Investment Rating - The report maintains a "Recommended" rating for Ningbo Bank with a target price of 29.57 CNY, based on the current price of 24.96 CNY [3][8]. Core Insights - Ningbo Bank reported a Q1 2025 revenue of 18.495 billion CNY, a year-on-year increase of 5.63%, and a net profit of 7.417 billion CNY, up 5.76% year-on-year. The non-performing loan ratio remained stable at 0.76% [2][3]. - The bank's net interest income grew by 11.59% to 12.835 billion CNY, although this was a decrease from the 17.3% growth seen in 2024. Non-interest income faced pressure, with net commission income slightly declining by 1.32% to 1.417 billion CNY [7][8]. - The bank's total assets reached 3.40 trillion CNY, an 8.67% increase from the beginning of the year, with loans and advances totaling 1.64 trillion CNY, reflecting an 11.12% growth [7][8]. Financial Performance Summary - **Revenue and Profit Growth**: The bank's total revenue for 2024 is projected at 66.631 billion CNY, with a year-on-year growth rate of 8.20%. The net profit for 2024 is expected to be 27.127 billion CNY, with a growth rate of 6.20% [8]. - **Loan and Deposit Growth**: By the end of Q1 2025, total deposits reached 21.8 trillion CNY, a significant increase of 18.86% from the start of the year, driven by strong corporate deposit growth [7][8]. - **Asset Quality**: The non-performing loan ratio remained low at 0.76%, with a provision coverage ratio of 370.54%, indicating stable asset quality [7][8]. Future Projections - The report forecasts net profit growth rates of 6.4%, 8.3%, and 7.8% for 2025E, 2026E, and 2027E respectively, with a target price corresponding to a price-to-book ratio of 0.90X for 2025 [7][8].

北京银行前身是由原北京 90 家城市信用社于 1996 年初组建而成的北京城市合作银行股份有限公 司， 1998 年更 名为 北京市商业银行股份有限公司 ， 2004 年正式更名为北京银行股份有限公司。 2005 年，北京银行引入外资战略投资者 荷兰国际集团 （ ING BANK N.V ）成为第一大股东， 2007 年在上交所 上市，股票代码为 601169 。 北京银行经营网络已经覆盖除北京外的，天津、石家庄、济南、青岛、上海、南京、苏州、杭州、宁波、深圳、 南昌、长沙、西安、乌鲁木齐等全国十余个中心城市，在香港特别行政区、荷兰设有代表处。但作为城市商业银行， 北京银行业务仍主要集中在北京及周边地区。 2024 年，京津冀及环渤海地区的营业收入、利润总额分别占全部收入和利润总额的 77.05% 和 85.66% 。 | 地区 | 营业收入 | 利润总额 | 资产总额 | | --- | --- | --- | --- | | 京津冀及环渤海地区 | 53,874 | 24,365 | 3,078,348 | | 长三角地区 | 6,936 | 1,675 | 636,718 | | 其他地区 | 9,10 ...

华夏银行由首钢总公司（现更名为 "首钢集团有限公司"）于 1992 年独资组建， 1995 年实现股份 制改造，变更为有 33 家法人股东 的股份制商业银行 （首钢总公司仍是第一大股东）。 2003 年在上次 所上市，股票代码为 600015 。 一、传统收益下降，投资补位明显 截至 2024 年末，华夏银行总资产达到 4.38 万亿元 ，增速 2.86% ；当年实现营业收入 971.46 亿元 ，同比增长 4.23% ；实现归母净利润 276.76 亿元 ，同比增长 4.98% 。 2024 年华夏银行 主要规模类指标均保持正增长，整体经营尚可 。 随着商业银行净息差收窄，华夏银行等商业银行均在不断开拓非息收入，在手续费也下降的情况 下，依靠投资兼取价差成为其增收的手段。 从近五年看，利息净收入当然仍是营业收入最主要的组成部分，但 投资收益金额和占比在 2023 年 就超过了手续费和佣金净收入，成为营业收入第二大组成部分 。 二、存款占比较低 + 存款定期化，净息差持续收窄 2024 年华夏银行净息差为 1.59% ，较 2023 年大幅 下降 23 个 BP ，且近五年来基本每年下降均超 过 20 个 B ...

