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营收利润双下降,规模被部分城商行超越——广发银行2024年财报分析
数说者· 2025-05-05 15:06
Core Viewpoint - The article discusses the financial performance and ownership structure of Guangfa Bank, highlighting its declining revenue and profit, as well as its asset quality compared to other banks in the industry [1][3][16]. Ownership Structure - Guangfa Bank's largest shareholder is China Life Insurance Co., Ltd., holding 43.69% of the shares as of the end of 2024, followed by CITIC Trust with 14.14% [1][2]. - The top ten shareholders collectively hold 90.048% of the bank's shares, indicating a concentrated ownership structure [2]. Financial Performance - As of the end of 2024, Guangfa Bank's total assets reached 3.64 trillion yuan, a year-on-year increase of 3.86%, but its operating income decreased by 0.63% to 69.237 billion yuan, and net profit attributable to shareholders fell by 4.58% to 15.284 billion yuan [3][7]. - The bank's operating income has shown a declining trend over the past five years, with net profit also decreasing in 2022 and 2024 [3][7]. Comparison with Peers - Guangfa Bank's total assets, operating income, and net profit are lower than those of several city commercial banks, including Beijing Bank and Jiangsu Bank [7][8]. - The bank ranks 9th among 12 joint-stock banks in terms of asset size, operating income, and net profit [8]. Interest Margin and Income - The net interest margin for Guangfa Bank in 2024 was 1.54%, a decrease of 6 basis points from 2023, reflecting a continuous decline over the past five years [10][12]. - Interest income fell by 2.78% year-on-year to 49.651 billion yuan, marking a significant decline of 21.00% from 2020 [10][12]. Asset Quality - As of the end of 2024, Guangfa Bank's non-performing loan (NPL) ratio was 1.53%, a slight decrease of 5 basis points from the previous year, but still higher than the 1.41% recorded in 2021 [16][18]. - The bank's provision coverage ratio for non-performing loans was 165.58%, indicating relative stability in asset quality [16][18]. - The bank faces significant asset quality pressures, with a high proportion of loans under special attention and overdue loans compared to the NPL ratio [21][24].
苏农银行(603323):息差同比降幅收敛,城区增长极贡献持续深化
Shenwan Hongyuan Securities· 2025-05-05 14:11
2025 年 05 月 05 日 苏农银行 (603323) ——息差同比降幅收敛,城区增长极贡献持续深化 报告原因:有业绩公布需要点评 买入(维持) | 市场数据: | 2025 年 04 月 30 日 | | --- | --- | | 收盘价(元) | 5.24 | | 一年内最高/最低(元) | 5.83/4.13 | | 市净率 | 0.5 | | 股息率%(分红/股价) | 3.44 | | 流通 A 股市值(百万元) | 9,616 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注:"股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产(元) | 10.01 | | 资产负债率% | 91.72 | | 总股本/流通 A 股(百万) | 1,835/1,835 | | 流通 B 股/H 股(百万) | -/- | 一年内股价与大盘对比走势: 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 02-28 03- ...
招商银行(600036):2025 年一季报点评:一波三折
Guotou Securities· 2025-05-05 07:15
Investment Rating - The investment rating for the company is "Buy-A" with a target price of 55 CNY, maintaining the rating [4][13]. Core Views - The company's Q1 2025 performance shows a reliance on scale expansion for growth, with a year-on-year revenue decline of 3.09% and a net profit increase of 2.08% [1][12]. - The bank's strong deposit base supports asset expansion, despite a narrowing net interest margin and slowing non-interest income growth [1][12]. - The outlook for 2025 suggests a modest revenue growth of 0.61% and a net profit growth of 1.24%, with expectations of a recovery in the capital market aiding performance [13]. Summary by Sections Financial Performance - In Q1 2025, the bank's average interest-earning assets increased by 8.7% year-on-year, with new interest-earning assets amounting to 176.6 billion CNY, a year-on-year increase of 8.4 billion CNY [1][18]. - The net interest margin for Q1 2025 was 1.91%, down 11 basis points year-on-year, primarily due to a decrease in asset yield [2][3]. Loan and Deposit Structure - New loans in Q1 were primarily driven by corporate lending, while retail lending showed weakness, particularly in credit card loans [2][12]. - The bank's interest-bearing liabilities grew by 8.6% year-on-year, with deposits increasing by 9.4%, significantly outpacing loan growth of 5.2% [2][12]. Non-Interest Income - Non-interest income from fees and commissions decreased by 2.51% year-on-year, with wealth management income growing by 10.45% [8][12]. - Other non-interest income faced pressure, declining by 22.2% year-on-year due to market rate fluctuations affecting bond and fund investments [9][12]. Asset Quality - The bank's non-performing loan ratio remained stable at 0.94%, with a slight increase in the attention ratio to 1.36% [9][10]. - The bank's provision coverage ratio is stable at around 410%, indicating strong risk absorption capacity [10][12]. Future Outlook - The bank is expected to face continued pressure on net interest margins due to weak effective financing demand, but its strong deposit advantage is anticipated to maintain a relatively high margin compared to peers [8][12]. - The report highlights the potential for recovery in non-interest income as market conditions improve, particularly in the capital markets [9][12].
