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].

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].

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]

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 ...

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]

Investment Rating - The investment rating for Chengdu Bank is "Accumulate" (maintained rating) with a target price not specified [7] Core Views - Chengdu Bank reported a revenue of approximately 5.8 billion yuan for Q1 2025, representing a year-on-year increase of 3.17%. The net profit attributable to shareholders was 3 billion yuan, up 5.64% year-on-year. The non-performing loan ratio stood at 0.66%, with a provision coverage ratio of 456% [1][2] - The bank's net interest income for Q1 2025 was 4.8 billion yuan, accounting for 82.6% of total revenue, with a year-on-year growth of 3.75%. Non-interest income reached 1 billion yuan, showing a significant increase of 17.43% [2] - The net interest margin recorded for Q1 2025 was 1.62%, down 4 basis points quarter-on-quarter, primarily due to adjustments in the Loan Prime Rate (LPR) affecting the re-pricing of existing loans [3] - Chengdu Bank's total interest-earning assets amounted to 1.32 trillion yuan, reflecting a year-on-year growth of 13.3%, with loans and financial investments being the main growth drivers [3][4] - The bank's total interest-bearing liabilities reached 1.24 trillion yuan, up 12.5% year-on-year, with deposits growing by 15.4% [4] - The non-performing loan balance was 530 million yuan, with the non-performing loan ratio remaining stable compared to 2024 [4] Financial Data Summary - Chengdu Bank's projected net profit growth for 2025-2027 is estimated at 9.18%, 8.84%, and 6.48% respectively, with corresponding book values per share (BPS) of 23.20, 27.66, and 32.29 yuan [5] - The financial forecast indicates that operating revenue is expected to grow from 217 billion yuan in 2023 to 275 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 5.30% [6][12] - The bank's core Tier 1 capital adequacy ratio for Q1 2025 was recorded at 8.84%, reflecting a decrease of 22 basis points [4]

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 total interest-earning assets reached 17.45 trillion yuan, growing by 8.1% year-on-year, driven by credit and financial investments [2] - The bank's non-performing loan ratio stands at 0.91%, with a provision coverage ratio of 266% [2][3] Financial Performance Summary - For Q1 2025, Postal Savings Bank reported revenue of 89.4 billion yuan, a year-on-year decrease of 0.07%, and a net profit of 25.4 billion yuan, down 2.62% year-on-year [1] - Non-interest income reached 20.5 billion yuan, marking a year-on-year increase of 14.83%, primarily driven by a recovery in fee and commission 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 - The bank's interest-bearing liabilities amounted to 16.70 trillion yuan, reflecting an 8.6% year-on-year increase, with deposits growing by 9.2% [2] - The core Tier 1 capital adequacy ratio is reported at 9.21%, down 35 basis points from the previous quarter [3] Profit Forecast and Valuation - The forecasted growth rates for net profit from 2025 to 2027 are 1.23%, 3.98%, and 4.42% respectively, with corresponding book values per share of 8.82, 9.25, and 9.64 yuan [4]

Core Viewpoint - Postal Savings Bank of China (PSBC) reported a slight decline in revenue and net profit for Q1 2025, but non-interest income showed significant growth, leading to a positive outlook for the bank's performance [2][3]. Financial Performance - In Q1 2025, PSBC achieved revenue of 89.4 billion yuan, a year-over-year decrease of 0.07%, and a net profit attributable to shareholders of 25.4 billion yuan, down 2.62% year-over-year [2][3]. - The non-performing loan ratio stood at 0.91%, with a provision coverage ratio of 266% [2][3]. Non-Interest Income - Non-interest income was a key driver for revenue improvement, totaling 20.5 billion yuan, which represents a year-over-year increase of 14.83% [3]. - Fee and commission income rebounded to 10.3 billion yuan, up 8.76% year-over-year, ending a negative growth trend since the end of 2023 [3]. - Other non-interest income also performed well, growing by 21.70% year-over-year, primarily driven by investment net income of 10.9 billion yuan, which surged by 104.58% [3]. Asset and Liability Management - As of Q1 2025, PSBC's interest-earning assets totaled 17.45 trillion yuan, reflecting an 8.1% year-over-year increase, with loans and financial investments growing by 10.1% and 9.5%, respectively [4]. - The bank's interest-bearing liabilities reached 16.70 trillion yuan, up 8.6% year-over-year, with deposits increasing by 9.2% and bond issuance rising by 15.6% [4]. Capital Adequacy and Asset Quality - The core Tier 1 capital adequacy ratio was reported at 9.21%, down 35 basis points from the previous quarter, likely due to increased loan disbursements [4]. - The non-performing loan ratio increased slightly by 1 basis point compared to the end of 2024, while the provision coverage ratio decreased by 20 percentage points [4]. Profit Forecast and Valuation - The company forecasts a net profit growth of 1.23%, 3.98%, and 4.42% for the years 2025 to 2027, with corresponding book value per share (BPS) estimates of 8.82, 9.25, and 9.64 yuan [5].

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company's revenue and net profit have declined further, with Q1 2025 showing a year-on-year decrease of 3.6% in revenue and 2.2% in net profit, reflecting a drop of 4.2 percentage points and 2.3 percentage points compared to 2024 [2] - The net interest margin (NIM) for Q1 2025 is 1.80%, a slight decrease of 2 basis points from 2024, indicating pricing pressure on mortgages [3] - Non-interest income has shown improvement, with net fee and commission income increasing by 8.5% year-on-year, contrasting with a decline of 13.2% in 2024 [3] - Asset quality remains relatively stable, with a non-performing loan (NPL) ratio of 1.08% as of Q1 2025, a slight increase from the previous quarter [4] - The company is expected to maintain a diversified business model with strengths in green banking, wealth management, and investment banking, leading to a projected net profit growth of -0.42%, 2.60%, and 3.33% from 2025 to 2027 [5] Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 557 billion yuan and a net profit of 238 billion yuan, with a year-on-year decline of 3.58% and 2.22% respectively [1] - The total assets grew by 3.6% year-on-year, with loans and financial investments increasing by 4.8% and 11.7% respectively [2] Interest Margin and Income - The net interest income increased by 1.3% year-on-year in Q1 2025, showing a slight improvement from the previous year's growth rate [2] - The NIM for Q1 2025 is 1.80%, with a decrease in the yield on interest-earning assets by 26 basis points to 3.18% compared to 2024 [3] Non-Interest Income - The net fee and commission income improved significantly, growing by 8.5% year-on-year, while other non-interest income saw a decline of 21.5% due to market fluctuations [3] Asset Quality - The NPL ratio increased slightly to 1.08% in Q1 2025, while the coverage ratio decreased to 233.42%, still above the average for joint-stock banks [4] Profit Forecast and Valuation - The company is projected to have a net profit of 769 billion yuan in 2025, with a slight decline expected, followed by growth in subsequent years [5]