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 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Viewpoints - The revenue growth of listed banks in the fourth quarter has generally rebounded, with large banks benefiting from a low base in Q4 2023 and increased investment income and foreign exchange gains [2][6] - Most banks maintain positive net profit growth, with large banks seeing a comprehensive turnaround in net profit growth, while high-quality city commercial banks lead in growth rates [2][6] - The net interest margin decline in the fourth quarter was better than expected, reflecting accelerated improvement in funding costs [2][8] - Asset quality is generally stable, with a decrease in non-performing loan ratios, while the provision coverage ratio has generally declined, supporting profit growth [2][9] - Retail risk in the industry is rising, with expectations of continued pressure on retail risk in the first half of 2025 [2][9] - Dividend ratios for large banks remain stable, with state-owned banks maintaining a high certainty of a 30% dividend ratio [2][10] Performance Growth - In 2024, most state-owned banks and city commercial banks achieved positive revenue growth, with a trend of accelerated growth in Q4 [6][20] - The net profit growth of large state-owned banks has turned positive, with high-quality city commercial banks maintaining leading growth rates [6][20] Scale Expansion - Credit growth has generally slowed, with high-quality city commercial banks continuing to lead [7][27] - State-owned banks have seen a decrease in credit growth after rapid expansion over the past two years, while high-quality regional city commercial banks maintain strong growth [7][27] Profitability - The decline in net interest margin has slowed significantly, with an average decline of 1.5 basis points for state-owned banks in 2024 [8][24] - The average cost of interest-bearing liabilities for 23 banks has decreased by 14 basis points [8][24] Asset Quality - Among 35 banks, 24 have seen a year-on-year decrease in non-performing loan ratios, while 9 have remained stable [9][29] - The provision coverage ratio has generally declined, particularly for retail banks, reflecting a reduction in credit impairment provisions [9][29] Dividend Ratio - Most banks maintain stable dividend ratios, with state-owned banks expected to maintain a 30% dividend ratio [10][12]

Core Viewpoint - Zhangjiagang Bank reported a revenue of 4.71 billion with a year-on-year growth of 3.8% and a net profit attributable to shareholders of 1.88 billion, reflecting a year-on-year increase of 5.1% [1] Financial Performance - Revenue growth is stable, with a year-on-year increase of 3.8% and net profit growth of 5.1%, showing resilience in performance [2] - The weighted average return on equity (ROAE) is 11.05%, down 0.6 percentage points year-on-year [1] - Net interest income and non-interest income growth rates are -12.6% and 96.8%, respectively, indicating a significant recovery in non-interest income [2] Loan and Asset Growth - The growth rate of interest-earning assets and loans is 4% and 8%, respectively, showing a slight slowdown compared to the previous quarter [3] - New loans for the year totaled 10.2 billion, with a decrease in financial investments and interbank assets [3] - The bank's focus on corporate and retail loans remains strong, with corporate loans accounting for 53.2% of total loans [3] Deposit Trends - Deposit growth has slowed, with a year-on-year increase of 6.4% in total deposits [5] - The proportion of time deposits continues to rise, reaching 79.4% by year-end [5] - New deposits for the year totaled 10.1 billion, reflecting a decrease compared to the previous year [5] Interest Margin and Non-Interest Income - The net interest margin (NIM) for the year is 1.62%, showing a "L"-shaped trend with a decrease of 37 basis points year-on-year [6] - Non-interest income reached 1.33 billion, a year-on-year increase of 97%, driven by bond trading [7][8] Asset Quality and Risk Management - The non-performing loan (NPL) ratio stands at 0.94%, indicating strong risk management capabilities [9] - The bank's provision coverage ratio is 376%, maintaining a high level of risk buffer [9] Capital Adequacy - The core tier 1 capital ratio is 11.1%, reflecting an increase due to the conversion of convertible bonds [10] - The bank's risk-weighted assets (RWA) growth rate is 6.7%, showing a slowdown in asset expansion [10] Strategic Focus - The bank is focusing on the local market, particularly in personal business loans, and is expanding its presence in Suzhou, Wuxi, and Nantong [11] - The strategy aims to enhance loan growth and improve asset pricing [11]

Investment Rating - The investment rating for Postal Savings Bank is "Buy" and is maintained [9]. Core Views - The bank's 2024 total revenue increased by 1.8% year-on-year, with a net profit attributable to shareholders rising by 0.2%. Interest income grew by 1.5%, while non-interest income saw a 3.2% increase. Investment income helped mitigate the decline in middle-income revenue [2][6]. - The bank's loan growth was 9.4% for the year, with retail products showing positive growth despite weak demand. Deposits increased by 9.5% [2][6]. - The net interest margin for the year was 1.87%, down 14 basis points year-on-year, while the deposit cost rate decreased by 9 basis points to 1.44%, expected to remain the lowest in the industry [2][6]. - The year-end non-performing loan ratio rose by 4 basis points to 0.90%, with a provision coverage ratio decreasing by 16 percentage points to 286% [2][6]. - The bank announced an active adjustment plan for savings agency fees, which is expected to effectively release future profits, estimating a reduction of 4.7% in pre-tax profit for 2025 due to a decrease in agency fee expenses by 4.5 billion yuan [2][6]. Summary by Sections Financial Performance - In 2024, the bank's total revenue was 348.8 billion yuan, with a net profit of 86.5 billion yuan. Interest income was 286.1 billion yuan, and non-interest income was 25.3 billion yuan [27]. - The bank's total loans grew to 8.7 trillion yuan, with retail loans showing a growth rate of 9.4% [27]. Asset Quality - The non-performing loan ratio at year-end was 0.90%, with a new generation rate of 0.84% for the year. The provision coverage ratio was 286% [2][6]. - The bank's asset quality indicators remained strong despite some fluctuations in retail risk pressures [2][6]. Fee Adjustment Impact - The active adjustment of savings agency fees is projected to save 11.5 billion yuan in 2024 and 4.5 billion yuan in 2025, enhancing pre-tax profit by 4.7% [21][22]. - The comprehensive savings agency fee rate is expected to decrease from 1.15% to 1.04% following the adjustments [21][22]. Investment Outlook - The bank is expected to maintain a stable dividend payout ratio of 30% for 2024, with a projected dividend yield of 5.0% for A-shares and 5.7% for H-shares [2][6]. - The current price-to-book (PB) ratio is estimated at 0.58x for A-shares and 0.51x for H-shares, indicating a low valuation with high dividend yield advantages [2][6].