邮储银行(601658):规模扩张平稳,负债成本占优
Guotou Securities· 2025-05-05 05:01
Investment Rating - The investment rating for Postal Savings Bank is "Buy-A" with a target price of 6.31 CNY over the next six months [5]. Core Views - The report highlights that the bank's revenue decreased by 0.07% year-on-year in Q1 2025, while pre-provision profit grew by 6.20%. However, net profit attributable to shareholders fell by 2.62% year-on-year [1]. - The growth in profit is primarily supported by the expansion of interest-earning assets and cost reduction, although narrowing net interest margins and increased provisioning have negatively impacted performance [1][11]. Summary by Sections Financial Performance - As of the end of Q1 2025, total assets of Postal Savings Bank increased by 8.31% year-on-year, with total loans growing by 9.78% and financial investments by 9.45% [1]. - The bank's net interest margin for Q1 2025 was measured at 1.71%, showing a decline of 21 basis points year-on-year [4][22]. - Non-interest income increased by 14.83% year-on-year, with net fees growing by 8.76% and other non-interest income rising by 21.70% [10]. Loan and Deposit Growth - Corporate loans saw a significant increase of 15.17% year-on-year, with a quarterly addition of 362 billion CNY [2]. - Retail loans grew by 4.27% year-on-year, with a quarterly increase of 678 billion CNY [2]. - Total deposits rose by 9.22% year-on-year, with corporate and retail deposits increasing by 20.46% and 7.94%, respectively [3]. Asset Quality and Provisions - The non-performing loan ratio stood at 0.91% at the end of Q1 2025, remaining stable [10]. - The bank increased its provisioning efforts, with a coverage ratio of 266.13% [10]. Future Outlook - The bank plans to enhance support for key sectors such as new productivity and inclusive small and micro enterprises, while also increasing consumer loan offerings [11]. - Revenue growth is projected at 1.43% for 2025, with net profit growth expected at 2.65% [11].
杭州银行(600926):利息加速,息差企稳,利润持续高增长
Changjiang Securities· 2025-05-05 03:12
Investment Rating - The investment rating for Hangzhou Bank is "Buy" and is maintained [9]. Core Views - Hangzhou Bank's Q1 2025 revenue growth is 2.2%, with a net profit growth of 17.3% and net interest income growth of 6.8%. The bank's loan and deposit growth is strong, with loans increasing by 6.2% and deposits by 6.0% compared to the beginning of the year. It is expected that the credit growth will continue to maintain double-digit growth throughout the year. The non-performing loan ratio remains stable at 0.76%, and the coverage ratio is at 530%, indicating strong asset quality [2][6]. Summary by Sections Financial Performance - In Q1 2025, Hangzhou Bank's net interest income increased by 6.8%, driven by stable net interest margins and strong balance sheet expansion. Non-interest income decreased by 5.4% year-on-year, primarily due to a high base from the previous year and fluctuations in the bond market, which led to an 18.0% decline in investment income. However, fee income grew by 22.2% [12][20]. Scale and Growth - Total assets grew by 5.2% compared to the beginning of the year, with loans increasing by 6.2%. Corporate loans grew by 9.7%, supported by strong infrastructure demand in developed regions. Retail loans saw a slight decline of 1.3%, but mortgage lending is expected to continue its recovery throughout the year. Deposits increased by 6.0%, with corporate deposits growing by 6.6% and retail deposits by 6.5% [12][20]. Interest Margin - The cost of liabilities continues to improve, alleviating downward pressure on interest margins. The net interest margin for the full year 2024 is expected to be 1.41%, with a stable trend observed since Q4. The cost of deposits is projected to decline by 15 basis points year-on-year, contributing to the expected growth in net interest income [12][20]. Asset Quality - The bank maintains excellent asset quality, with a non-performing loan ratio stable at 0.76% and a coverage ratio of 530%. The net generation rate of non-performing loans for 2024 is expected to be 0.80%, reflecting retail risk fluctuations, but remains at a good level compared to peers. The bank's low exposure to internet loans and partnerships with leading institutions suggest manageable risk levels [12][20]. Investment Recommendation - The bank's performance is expected to maintain high-quality growth, with current valuations significantly undervalued. The projected dividend per share (DPS) is expected to grow by 25% year-on-year, and the compound dividend yield over the next three years is anticipated to lead the industry. The stock price is close to the convertible bond redemption price, indicating potential upward valuation after the bond is absorbed [12][20].
