Group 1: Investor Relations Activities - The investor relations activity was held on May 12, 2025, from 15:00 to 17:00 via an online platform [2] - Participants included the board secretary Ms. Zhang Qiaowen and the general manager of the planning and finance department Mr. Li Zhenguo [2] Group 2: Dividend Policy and Shareholder Returns - The bank has maintained an average cash dividend payout ratio of over 33% over the past five years, exceeding the industry average [2] - The total cash dividend amount has consistently been 931 million CNY over the last four years, marking the highest annual dividend in the bank's history [2] - The company’s articles of association stipulate that at least 20% of the distributable profit should be allocated to common shareholders annually [2] Group 3: Capital Adequacy and Financial Strategy - As of the end of Q1 2025, the bank's core Tier 1 capital adequacy ratio stood at 8.96% [3] - The bank has focused on capital-intensive and refined management to improve capital efficiency and achieve better net profit growth [3] - There is still room for improvement in the bank's core Tier 1 capital adequacy level, necessitating continued support for the real economy [3] - The bank aims to establish a stable, timely, and sustainable investment return mechanism while rationally planning the frequency and proportion of cash dividends [3]

Investment Rating - The report rates the banking industry as "Outperforming the Market" [7]. Core Insights - In Q1 2025, the total operating revenue of 42 listed banks was 1.45 trillion yuan, a year-on-year decrease of 1.72%. The net profit attributable to shareholders was 563.98 billion yuan, down 1.20% year-on-year [2][15]. - Investment income saw rapid growth, accounting for a significant portion of revenue. In Q1 2025, interest income, commission income, and investment income were 1.02 trillion yuan (down 1.65% YoY), 230 billion yuan (down 0.72% YoY), and 170 billion yuan (up 26.10% YoY), respectively [2][15]. - The reduction in provision for asset impairment losses helped to release profits, with total asset impairment losses at 347.13 billion yuan, down 2.37% YoY [2][15]. Summary by Sections Revenue and Profitability - The operating revenue of listed banks decreased by 1.72% YoY, while net profit fell by 1.20% YoY, indicating a slight decline in overall profitability [2][15]. - Investment income increased significantly, contributing 11.62% to total revenue, up 2.56 percentage points from the previous year [2][15]. Loan and Deposit Growth - As of the end of Q1 2025, the total loan and advance amount reached 174.13 trillion yuan, growing by 7.92% YoY, with a slight deceleration in growth rate [3]. - The deposit scale also showed improvement, with a total of 212.38 trillion yuan, reflecting a 6.21% YoY increase [4]. Interest Margin and Asset Quality - The average net interest margin for listed banks was 1.55%, with a year-on-year decline of 0.09 percentage points, although the rate of decline has narrowed [5]. - The average non-performing loan ratio remained stable at 1.16%, while the provision coverage ratio decreased by 7.87 percentage points [5]. Capital Adequacy - As of the end of Q1 2025, the average core tier 1 capital adequacy ratio was 10.35%, showing a slight decline from the previous year [5]. Investment Recommendations - The report suggests that the core factors supporting the stable performance of the banking sector in 2024 and Q1 2025 include increased investment income and reduced provision for losses, indicating resilience in sector profits. Recommended stocks include Chongqing Bank, Yunnan Rural Commercial Bank, Shanghai Bank, and Shanghai Rural Commercial Bank [6].

Core Viewpoint - Su Nong Bank reported resilient growth in revenue and profit for 2024 and Q1 2025, with a focus on strategic expansion into urban areas and improved deposit stability [1][2][3][4][9] Financial Performance - In 2024, Su Nong Bank achieved operating income of 4.17 billion, a year-on-year increase of 3.2%, and a net profit attributable to shareholders of 1.95 billion, up 11.7% [1] - For Q1 2025, the bank reported operating income of 1.13 billion, a 3.3% increase year-on-year, and a net profit of 440 million, up 6.2% [1] - The annualized weighted average return on equity for Q1 2025 was 9.6%, a decrease of 0.8 percentage points year-on-year [1] Revenue and Profit Growth - Revenue growth rates for 2024 and Q1 2025 were 3.2% and 3.3%, respectively, with net interest income and non-interest income growth rates of -5% and 25.6% for 2024 [2] - The cost-to-income ratio for 2024 and Q1 2025 was 35.2% and 30.6%, respectively, showing a year-on-year change of +0.6 and -0.7 percentage points [2] Loan and Deposit Trends - As of Q1 2025, the bank's interest-earning assets and loans grew by 5.9% and 3.3% year-on-year, respectively [3] - Total loans for 2024 included 7.5 billion for corporate, 200 million for retail, and -700 million for bills, with a focus on agricultural, small and micro enterprises, and green loans [3] - Deposits grew by 10.1% year-on-year in Q1 2025, with a significant increase in demand deposits [4] Net Interest Margin (NIM) and Cost of Funds - The NIM for 2024 was reported at 1.55%, with a slight increase from mid-year but a decrease of 19 basis points from 2023 [5][6] - The cost of interest-bearing liabilities decreased to 1.81% in Q1 2025, down 21 basis points from 2024 [7] Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio remained low at 0.9% as of Q1 2025, with a coverage ratio of 420% [8][9] - The bank's capital adequacy ratios were robust, with core Tier 1 capital at 10.77% as of Q1 2025 [9] Strategic Outlook - The bank's "Five-Year Reconstruction" plan is ongoing, with a focus on expanding market share in urban areas and enhancing non-interest income [9][10] - The bank plans to implement a mid-term dividend in 2025, enhancing investor confidence [9]

