出品 | 搜狐财经 作者 | 冯紫彤 从股权到人事，从资产质量到业务结构，摆脱"恒大系"身份两年后，历史包袱沉重的盛京银行仍在艰难转型。 2024年，盛京银行实现营收85.77亿元，同比下降14.57%；实现归母净利润6.21亿元，同比下降15.21%。这是盛京银行5年来第四次出现营收、利润双降的情 况。但好消息是，同比降幅有了明显收窄。 在年报中，盛京银行明确提出其战略目标为 "一稳一提两增"，即稳增长、提质量、增效益、增效率。 效益难增：净息差仅0.8%，生息资产扩张难 在当前市场利率下行的背景下，上市银行利差空间被压缩导致利息净收入大幅下滑从而牵连营业收入的现象并不鲜见，不少大行也难逃息差焦虑和营收困 局。 但盛京银行的情况又有些不一样，体现在其息差水平实在太低了。 据国家金融监督管理总局最新数据，2024年第四季度，商业银行净息差为1.52%，环比下降0.01个百分点；其中城商行第四季度的净息差为1.38%，环比下降 0.05个百分点。 但盛京银行年报数据显示，2024年，其净息差仅0.8%，同比上年度下行16基点。目前，A股、H股共有50余家银行披露了2024年度净息差水平，低于1%的 仅盛京银行一 ...

Investment Rating - The report maintains a "Buy" rating for Changsha Bank (601577.SH) with a current price of 9.39 CNY [1]. Core Views - Changsha Bank achieved an operating income of 25.936 billion CNY in 2024, a year-on-year increase of 4.6%, and a net profit attributable to shareholders of 7.827 billion CNY, up 4.9% year-on-year [4]. - The bank's loan growth remains robust, with a year-on-year increase of 12.6% in loans as of the end of Q1 2025, indicating strong credit demand [6]. - Non-interest income grew by 10% in Q1 2025, contributing 25% to total revenue, reflecting an improvement in the bank's revenue diversification [9]. Summary by Sections Financial Performance - In 2024, Changsha Bank's operating income was 25.936 billion CNY, with a net profit of 7.827 billion CNY, and a return on equity (ROE) of 12.31% [4][28]. - For Q1 2025, the bank reported an operating income of 6.8 billion CNY and a net profit of 2.2 billion CNY, both showing a growth of 3.8% year-on-year [4]. Loan and Asset Growth - As of Q1 2025, the bank's interest-earning assets and loans grew by 11.3% and 12.6% year-on-year, respectively, with a significant increase in loan issuance [6]. - The total new loans for 2024 were 56.7 billion CNY, with Q1 2025 alone contributing 42.8 billion CNY, indicating a strong start to the year [6]. Non-Interest Income - Non-interest income for Q1 2025 reached 1.7 billion CNY, up 10% year-on-year, with net fees and commissions contributing significantly to this growth [9]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.17% at the end of 2024, with a coverage ratio of 312.8%, indicating strong risk management [10][24]. - The bank's credit impairment losses for Q1 2025 were 2.5 billion CNY, reflecting a year-on-year increase, but the overall asset quality remains solid [10]. Capital Adequacy - As of Q1 2025, the core tier 1 capital adequacy ratio was 9.7%, indicating a strong capital position despite the expansion of risk-weighted assets [10][27]. Valuation and Forecast - The report adjusts the EPS forecast for 2025 to 2.02 CNY, with corresponding price-to-earnings (P/E) ratios of 4.64 for 2025, maintaining a "Buy" rating based on the bank's growth potential and asset quality [11][12].

Core Viewpoint - The Southwest region of China, comprising Sichuan, Yunnan, Guizhou, Chongqing, and Tibet, is a significant driver of western development, with several listed banks reporting positive growth in assets and operating performance for 2024 [1][2]. Group 1: Asset Scale and Growth - Chengdu Bank is the only bank in the region to surpass 1 trillion yuan in total assets, reaching 1.25 trillion yuan with a growth rate of 14.56% [2][3]. - Chongqing Bank follows with total assets of 856.64 billion yuan, growing by 12.73% [3]. - Guizhou Bank's total assets exceeded 580 billion yuan, with the lowest growth rate among the five banks at 2.29% [3]. - Luzhou Bank and Yibin Bank have asset scales below 200 billion yuan, with Luzhou Bank at 171 billion yuan and Yibin Bank at 109.21 billion yuan [4][5]. Group 2: Operating Performance - All five banks reported increases in both operating income and net profit for 2024, with Guizhou Bank showing the highest revenue growth at 9.46% [6][7]. - Chengdu Bank led in revenue with 22.977 billion yuan, a 5.88% increase, although its growth rate has been declining in recent years [7]. - Chongqing Bank's revenue was 13.679 billion yuan, up 3.54%, with a notable increase in non-interest income [7][8]. - Luzhou Bank and Yibin Bank had revenues below 5.5 billion yuan, with Yibin Bank's revenue growth slowing significantly [8]. Group 3: Asset Quality - Chengdu Bank boasts the lowest non-performing loan (NPL) ratio at 0.66%, while Guizhou Bank has the highest at 1.72%, marking the only increase among the banks [10][11]. - The provision coverage ratio for Chengdu Bank is the highest in the region at 479.28%, indicating strong risk management [10][13]. - Luzhou Bank's NPL ratio decreased to 1.19%, while Chongqing Bank's NPL ratio fell to 1.25% [10][11]. - Yibin Bank's NPL ratio slightly decreased to 1.68%, but it still faces significant risks in certain sectors [11][13].