邮储银行(601658):非息亮眼,PPOP加速增长
Changjiang Securities· 2025-05-05 02:41
Investment Rating - The investment rating for Postal Savings Bank is "Buy" and is maintained [9]. Core Views - The report highlights a slight decline in revenue growth of -0.1% and a net profit decrease of -2.6% for Q1 2025, with interest income down by 3.8%. However, non-interest income saw a significant increase of 14.8%, driven by an 8.8% growth in fee income and a 21.7% rise in other non-interest income [2][10]. - The bank has effectively reduced management expenses, leading to a 6.5% increase in Pre-Provision Operating Profit (PPOP). The bank's self-operated deposits increased by over 100 billion year-on-year, contributing to lower funding costs [2][10]. - The report projects a future dividend yield of 4.3% for A shares and 4.9% for H shares, considering potential dilution from a private placement [2][10]. Summary by Sections Financial Performance - Q1 2025 revenue growth was -0.1%, with net profit down 2.6% and interest income down 3.8%. Non-interest income growth was robust at 14.8%, with fee income up 8.8% and other non-interest income up 21.7% [2][10]. - The bank's total assets grew by 3.5% compared to the beginning of the year, with loans increasing by 5.0%. Corporate loans rose by 9.9%, while retail loans grew by 1.4% [10]. Cost Management - The bank has initiated proactive adjustments to agency fees, resulting in a 4.6% decrease in business management expenses year-on-year, which has positively impacted PPOP growth [10]. Asset Quality - The non-performing loan (NPL) ratio increased slightly to 0.91%, while the provision coverage ratio decreased to 266%. The report indicates that the increase in NPLs is primarily due to retail sector risks [6][10]. Dividend and Valuation - The report estimates a dividend yield of 4.3% for A shares and 4.9% for H shares, with a price-to-book (PB) ratio of 0.61x for A shares and 0.52x for H shares for 2025 [10][26].
民生银行(600016):营收大幅改善,资产质量稳健
Tianfeng Securities· 2025-05-04 14:51
公司报告 | 季报点评 民生银行(600016) 证券研究报告 营收大幅改善,资产质量稳健 事件: 民生银行发布2025 年一季度财报。公司实现营收368亿元,YoY+7.41%; 归母净利润 127 亿元,YoY-5.13%;不良率 1.46% ,拨备覆盖率 144.27%。 点评: 营收大幅增长。2025 年一季度,民生银行营收 368 亿元(YoY+7.41%, 较 2024 年末提升 10.62pct),其中净利息收入 249 亿元(YoY+2.49%, 较 2024 年末提升 6.14pct),占营收比重 67.6%;非息收入 119 亿元, 同比增长 19.34%,较 2024 年末提升 21.39pct。2025Q1 拨备前利润、 归母净利润分别同比+9.98%、-5.13%。导致拨备前利润与归母净利润增 速较大差距的主要原因是公司计提力度加大,2025 年一季度计提减值准备 同比+42.68%,增长约 33 亿元。 非息收入方面:2025 年一季度,公司手续费及佣金收入 49 亿元,同比 -3.94%。其它非息收入整体同比增长 43.79%;其中投资净收益 94 亿元, 同比增长 58.10% ...
