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].

Investment Rating - The report maintains a strong recommendation for Agricultural Bank of China, indicating a robust performance relative to peers and a positive outlook for future growth [4]. Core Insights - Agricultural Bank of China reported a year-on-year revenue growth of 0.4%, a slight decline in PPOP of 0.3%, and a net profit increase of 2.2% for Q1 2025, showcasing resilience in a challenging environment [1]. - The bank's other non-interest income surged by 45.3% in Q1 2025, contrasting with the broader banking sector, which faced declines in this area due to market adjustments [2]. - The bank's total assets grew at a rate of 6.3% as of Q1 2025, the lowest among the six major state-owned banks, attributed to a significant reduction in interbank assets and a slowdown in financial investment growth [3]. Summary by Sections Performance Metrics - For Q1 2025, Agricultural Bank of China achieved a total revenue of 186.67 billion, with a net profit of 72.12 billion, reflecting a year-on-year growth of 2.2% [12]. - The bank's net interest margin decreased to 1.34%, while the return on equity (ROE) was reported at 10.82% [12][29]. Non-Interest Income - The bank's non-interest income growth was primarily driven by a significant increase in other non-interest income, which rose by 45.3% compared to the previous year [2][30]. - Fee income showed a decline of 3.5% in Q1 2025, indicating challenges in this revenue stream despite overall positive performance [4]. Asset Quality - Agricultural Bank of China maintained a non-performing loan (NPL) ratio of 1.28%, with a provision coverage ratio of 297.81%, indicating strong asset quality management [12][30]. Capital and Shareholder Information - The bank's total market capitalization is approximately 1956.4 billion, with a current share price of 5.59 yuan and a price-to-earnings (PE) ratio of 7.1 for 2025 [4][12].

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company has shown improvement in liability volume and pricing, with a positive growth rate in fee income [2] - The net interest margin decline has narrowed, primarily due to improved liability costs [2] - The company is expected to leverage its wealth management and investment banking advantages in a more active capital market [3] Performance Summary - For Q1 2025, the company's operating revenue, PPOP, and net profit attributable to shareholders decreased by 3.58%, 4.35%, and 2.22% year-on-year, respectively [1] - The net interest margin for Q1 2025 was 1.80%, down 7 basis points year-on-year, but the decline has narrowed compared to previous quarters [2] - The company experienced a recovery in fee income growth, which turned positive at 9.38% after a significant decline in the previous year [2] Non-Interest Income - The company reported a 21.5% year-on-year decline in other non-interest income for Q1 2025, impacted by market interest rate adjustments and high base effects [3] - Fee income growth rebounded significantly from a decline of 9.88% in the previous year to a growth of 9.38% in Q1 2025 [30] Asset Quality - The non-performing loan (NPL) ratio stood at 1.08% in Q1 2025, slightly up from the previous quarter [2] - The provision coverage ratio was 233.42%, down 4.36 percentage points from the previous quarter, indicating stable asset quality [2] Financial Data and Valuation - The company is projected to achieve total operating revenue of 214.974 billion in 2025, with a year-on-year growth of 1.3% [4] - The estimated net profit attributable to shareholders for 2025 is 80.092 billion, reflecting a growth of 3.7% [4] - The current stock price is 21.02 yuan, with a target valuation based on the company's financial performance [5]

Investment Rating - The investment rating for the company is "Buy-A/Buy-H" with a current price of 7.27 CNY/5.48 HKD and a reasonable value of 7.29 CNY/5.50 HKD [2]. Core Views - The report highlights that the company has shown a year-on-year increase in both loans and deposits, with a narrowing decline in net fee income. The first quarter of 2025 saw a decrease in revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders by -3.2%, -3.6%, and -4.0% respectively compared to the previous year [6][8]. Summary by Sections Financial Performance - In Q1 2025, the company's revenue, PPOP, and net profit attributable to shareholders decreased by -3.2%, -3.6%, and -4.0% respectively, with changes from the previous year being -0.69 percentage points, +0.68 percentage points, and -4.50 percentage points [6][9]. - The total assets, loans, and deposits increased by 8.5%, 8.5%, and 4.0% year-on-year respectively, with a loan increment of 1.31 trillion CNY in Q1 2025, accounting for 57.3% of the total annual credit increment for 2024 [6][9]. Asset Quality - The non-performing loan (NPL) ratio at the end of Q1 2025 was 1.33%, a slight decrease from the end of the previous year. The provision coverage ratio improved to 215.70% [6][9]. Income Structure - The net interest margin (NIM) for Q1 2025 was 1.33%, down 9 basis points from the previous year, primarily due to the impact of LPR adjustments and market interest rates [6][9]. - The net fee income decreased by 1.18% year-on-year, but the decline was less severe compared to previous periods [6][9]. Profit Forecast and Investment Recommendation - The forecast for net profit growth for 2025 and 2026 is 0.84% and 2.08% respectively, with earnings per share (EPS) projected at 0.99 CNY and 1.01 CNY. The current stock price corresponds to a price-to-earnings (PE) ratio of 7.32X and 7.16X for 2025 and 2026 [6][9].

