Investment Rating - The report maintains a "Buy" rating for Ping An Bank [5] Core Views - In 2024, Ping An Bank reported revenue of 146.7 billion yuan, a year-on-year decrease of 10.93%, and a net profit attributable to shareholders of 44.5 billion yuan, down 4.19% year-on-year. The non-performing loan (NPL) ratio and provision coverage ratio stood at 1.06% and 250.71%, respectively, remaining stable compared to the previous quarter [1][2][4] - The bank's dividend payout for the year was 6.08 yuan per 10 shares, with an annual dividend ratio of 27% [1] Performance Summary - Revenue and net profit growth rates for 2024 were -10.9% and -4.2%, respectively, with a narrowing decline compared to the first three quarters. The decrease in revenue was primarily supported by non-interest income [2] - Net interest income for 2024 decreased by 20.8% year-on-year, with a net interest margin of 1.87%, down 6 basis points from the previous quarter. The decline in interest margin is showing signs of convergence due to improved funding costs [2][3] - Non-interest income from fees and commissions fell by 18.1% year-on-year, mainly due to reduced credit card spending and a decline in bank card fees [3] Asset Quality - The NPL ratio and attention ratio for Q4 2024 were 1.06% and 1.93%, respectively, with the provision coverage ratio at 250.7%, indicating a stable asset quality [4] - The NPL ratio for personal loans decreased by 4 basis points, marking the first decline in 2024, while the NPL balance for personal loans fell by 1 billion yuan [4] Asset and Liability Management - As of Q4 2024, total assets and loan amounts were 5.8 trillion yuan and 3.4 trillion yuan, respectively, with a year-on-year growth of 3.26% and a slight decline of 0.98% [9] - The bank has significantly reduced high-risk loans and increased the proportion of secured loans, with secured loans accounting for 62.8% of the total, up 13.6 percentage points from the end of 2021 [9] Business Development - Retail customer numbers reached 126 million, with assets under management (AUM) growing by 4.0% year-on-year to 4.19 trillion yuan. The number of private banking clients increased by 7.3% to 96,800 [11] - The bank's total deposits reached 3.5 trillion yuan, a year-on-year increase of 3.88%, with a net increase of 31 billion yuan in deposits for the quarter [10]

可能只是冰山一角。 作者 | beyond 编辑 | 小白 2025年春节假期前最后一个交易日（1月27日），华夏银行（600015.SH）公告了董事长李民吉辞职 的消息。此前，有媒体称李民吉被相关部门带走调查，但未得到华夏银行官方证实。 公告称，李民吉辞职是因为个人原因。在董事会选举产生新任董事长并获得国家金融监督管理总局核 准前，由执行董事、行长瞿纲暂代董事长职责。 （来源：华夏银行公告） 值得注意的是，根据银保监会的相关指导意见，银行保险机构关键岗位员工轮岗期限原则上不得超过 七年，而李民吉自2017年4月起担任华夏银行董事长，任职已超过七年。 此超期履职也被人戏称为"铁打的"董事长。不过，在李民吉掌舵期间，华夏银行的业绩表现乏力，多 项关键指标在上市股份行中排名靠后。 最新财务数据显示，2024年前三季度，华夏银行营业收入711亿元，同比持平；归母净利润185亿元， 同比增长3%。接下来我们就来看看业绩的增长是通过什么方式获得的。 2024年前三季度，生息资产萎缩（同比增速-4.7%）与营收增长停滞（同比增速0.04%）基本吻合。在 此背景下，华夏银行主要通过多确认中间收入与拨备反哺来实现盈利增长。这 ...

以下文章来源于市值观察 ，作者市值观察 作者：徐风 来源： 市值观察（ID： shizhiguancha ） 近期，上海银行发布公告， 因债务纠纷对深业物流、宝能地产等宝能系公司提起诉讼，涉及本金共 计73.76亿 ，以及截至还清之日所拖欠的利息和罚息。 作为昔日城商行"老二"，上海银行踩雷宝能是自身内控问题的缩影，再叠加较低的净息差和规模增 速，未来还将面临业绩排名下滑的风险。 01 再陷纠葛 实际上，上海银行与宝能系的纠纷并非首次，往前追溯，去年10月还曾因宝能系的25.8亿的本金借款 纠纷对簿公堂，两次诉讼本金共计达99.56亿，近百亿的规模。 虽然上海银行称已经对宝能系的贷款计提了减值准备，但从规模来看，2024年上半年上海银行的房地 产对公贷款规模为1198.9亿，单对宝能的诉讼金额占比就达到了8.3%，影响并不算小。 市值观察 . 聚焦上市公司市值与价值 更为要紧的是，近年来宝能系流动性危机持续发酵。钜盛华作为宝能集团核心的金控平台，早在2021 年 有息债务余额就达到了822.91亿 ，已出现债务违约、展期的对外担保规模达572.89亿。 且据天眼查统计，截至2024年1月底，宝能集团目前存在6 ...