Core Insights - The Yangtze River Delta urban agglomeration is a crucial intersection of the "Belt and Road" initiative and the Yangtze River Economic Belt, comprising Shanghai, Jiangsu, Zhejiang, and Anhui provinces, with seven listed city commercial banks [1] - In 2024, the total asset scale of these seven banks reached 17.72 trillion yuan, with Jiangsu Bank, Shanghai Bank, and Ningbo Bank each exceeding 3 trillion yuan [1][3] - All seven banks reported positive growth in revenue and net profit, with asset quality remaining strong, as six banks maintained non-performing loan ratios below 1% [1][18] Asset Scale and Growth - Jiangsu Bank's total assets reached 39,520.42 billion yuan, a 16.12% increase from the previous year [3][5] - Shanghai Bank's total assets were 32,266.56 billion yuan, growing by 4.57% [3][5] - Ningbo Bank's total assets amounted to 31,252.32 billion yuan, with a growth rate of 15.25% [3][5] - Nanjing Bank, Hangzhou Bank, and Huishang Bank surpassed 20 trillion yuan in assets, while Suzhou Bank had the smallest asset scale at nearly 700 billion yuan [1][3] Revenue and Profitability - Jiangsu Bank led in revenue with 808.15 billion yuan, marking an 8.78% increase [10][12] - Ningbo Bank followed with 666.31 billion yuan in revenue, up 8.19% [10][12] - Nanjing Bank achieved a revenue growth rate of 11.32%, the only bank with double-digit growth [10][12] - Net profit for Jiangsu Bank exceeded 300 billion yuan, with a growth of 10.76% [13][12] Asset Quality - The non-performing loan ratio for Jiangsu Bank was 0.89%, while Ningbo and Hangzhou Banks had the lowest at 0.76% [18][19] - Shanghai Bank had the highest non-performing loan ratio at 1.18% [17][18] - The provision coverage ratios for most banks were robust, with Jiangsu, Nanjing, and Ningbo Banks exceeding 300% [20][18] Loan Distribution - Jiangsu Bank's loans in Jiangsu province accounted for 86.13% of its total loans, with significant portions also allocated to the Yangtze River Delta and Guangdong-Hong Kong-Macau Greater Bay Area [7] - Nanjing Bank's loans were primarily distributed in Jiangsu, with 84.92% of its loans in the province [7] - Huishang Bank's loans were predominantly in Anhui, making up 88.87% of its total [8]

一、 2024 年经营有所回稳，利润仍在低位 截至 2024 年末，渤海银行总资产达到 1.84 万亿元 ，同比增长 6.41% ；当年实现营业收入 254.82 亿元 ，同比增长 1.94% ，营业收入在连续三年下降后终于在 2024 年实现正增长；当年归母净利润为 52.56 亿元 ，同比增长 3.4% ， 归母净利润也在经历 2 年连续负增长后实现了增速归正 。 二、净息差股份行最低，收入利润增长靠金融投资 2024 年，渤海银行净息差为 1.31% ，虽较 2023 年上升了 17 个 BP ，但仍处于相对较低水平，且 在 12 家股份行中最低。 | 银行名称 | 净息差 | 净利差 | | --- | --- | --- | | 招商银行 | 1. 98% | 1.86% | | 平安银行 | 1. 87% | 1. 83% | | 兴业银行 | 1. 82% | 1.56% | | 中信银行 | 1. 77% | 1. 71% | | 浙商银行 | 1. 71% | 1.52% | | 华夏银行 | 1.59% | 1. 61% | | 光大银行 | 1.54% | 1. 45% | | 广发银行 ...

一、营收继续下降，净利润略有回升 2024 年末，光大银行总资产为 6.96 万亿元 ，同比增长 2.75% 。当年实现营业收入 1354.15 亿元 ， 同比下降 7.05% ，营业收入连续 3 年下降。 2024 年实现归母净利润 416.96 亿元 ，同比增长 2.22% ， 在 2023 年净利润下降后 2024 年实现回正，盈利能力有所巩固。 二、规模扩张不及利率下降，营业收入连年负增长 在总资产规模增长且贷款总额也增长（ 2024 年末光大银行贷款总额 3.93 万亿元 ，同比增长 3.88% ）的背景下，光大银行营业收入还连年下降。究其原因一方面是 净息差下降较快 ， 2024 年光大银行净 息差为 1.54% ，较 2023 年下降 20 个 BP ；另一方面手续费及佣金净收入也持续下降。 2024 年光大银行规模扩张带来的利息净收入增加 57.79 亿元，但利率下降带来的 利息净收入下降 了 165.93 亿元 ，规模扩张的增长效应远抵不住利率下降的负面影响，最终导致利息净收入下降 108.14 亿元，同比降低 10.06% 。 2024 年光大银行零售金融业务营业收入为 550.96 亿元 ...