Core Viewpoint - The financial performance of Industrial Bank (兴业银行) in Q1 2025 shows a decline in revenue and net profit, reflecting broader challenges in the banking sector, particularly due to reduced income from bond-related financial assets [1][2]. Financial Performance - Total assets reached 10.63 trillion yuan, a 1.17% increase from the previous year [1] - Revenue for Q1 2025 was 55.683 billion yuan, down 3.58% year-on-year [1] - Net profit attributable to shareholders was 23.796 billion yuan, a decrease of 2.22% compared to the same period last year [1] - Non-interest income fell to 17.961 billion yuan, a decline of 12.42% year-on-year, with investment income down 22.4% [1] Interest Income and Margin - Net interest income remained stable at 37.722 billion yuan, with a year-on-year growth of 1.29% [1] - Net interest margin was 1.80%, down 2 basis points from 2024 and 7 basis points year-on-year [1][2] - Deposit interest rates decreased, with the deposit rate at 1.79%, down 33 basis points year-on-year [2] Asset Quality - Non-performing loans (NPL) amounted to 62.831 billion yuan, an increase of 1.354 billion yuan from the previous year, with an NPL ratio of 1.08% [3] - The coverage ratio for provisions was 233.42%, indicating a strong buffer against potential losses [3] - The bank has implemented a risk management mechanism to enhance the identification and assessment of key risks across its asset products [3] Loan Growth - Green loans and technology loans grew by 9.37% and 9.90% respectively, outpacing overall loan growth [3]

广发银行表示，为应对低利率环境所带来的挑战，2024年以来在收入端、资产端、负债端、非息端、支 出端等方面持续推动增收提效、降本增效以及风险防控。 具体来看，收入端方面，明确"扩增量、稳息差、拓非息"的总体增收思路。资产端方面，持续调优资产 结构，对公贷款继续提质扩量，突出重点领域金融支持，同时零售贷款保持合理稳健，持续出清风险资 产。 经济观察报记者老盈盈 4月29日，广发银行发布2024年年度报告。截至2024年末，该行总资产达到3.64万亿元；当年实现营业 收入692.4亿元、净利润152.8亿元，同比均有所下降；不良贷款率1.53%，同比下降0.05个百分点；拨备 覆盖率165.60%，同比提升4.7个百分点。 非息端方面，持续强化市场研判并前瞻部署，重点在中间业务规模上提质扩量，金融市场交易能力不断 提升，全年非息收入占比同比提升1.6个百分点。支出端方面，通过强化资源整合，实现源头管控，创 新管理模式，2024年成本收入比同比下降。此外，该行持续严控新发生不良资产，加大风险资产清收处 置力度。 广发银行同时表示，尽管净息差压力与业务结构调整仍需时间消化，但该行通过资产质量夯实、资本实 力增强与战略 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Postal Savings Bank, with current prices at 5.35 CNY and 4.85 HKD respectively [1][10]. Core Insights - Postal Savings Bank's Q1 2025 report shows stable revenue at 893.6 billion CNY, with a slight year-over-year decline of 0.1%. The net profit attributable to shareholders is 252.5 billion CNY, down 2.6% year-over-year [2][3]. - The bank's non-interest income has increased its contribution to total revenue, rising to 22.9%, up 4.9 percentage points from the previous year [3][4]. - The bank's loan and interest income growth rates are 9.8% and -3.8% respectively, indicating a shift towards non-interest income sources [3][4]. Financial Performance - For Q1 2025, the bank's net interest margin decreased to 1.71%, down 16 basis points from 2024, primarily due to lower asset yields [6][10]. - Non-interest income grew by 14.8% year-over-year, reaching 205.1 billion CNY, with significant contributions from fees and commissions [7][10]. - The bank's non-performing loan ratio remains low at 0.91%, with a slight increase from the previous year [8][10]. Asset and Liability Management - As of Q1 2025, the bank's interest-earning assets and loans grew by 8% and 9.8% year-over-year, respectively, with loans making up 56.5% of interest-earning assets [4][5]. - The bank's deposit growth was robust, with total deposits increasing by 9.2% year-over-year, reflecting strong core funding capabilities [5][10]. Capital Adequacy - The risk-weighted assets (RWA) increased by 6.9% year-over-year, with a decline in capital adequacy ratios, indicating higher capital consumption due to increased lending [9][10]. - The bank's core tier 1 capital ratio stood at 9.21%, down from the previous year, but is expected to improve following a planned capital increase of 130 billion CNY [9][10]. Earnings Forecast and Valuation - The report projects a slight decline in earnings per share (EPS) for 2025-2027, adjusting the forecast to 0.74, 0.75, and 0.78 CNY respectively [10][11]. - The current price-to-book (P/B) ratios for A-shares and H-shares are estimated at 0.7 and 0.55 respectively for 2025 [10][11].

