INDUSTRIAL BANK(SH:601166) 光大证券研究·2026-01-22 23:07Core Viewpoint - The report highlights that Industrial Bank achieved a slight increase in both revenue and net profit for the year 2025, indicating a stabilization in performance after previous declines [4]. Group 1: Financial Performance - In 2025, Industrial Bank reported total revenue of 212.7 billion, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 77.5 billion, up 0.3% year-on-year [4]. - The annualized weighted average return on equity (ROAE) was 9.15%, a decrease of 0.7 percentage points compared to the previous year [4]. - For Q4 2025, the revenue and net profit growth rates were 7.3% and 1.3% respectively, showing a change of +10.4 and -15.5 percentage points compared to the same period last year [4]. Group 2: Asset and Loan Growth - By the end of 2025, Industrial Bank's total assets, loans, and non-credit assets grew by 5.6%, 3.7%, and 7.8% year-on-year respectively, with significant acceleration in asset expansion [5]. - The total asset scale surpassed 11 trillion, with loans reaching 5.95 trillion, including over 1.12 trillion in technology finance loans and 1.1 trillion in green loans [5]. Group 3: Deposit and Liability Stability - At the end of 2025, total liabilities, deposits, and market liabilities increased by 5.9%, 7.2%, and 4.1% year-on-year respectively, indicating enhanced stability in the liability structure [6]. - The proportion of deposits in total liabilities rose to 58.2%, an increase of 0.7 percentage points from the beginning of the year, reflecting a focus on low-cost liabilities [6]. Group 4: Risk Management - The non-performing loan (NPL) ratio remained low at 1.08%, unchanged from the previous quarter, with risk in real estate, local government platforms, and credit cards showing signs of stabilization [7]. - The year-end provision balance was 146.8 billion, with a provision coverage ratio of 228.4%, indicating strong risk compensation capabilities [7].