宁波银行:开门红存贷两旺,资产质量韧性凸显-20250502
Huaan Securities· 2025-05-02 05:23
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated strong performance in both deposits and loans, with resilient asset quality [1] - Revenue and net profit for the first quarter of 2025 increased by 5.63% and 5.76% year-on-year, respectively, despite a slight decline compared to 2024 [4] - Interest income continued to grow significantly, supporting stable revenue and profit growth, with a year-on-year increase of 11.59% in net interest income [4][5] - The bank's total assets, loans, and financial investments grew by 17.58%, 20.91%, and 13.66% year-on-year, respectively, indicating improved growth rates compared to 2024 [5] - The bank's non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 370.54% [8] - The bank's competitive advantages are highlighted by its focus on the Zhejiang region and its clear market positioning [9] Summary by Sections Financial Performance - For Q1 2025, the bank's revenue and net profit growth rates were 5.63% and 5.76%, respectively, with net interest income accounting for 69.4% of total revenue [4] - The bank's total assets reached approximately 3,125.232 billion, with loans totaling 1,380.363 billion [12] - The projected revenue for 2025 is 71,878 million, with a year-on-year growth of 7.87% [11] Asset Quality - The non-performing loan ratio was stable at 0.76%, and the provision coverage ratio was 370.54%, indicating strong risk management [8] - The bank has shown proactive adjustments in credit and risk control strategies, leading to improvements in forward-looking risk indicators [8] Growth Outlook - The bank is expected to maintain a revenue growth of 7.87% in 2025, with net profit growth projected at 4.61% [11] - The bank's diversified financial services and solid risk control capabilities position it well to benefit from domestic demand and industrial chain shifts [9]
财富管理回暖、净息差承压 A股上市银行一季度共赚超5600亿
Xin Jing Bao· 2025-05-02 05:17
4月30日,42家A股上市银行2025年一季报全部披露完毕。据贝壳财经记者统计,42家银行一季度归属母公司股东净利润共计5639.79亿元,其中,四大国有 银行一季度共赚2938.02亿元,占比超过52%。 今年一季度,银行营收出现了分化。在42家银行中,有30家银行净利润收入同比正增长。一季度,各家银行贷款增速普遍较高,资产质量保持稳定,但净息 差依然普遍承压;此外,部分银行的非利息净收入中的净手续费收入同比出现大涨,成为拉动银行营收增长的力量之一。 工商银行 工商银行 建设银行 建设银行 农业银行 农业银行 中国银行 中国银行 邮储银行 邮储银行 招商银行 招商银行 交通银行 交通银行 兴业银行 兴业银行 中信银行 中信银行 浦发银行 浦发银行 民生银行 民生银行 平安银行 平安银行 光大银行 光大银行 江苏银行 江苏银行 宁波银行 宁波银行 华夏银行 华夏银行 北京银行 北京银行 浙商银行 浙商银行 南京银行 南京银行 上海银行 上海银行 杭州银行 杭州银行 渝农商行 渝农商行 长沙银行 长沙银行 沪农商行 沪农商行 成都银行 成都银行 青岛银行 青岛银行 重庆银行 重庆银行 郑州银行 郑州银行 苏州银 ...
中国银行:非息支撑营收改善,质量稳健经营-20250502
Tianfeng Securities· 2025-05-02 03:23
Investment Rating - The investment rating for the company is "Accumulate" with a 6-month outlook maintained [7] Core Views - The company's revenue improved due to non-interest income, with Q1 2025 revenue at 164.9 billion yuan, a year-on-year increase of 2.56%. Net interest income was 107.7 billion yuan, down 4.42% year-on-year, while non-interest income rose by 18.91% to 57.2 billion yuan, becoming the main driver of revenue growth [2][3] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.25% and a provision coverage ratio of 198% [3] - Profitability is expected to marginally improve, with projected net profit growth of 0.03%, 2.37%, and 3.41% for 2025, 2026, and 2027 respectively [5] Financial Performance Summary - In Q1 2025, the bank's total interest-earning assets reached 34.92 trillion yuan, a year-on-year increase of 7.2%. Loan and financial investment growth was 8.3% and 20.0% respectively [3] - The bank's total liabilities were 31.59 trillion yuan, with a year-on-year growth of 6.8%. Deposits increased by 6.2% compared to the end of 2024 [3] - The bank's earnings per share for 2025 is projected to be 0.81 yuan, with a price-to-earnings ratio of 6.84 [6][12] Shareholder Information - The top ten shareholders include Hong Kong Central Clearing Limited and E Fund Management, with slight changes in their shareholding percentages [4]