Investment Rating - The investment rating for Postal Savings Bank is "Buy" with a target price not specified [6] Core Views - The bank's non-interest income has shown significant improvement, contributing to revenue growth despite a slight decline in net interest income [1][2] - The bank's asset quality remains stable with a non-performing loan ratio of 0.91% and a provision coverage ratio of 266% [2][3] - The bank's core tier one capital adequacy ratio is at 9.21%, reflecting a decrease due to increased loan disbursements [3] Financial Performance Summary - In Q1 2025, Postal Savings Bank reported revenue of 89.4 billion yuan, a year-on-year decrease of 0.07%, with net profit at 25.4 billion yuan, down 2.62% year-on-year [1] - Non-interest income reached 20.5 billion yuan, a year-on-year increase of 14.83%, driven mainly by a 104.58% increase in investment net income [1] - The bank's net interest margin recorded at 1.70%, down 15 basis points quarter-on-quarter and 20 basis points year-on-year [2] Asset and Liability Management - Total interest-earning assets amounted to 17.45 trillion yuan, growing 8.1% year-on-year, with loans and financial investments increasing by 10.1% and 9.5% respectively [2] - The bank's interest-bearing liabilities reached 16.70 trillion yuan, up 8.6% year-on-year, with deposits growing by 9.2% [2] Profitability Forecast - The bank's projected net profit growth for 2025-2027 is estimated at 1.23%, 3.98%, and 4.42% respectively, with corresponding book value per share (BPS) of 8.82, 9.25, and 9.64 yuan [4][11]

Investment Rating - The report maintains a buy rating for the company’s A/H shares [5][8]. Core Views - The company reported a year-on-year decline in net profit and operating income for Q1 2025, with net profit down by 2.6% and operating income down by 0.1% [1]. - The company is experiencing pressure on its net interest margin, which decreased to 1.71%, while non-interest income showed strong growth of 14.8% year-on-year [2][3]. - The company is focusing on cost optimization, which is reflected in the reduction of its cost-to-income ratio to 56.7% [3]. Summary by Sections Financial Performance - For Q1 2025, the company’s annualized ROE and ROA were 11.33% and 0.58%, respectively, both showing a decline compared to the previous year [1]. - The company’s total assets, loans, and deposits grew by 8.3%, 9.8%, and 9.2% year-on-year, respectively [2]. Credit and Asset Quality - The non-performing loan (NPL) ratio was reported at 0.91%, with a provision coverage ratio of 266% [4]. - The company’s NPL generation rate increased to 0.88%, indicating a rise in asset quality concerns [4]. Capital and Valuation - The report estimates the company’s EPS for 2025 at 0.88 RMB, with a projected PB ratio of 0.70 for A shares and 0.64 for H shares [5]. - The target prices are set at 6.29 RMB for A shares and 6.17 HKD for H shares [8][9].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 亿、-39亿。25Q1末，对公贷款（含贴现）、零售贷款同比增速分别为18.2%、6.1%，增速较上年末分别下降 1.6、3.1pct，贷款投放保持较高强度。 利息收入贡献季环比提升，盈利增速维持高位 杭州银行25Q1营收、拨备前利润、归母净利润同比增速分别为2.2%、3%、17.3%，较2024年分别下降7.4、 6.5、0.8pct。其中，净利息收入、非息收入同比增速分别为6.8%、-5.4%，较2024年分别变动+2.4、-25.6pct。 拆分盈利同比增速结构，规模扩张、拨备为主要贡献分项，分别拉动业绩增速20、17.4pct；从边际变化看，规 模正贡献小幅下降但仍维持高位，息差负向拖累收窄，对利息收入形成支撑；非息收入由正向拉动 ...

