7%, with the negative growth rate for non-interest income widening [7]. - The growth in profitability was primarily driven by scale expansion, contributing 30.6 percentage points to the performance growth [7]. Asset and Loan Growth - As of the end of Q3 2025, the growth rates for interest-earning assets and loans were 15.9% and 13.3%, respectively, indicating steady credit growth and an increase in asset expansion intensity [8]. - Financial investments and interbank assets showed growth rates of 34% and a decline of 11.7%, respectively, with bond investment intensity further increasing [8]. Deposit and Liability Management - By the end of Q3 2025, the growth rates for interest-bearing liabilities and deposits were 15.3% and 12.5%, respectively, reflecting stable deposit growth [9]. - The growth rates for bonds payable and interbank liabilities were 23.7% and 20.2%, indicating an effective supplement to funding sources [9]. Interest Margin Trends - The net interest margin for the first three quarters was 1.68%, showing a narrowing of 4 basis points compared to the first half of the year and 5 basis points year-on-year, indicating relative stability in interest margin [10]. - The decline in interest margin is expected to stabilize in the short term due to lower costs of interest-bearing liabilities and the impact of previous deposit rate cuts [11]. Non-Interest Income Performance - Non-interest income for the first three quarters was 2.87 billion, reflecting a year-on-year decline of 10.7%, with its contribution to total revenue decreasing [12]. Asset Quality and Capital Adequacy - As of the end of Q3 2025, the non-performing loan ratio and attention ratio were 1.1% and 0.55%, respectively, indicating a decrease in non-performing loans [13]. - The capital adequacy ratios as of Q3 2025 were stable, with core Tier 1, Tier 1, and total capital adequacy ratios at 8.75%, 10.18%, and 13.14%, respectively [14].