Financial Data and Key Metrics Changes - The company reported earnings per share of $1.31 for Q1 2025, an increase from $1.28 in the previous quarter and $1.05 in Q1 2024 [4][10] - Adjusted return on assets was 1.29% and pre-provision ROAA was 1.71% [4] - Net interest income (NII) reached $1.1 billion, marking the fourth consecutive quarter of NII expansion [4][5] - The net interest margin improved to 4.15% at the end of Q1 2025 [13][19] Business Line Data and Key Metrics Changes - Loan growth for the quarter was 3%, amounting to $78 million, with active production across all markets [5] - The company experienced a seasonal decline in loans related to tax credits, totaling approximately $75 million [5] - Non-interest income for Q1 was $18 million, which included a $1.9 million gain on the sale of SBA loans [16] Market Data and Key Metrics Changes - The Southern California market saw strong loan growth of $60 million, or 13% annualized [7] - National deposit verticals grew by $134 million, approximately 16% annualized in Q1 [8] Company Strategy and Development Direction - The company announced the acquisition of 12 branches from First Interstate Bank, enhancing its commercial banking presence in Arizona [3][19] - The management emphasized a disciplined capital allocation strategy, focusing on share repurchases and M&A opportunities [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong financial performance despite potential margin erosion due to interest rate variability [14] - The company anticipates modest loan growth in 2025, focusing on balance sheet growth amid economic uncertainty [40] Other Important Information - The allowance for credit losses was adjusted to 1.27% of total loans, reflecting potential economic conditions [16] - The company repurchased 192,000 shares at an average price of $55.28, returning approximately $11 million to shareholders [18] Q&A Session Summary Question: Terms of the branch deal and purchase price - The acquisition involves assuming approximately $450 million in cash, with expectations of slightly improved margins post-deal [29] Question: Pro forma capital levels post-close and impact on buyback - Pro forma capital is expected to meet targets, allowing for continued share repurchases and M&A activity [31][32] Question: Industry exposures from the loans brought over - The company confirmed no dairy exposure in the transaction, focusing on attractive loan opportunities [35] Question: Timing for exiting non-performing loans - Management indicated that while timing is uncertain, they are confident in the ability to collect on secured loans [54] Question: Outlook on net interest income and margin - Management expects net interest income to remain stable despite potential margin declines, with proactive measures in place [44][52] Question: Quarterly cadence for expenses - The company anticipates stable deposit costs and a gradual increase in expenses aligned with seasonal trends [47] Question: Efficiency ratio of branch operations - The efficiency ratio for the acquired branches is expected to be in the range of 52% to 54% [49]