宜宾银行的最终发售价为2.59港元，所得款项总额为1,782.96百万港元，扣除基于最终发售价的估计应 付上市开支73.68百万港元，所得款项净额为1,709.28百万港元。 中国经济网北京4月10日讯 宜宾银行（02596.HK）4月8日晚间发布关于执行董事及行长辞任的公告。宜 宾银行董事会宣布，杨兴旺提出因个人身体原因，已向董事会送达辞呈，辞去宜宾银行执行董事、行 长、董事会风险管理委员会主席、战略与资产负债管理委员会委员及关联交易控制委员会委员职务。根 据相关法律法规和该行章程规定，杨兴旺的辞任自2025年4月8日生效。 杨兴旺的辞任距离该行在港股上市仅过去三个月。宜宾银行于2025年1月13日在港交所上市，最终发售 价为2.59港元，所得款项总额为1,782.96百万港元，扣除基于最终发售价的估计应付上市开支73.68百万 港元，所得款项净额为1,709.28百万港元。 截至2024年12月31日止年度业绩公告显示，2024年，宜宾银行录得总营业收入2,180.4百万元，同比增长 0.49%；净利润477.8百万元，同比增长0.08%；归属于该行股东的净利润513.4百万元，同比增长 9.58%。 此 ...

从不良贷款率来看，六大行不良率呈现出走低趋势，且低于5%的监管红线。 具体数据显示， 工 商 银 行 不 良 率 为 1 . 3 4% （ 下 降 2 个 BP ） 、 农 业 银 行 1 . 3% （ 下 降 3 个 BP ） 、 中 国 银 行 1 . 2 5% （下降2个BP）、建设银行1 . 3 4%（下降3个BP）、交通银行1 . 3 1%（下降2个BP）。仅有邮 储银行不良率微升7个BP至0 . 9 0%，但仍为六大行中最低水平。 除此之外，还有部分银行延续了连续下降趋势，如建设银行不良率从2 0 2 0年末的1 . 5 6%降至 1 . 3 4%，实现5年连降；农业银行从1 . 3 7%降至1 . 3%，实现3年连降。 在拨备覆盖率这一资产质量"安全垫"指标方面，六大行的拨备覆盖率均大幅超过1 5 0%的监管 红 线 ， 分 布 在 2 0 0%~3 0 0% 的 安 全 区 间 。 其 中 ， 工 商 银 行 （ 2 1 4 . 9 7% ） 、 中 国 银 行 （ 2 0 0 . 6 0% ） 和 交 通 银 行 （ 2 0 1 . 9 4% ） 较 上 年 有 所 提 升 ； 而 农 业 ...

随着贷款总额增加，工行、建行、农行、中行、交行和邮储银行六家 大型商业银行 （以下统称 "六大行"）近五年不良贷款 余额也持续上升 。 2024 年末工商银行不良贷款余额达到了 3794.58 亿元 ，建设银行和农业银行不良贷款余额也超过 3000 亿元 ，中国银行达到 2687.81 亿元 ，交通银行超过 1000 亿元 ，邮储银行也达到了 803.19 亿元 。 由于分母扩大， 六大行整体不良贷款率维持稳定 。除邮储银行外，其他 五家大型商业银行近五年 不良贷款率持续下降 ，与 2020 年末相比，五家大型商业银行 2024 年末不良贷款率均大幅下降（ 下降 幅度超过 20 个 BP ）。邮储银行 2024 年末不良贷款率比 2020 年末增加了 2 个 BP ，但近五年均控制 在 0.9% 以下， 整体不良贷款率在六大行中始终保持最优 。 | 银行名称 | 2020年末 | 2021 年末 | 2022年末 | 2023年末 | 2024 年末 | | --- | --- | --- | --- | --- | --- | | 工商银行 | 1.58% | 1.42% | 1. 38% | 1.36% ...

Banco Macro (BMA) Q4 2024 Earnings Call February 27, 2025 11:00 AM ET Company Participants Nicolás Torres - Investor RelationsErnesto Gabilondo - Director - LatAm Financials Bank of AmericaJorge Francisco Scarinci - CFO, Finance Manager & IR ManagerBrian Flores - VP - Equity Research Conference Call Participants None - AnalystCarlos Gomez-Lopez - Analyst Operator Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Banco Macro's 4Q twenty twenty f ...