Financial Data and Key Metrics Changes - The company reported net income of $10.2 million or $0.66 per diluted share, a 60% increase from Q1 2024 and a $275,000 increase from the previous quarter [4] - Net interest income for the quarter was $32.8 million, representing a 4.5% increase compared to the previous quarter [5] - The efficiency ratio improved to 64.9% from 68.3% in the linked quarter and 73.8% in the prior year's first quarter [11] Business Line Data and Key Metrics Changes - The loan and lease portfolio grew at an annualized rate of 2.8% during the first quarter, with total loans and leases increasing by $22.8 million [11] - Non-interest income declined by $1.2 million or 12.8% compared to the linked quarter, primarily due to a decrease in gains on the sale of loans and other fees [10] - The company anticipates loan growth to be in the mid-single digit range for the remainder of 2025 [14] Market Data and Key Metrics Changes - Total deposits increased by $27 million or an annualized growth rate of 3.2%, with organic deposit growth of $67.1 million excluding brokered deposits [14][15] - The loan-to-deposit ratio was 95.8% at quarter-end, indicating a disciplined approach to managing loan growth [15] - The average deposit account, excluding CDs, was approximately $28,000, reflecting a granular deposit base [15] Company Strategy and Development Direction - The company continues to focus on deepening customer relationships to reduce reliance on brokered funding, which is seen as a valuable characteristic of the deposit franchise [16] - Management is committed to increasing tangible common equity while balancing dividend payments and potential stock repurchases [17][18] - The company plans to invest in technology and digital initiatives to enhance customer engagement and operational efficiency [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the core deposit franchise and the ability to control non-interest expenses, positioning the company well for future success [19][90] - The economic environment in Ohio and Southeastern Indiana remains stable, with no signs of deterioration in credit quality [19] - Management anticipates continued loan demand but acknowledges potential impacts from economic uncertainties on loan growth [14][19] Other Important Information - The company announced a quarterly dividend of $0.17 per share, representing an annualized yield of 3.48% [8] - A stock repurchase program was renewed, authorizing the repurchase of up to $13.5 million in outstanding shares [8] Q&A Session Summary Question: Margin inputs and funding costs - Management indicated there is still opportunity for margin expansion, expecting 4-5 basis points in the second quarter and 2-3 basis points in the third quarter [26][30] Question: Expense normalization and future investments - Management expects expenses to remain flat in the second quarter, with potential increases in the second half due to investments in technology and marketing [33][37] Question: Fee income outlook - Management anticipates a bounce back in fee income in the second quarter, particularly in mortgage and leasing [40][42] Question: Loan yield increase - The increase in loan yield was attributed to new loans repricing higher, with no unusual recoveries contributing to the increase [51] Question: Commercial borrowers' sentiment - Management noted a cautious sentiment among commercial borrowers regarding CapEx spending due to economic uncertainties [56][58] Question: Credit metrics and expectations - Management remains optimistic about credit quality, with delinquencies down and a healthy allowance for credit losses [83][84]

4月18日，江苏银行发布2024年年报，全年实现营收808亿，同比增长8.8%，归母净利润318亿，同比增长 10.8%。加权平均净资产收益率（ROAE）13.6%，同比下降0.9pct。 点评： 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 营收增长提速，业绩表现韧性强 2024年江苏银行营收、拨备前利润、归母净利润同比增速分别为8.8%、7.6%、10.8%，增速较1-3Q24分别 提升2.6、0.5、0.7pct，营收增长提速，盈利保持双位数增长。其中，净利息收入、非息收入增速分别为 6.3%、14.8%，较1-3Q24变动+4.8、-2.3pct。全年成本收入比、信用减值损失/营收分别为24.7%、22.7%， 同比分别提升0.7、0.4pct。拆分盈利增 ...

查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 4月18日，江苏银行发布2024年年报，全年实现营收808亿，同比增长8.8%，归母净利润318亿，同比增长 10.8%。加权平均净资产收益率（ROAE）13.6%，同比下降0.9pct。 点击注册小程序 点评： 营收增长提速，业绩表现韧性强 2024年江苏银行营收、拨备前利润、归母净利润同比增速分别为8.8%、7.6%、10.8%，增速较1-3Q24分别 提升2.6、0.5、0.7pct，营收增长提速，盈利保持双位数增长。其中，净利息收入、非息收入增速分别为 6.3%、14.8%，较1-3Q24变动+4.8、-2.3pct。全年成本收入比、信用减值损失/营收分别为24.7%、22.7%， 同比分别提升0.7、0.4pct。拆分盈利增 ...

Core Viewpoint - The appointment of Zhao Hongbing as the new Party Secretary and proposed Chairman of Hubei Bank aims to revitalize the bank amid declining capital adequacy ratios and stalled IPO processes, with the bank's assets exceeding 520 billion yuan [1][3]. Group 1: Leadership Change - Zhao Hongbing, aged 56, has a long history in the Hubei provincial finance system and was previously the head of Changjiang Insurance before his new role at Hubei Bank [1][3]. - The leadership transition is expected to enhance collaboration with local government, potentially improving policy support and resource allocation for Hubei Bank [3]. Group 2: Financial Performance - Hubei Bank's asset scale has grown from under 60 billion yuan at its inception to 523.1 billion yuan by the end of 2024 [1][7]. - The bank's core Tier 1 capital adequacy ratio has declined from 10.61% in 2021 to 8.03% by September 2024, nearing the regulatory minimum of 7.50% [1][7][8]. Group 3: Capital Raising Efforts - To address capital pressures, Hubei Bank has initiated a new round of capital increase, planning to issue up to 1.8 billion new shares by mid-2025 [2][10]. - The bank's IPO application has been pending since March 2023, with no significant progress made in the last two years [11][12]. Group 4: Risk Factors - Hubei Bank's non-performing loan balance has increased from 40.72 billion yuan in 2021 to 58.08 billion yuan in 2024, although the non-performing loan ratio has decreased to 1.95% [8][15]. - The bank has experienced multiple rounds of capital increases since its establishment, totaling approximately 21.285 billion yuan [9].