Core Viewpoint - The article discusses the financial performance of China Construction Bank (CCB) for the year 2024, highlighting a slight decline in revenue but an improvement in profit growth, alongside various operational metrics and trends [3][4]. Financial Performance Summary - CCB reported a total revenue of 750.2 billion, reflecting a year-on-year decline of 2.5%, while the net profit attributable to shareholders was 335.6 billion, with a growth rate of 0.9% [3]. - The annualized weighted average return on equity (ROAE) was 10.69%, down by 0.9 percentage points compared to the previous year [3]. Revenue and Profit Growth - The revenue decline has narrowed, with profit growth accelerating; the year-on-year growth rates for revenue, pre-provision profit, and net profit were -2.5%, -4%, and 0.9%, respectively, showing improvements compared to the first three quarters of 2024 [4]. - The net interest income and non-interest income growth rates were -4.4% and 5.1%, respectively, with changes of +1.5 and -1.7 percentage points compared to the previous quarters [4]. Credit and Loan Growth - By the end of 2024, CCB's interest-earning assets and loans grew by 5.8% and 8.3% year-on-year, although these growth rates decreased by 2.9 and 0.5 percentage points compared to the end of the third quarter [5]. Deposit Trends - CCB experienced a 5.7% year-on-year growth in interest-bearing liabilities and a 3.7% growth in deposits, with changes of -3.8 and +1.4 percentage points from the previous quarter [6]. - The total new deposits for the year were 1 trillion, which was a decrease of 1.6 trillion compared to the previous year, influenced by regulatory adjustments and interest rate cuts [6]. Net Interest Margin (NIM) - The NIM for the year was 1.51%, down by 19 basis points from 2023, but the rate of decline has slowed down, indicating a potential stabilization [7]. Non-Interest Income - CCB's non-interest income reached 160.3 billion, growing by 5.1% year-on-year, although the growth rate decreased by 1.7 percentage points compared to the previous quarters [8]. Asset Quality - The non-performing loan (NPL) ratio and attention rate were 1.34% and 1.89%, respectively, showing a decline of 1 basis point and 18 basis points from mid-year [9]. - The new NPLs for the year totaled 19.4 billion, which was a decrease of 13 billion year-on-year, indicating improved asset quality [9]. Capital Adequacy - By the end of 2024, CCB's core tier 1, tier 1, and total capital adequacy ratios were 14.5%, 15.2%, and 19.7%, respectively, with increases of 38, 21, and 34 basis points from the end of the third quarter [10]. - The bank plans to distribute dividends of 100.75 billion, maintaining a payout ratio of 30% [10].

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The report highlights that the company's revenue decline has narrowed, with a year-on-year decrease of 2.5% in total revenue for 2024, while net profit attributable to shareholders increased by 0.9% year-on-year [5][8] - The bank's total assets reached 40.6 trillion yuan, reflecting a year-on-year growth of 5.9%, with loans and deposits growing by 8.5% and 3.8% respectively [5][8] - The report emphasizes the resilience of net interest income, which showed a reduced decline of 4.4% year-on-year, and non-interest income increased by 5.1% [8][9] - The bank's non-performing loan (NPL) ratio decreased to 1.34%, indicating stable asset quality, although retail loan NPLs increased slightly [9] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 750.2 billion yuan, with a net profit of 335.6 billion yuan, and a return on equity (ROE) of 10.69% [5][10] - The net interest margin for the year was 1.51%, down 19 basis points year-on-year, while the loan yield decreased to 3.43% [8][10] Asset Quality - The year-end NPL ratio was 1.34%, down 3 basis points year-on-year, with corporate loan NPLs decreasing to 1.65% [9][10] - The provision coverage ratio stood at 234%, indicating a strong buffer against potential loan losses [9] Future Projections - The report projects that the company's earnings per share (EPS) for 2025-2027 will be 1.36, 1.40, and 1.46 yuan respectively, with corresponding profit growth rates of 1.1%, 3.0%, and 4.3% [8][12] - The bank's total assets are expected to grow at a rate of 5.9% in 2025, with loan growth projected at 8.0% [12]