Financial Data and Key Metrics Changes - The company reported earnings of $1.31 per diluted share, an increase from $1.28 in the previous quarter and $1.05 in Q1 2024, resulting in an adjusted return on assets of 1.29% and a pre-provision ROAA of 1.71% [5][10] - Net interest income (NII) reached $1,100,000, marking the fourth consecutive quarter of NII expansion despite two fewer days in the quarter [5][6] - The net interest margin improved to 4.15%, with expectations of slightly stronger performance for 2025, although modest erosion of margin is anticipated throughout the year [14][15] Business Line Data and Key Metrics Changes - Loan growth for the quarter was 3% or $78,000,000, with active production across all markets, although net growth was impacted by a $30,000,000 sale of SBA loans and a seasonal decline in tax credit loans totaling approximately $75,000,000 [6][10] - Non-interest income for Q1 was $18,000,000, including a $1,900,000 gain on the sale of SBA loans, which partially offset a decrease in tax credit income [17] Market Data and Key Metrics Changes - The Western market of Southern California experienced a strong quarter with $60,000,000 or 13% annualized loan growth, driven by refinancing loans for fully occupied medical and mixed-use properties [8][9] - Total client deposits, excluding brokered funds, increased by 7.7% year-over-year, with national deposit verticals growing by $134,000,000 or roughly 16% annualized in Q1 [9] Company Strategy and Development Direction - The company announced the acquisition of 12 branches from First Interstate Bank, enhancing its commercial banking presence, particularly in Arizona [4][20] - The management emphasized a disciplined capital allocation strategy, focusing on share repurchases and M&A opportunities to create shareholder value [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong financial performance despite economic uncertainties, with a focus on balance sheet growth and attracting new relationships [39] - The company anticipates modest erosion of net interest margin due to recent interest rate variability but remains committed to mitigating this through disciplined pricing [15][45] Other Important Information - The company’s tangible common equity ratio increased to 9.3%, and tangible book value rose by 14% on an annualized basis to $38.54 [20] - A succession plan was announced, with Scott Goodman transitioning to a part-time role, and Doug Bauche promoted to Chief Banking Officer [22][23] Q&A Session Summary Question: Terms of the branch deal and purchase price - The acquisition involves assuming approximately $450,000,000 in cash, with expectations of a similar to slightly improved margin post-deal [29] Question: Pro forma capital levels post-close and impact on buyback - Pro forma capital is expected to meet targets, allowing for continued share repurchases alongside the transaction [31][32] Question: Industry exposures from the loans brought over - The company confirmed no dairy exposure was included in the transaction [34] Question: Organic loan growth outlook for 2025 - Management anticipates mid-single-digit growth, with potential for increased activity in the second half of the year [39] Question: Margin outlook and ability to defend current levels - The company expects a slight sequential decline in margin but remains optimistic about net interest income growth [44][45] Question: Timing for resolution of non-performing loans - Management indicated that while timing is uncertain, they are confident in the ability to collect on the loans due to strong collateral [56][58] Question: Expense cadence and impact from the branch deal - The efficiency ratio for the branch operations is expected to be in the 52% to 54% range, with minimal recurring fees anticipated [49][74]

A股上市银行2024年业绩全部揭晓。4月29日，随着西安银行、苏州农商行2024年年度报告的发布，42家A股上市银行2024年"成绩单"全部放榜。从业绩表现 来看，过去一年，42家上市银行合计实现归母净利润2.14万亿元，合计日赚约58.58亿元。其中，38家银行归母净利润实现增长。但"增利不增收"压力持续凸 显，10家银行营业收入出现负增长，同时，4家银行归母净利润缩水。 在2025年一季度，部分银行业绩降幅进一步扩大，例如，一季度，厦门银行实现营业收入12.14亿元，同比下降18.42%，归母净利6.45亿元，同比下降 14.21%。对此，厦门银行解释称，主要是受银行间市场资金面收紧、风险偏好提升、净息差同比收窄等因素影响。平安银行、贵阳银行营收净利"双降"趋势 持续。 两成"增利不增收" A股上市银行交出了2024年"成绩单"，过去一年，42家银行合计实现归母净利润超2.14万亿元，其中，38家银行归母净利润实现增长。 从净利润规模来看，中、农、工、建国有四大银行依旧霸榜，归母净利润均超过2000亿元，其中，工商银行、建设银行超3000亿元，工商银行继续蝉联最赚 钱商业银行。招商银行凭借1483.91亿 ...