一年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04-22 05-22 06-22 07-22 08-22 -50% 0% 50% 100% 重庆银行 沪深300指数 (收益率) 证券分析师 2025 年 08 月 24 日 重庆银行 (601963) ——资产质量持续向优，高质量奔向万亿 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 9.95 | | 一年内最高/最低（元） | 11.75/6.53 | | 市净率 | 0.6 | | 股息率%（分红/股价） | 4.16 | | 流通 A 股市值（百万元） | 18,700 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 16.04 | | 资产负债率% | 93.34 | | 总股本/流通 ...

Financial Data and Key Metrics Changes - The company reported earnings per share of $1.42, representing an almost 14% increase over the prior quarter [8] - Net interest income remained stable at $575 million for the third consecutive quarter, with robust loan growth offsetting the impact of deposits [14] - Capitalization strength was highlighted with an estimated CET1 ratio of 11.94%, well above the strategic target of 10% [7][19] Business Line Data and Key Metrics Changes - Average loans increased by almost 1% and period-end loans rose approximately 3%, driven by new loan production for new and existing customers [10] - Non-interest income increased by $20 million, with growth across most customer line items due to higher loan volumes and seasonal benefits [15][16] - Expenses decreased by $23 million over the prior quarter, largely due to lower litigation-related expenses and seasonal declines in incentive compensation [17] Market Data and Key Metrics Changes - Average deposits declined just over 1%, with the largest decreases in retail, corporate banking, and technology and life sciences [11] - Non-interest bearing deposits as a percentage of total deposits remained flat at 38% for the fourth consecutive quarter, indicating stability in the funding mix [11] - The company expects full-year average deposits to decline by 2% to 3% in 2025, with a deliberate reduction in brokered CDs [20] Company Strategy and Development Direction - The company is focused on strategic investments in small business, middle market, business banking, and payments to drive responsible growth [28] - The management emphasized the importance of maintaining a conservative approach to capital while supporting customer growth and driving favorable returns over time [25][26] - The company plans to continue share repurchases, with an intention to repurchase approximately $100 million of common stock in the third quarter [25] Management's Comments on Operating Environment and Future Outlook - Management noted that while economic and geopolitical uncertainty persists, customers appear more confident in navigating the environment and making investments [7] - The outlook for 2025 includes projected net interest income growth of 5% to 7%, with loan trends outperforming expectations [21] - Management acknowledged the potential for upward pressure on deposit pricing as they fund robust loan growth [22] Other Important Information - The company announced new capabilities and product enhancements in payments and deposits, indicating a commitment to innovation [7] - Management expressed a cautious but optimistic view on the economic environment, with expectations for continued loan growth and improved customer confidence [20][27] Q&A Session Summary Question: NII trajectory and expectations for Q3 and Q4 - Management expects a slight decrease in net interest income (NII) in Q3, followed by an upward trajectory in Q4, driven by strong loan growth and deposit increases [32][33] Question: Expense guidance for Q3 and Q4 - Management acknowledged a projected increase in expenses for Q3, attributing it to deferred project expenses and seasonal factors [42][43] Question: Loan growth potential and pipeline activity - Management indicated improved pipeline activity and loan growth, with positive momentum expected to continue in the second half of the year [49][50] Question: Conditions for remaining independent - Management emphasized the importance of performance relative to peers and the need to protect the company while pursuing growth opportunities [81][86] Question: Impact of potential mergers on strategy - Management noted that while they had previously anticipated limited mergers, recent market conditions may lead to increased M&A activity [88] Question: Credit quality and criticized loans - Management reported a moderate increase in criticized loans, primarily concentrated in three credits with consumer components, but overall credit quality remains stable [108][109]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $0.32, excluding merger-related expenses, indicating strong performance in the first quarter [6] - Net interest margin expanded by 19 basis points to 2.51%, driven by lower deposit pricing and higher loan yields [13][8] - First quarter loan balances increased by 16% on an annualized basis, reflecting strong loan demand [7][6] Business Line Data and Key Metrics Changes - Core deposit growth was 8% annualized in the first quarter, contributing to a more offensive approach on loan growth [7][19] - Non-interest income remained elevated at $2.1 million, including $325,000 from investment advisory fees related to the recent acquisition [17] - The multifamily loan portfolio, particularly in affordable housing, grew to nearly $600 million, with a 13% increase over the past year [25][24] Market Data and Key Metrics Changes - The company noted favorable market trends in The Twin Cities, with improved absorption levels in the multifamily sector [27] - The loan pipeline is at its highest level since 2022, indicating strong future loan growth potential [21][22] - Economic uncertainty and market volatility regarding tariffs were highlighted as potential headwinds for client projects [22][10] Company Strategy and Development Direction - The company aims to gain market share amidst ongoing market disruptions in the Twin Cities, focusing on affordable housing and commercial real estate [38][11] - Technology initiatives include upgrading online banking platforms and systems conversion from recent acquisitions [38] - The company is actively monitoring competition in the commercial real estate sector, noting increased activity from previously sidelined players [42][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid to high single-digit loan growth for 2025, despite potential economic uncertainties [35][34] - The company remains focused on net interest income growth, with expectations for continued margin expansion [35][36] - Management acknowledged the impact of recent market volatility but emphasized the importance of maintaining strong client relationships [10][11] Other Important Information - The company repurchased approximately $600,000 of common stock during the quarter, with $14.7 million remaining under the current share repurchase authorization [33] - Non-performing assets increased to 0.2% of loans, primarily due to one central business district office loan being moved to non-accrual [30][29] Q&A Session Summary Question: Changes in competition in the CRE sector - Management noted increased activity from smaller players in the market, tightening spreads slightly [42] Question: Details on margin and deposit costs - The March average margin was reported at 2.53%, with ongoing efforts to lower deposit costs [46][45] Question: Loan growth distribution throughout the quarter - Loan growth was relatively steady across the quarter, with a slight bias towards the back half [49] Question: Timeline for the workout of a non-accrual loan - The workout process for the non-accrual loan is expected to be longer-term, with the borrower engaged in a workout plan [51] Question: M&A activity and potential future deals - Management is in discussions with owners of smaller franchises in the Twin Cities but indicated no imminent deals [65]

Financial Data and Key Metrics Changes - Revenues increased by 16% year-over-year, while expenses remained flat [6][24] - Pre-provision net revenue rose by over $90 million from the previous quarter [6] - Earnings per share for the first quarter were reported at 33 cents [24] - Tax-equivalent net interest income was $1.1 billion, up 4% sequentially and 25% year-over-year [24] Business Line Data and Key Metrics Changes - Commercial loans increased by $1.5 billion, or 3%, while consumer loans were intentionally reduced [27] - Investment banking fees reached a record of $175 million for the first quarter, up 3% from the previous year [35] - Non-interest income was $668 million, reflecting a 3% year-over-year increase [32] Market Data and Key Metrics Changes - Deposits grew by mid-single digits year-over-year, with non-interest-bearing deposits stable at about 19% of total deposits [18][29] - Average loans were up about half a billion dollars to $105 billion on a period-end basis [26] - Interest-bearing deposit costs decreased by 18 basis points during the quarter [30] Company Strategy and Development Direction - The company is focused on navigating macroeconomic uncertainties while maintaining strong client relationships and community investments [9][12] - A strategic minority investment from Scotiabank has positioned the company for future growth and agility [13] - The company aims to leverage its balance sheet to support clients during market dislocations [14][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in avoiding a recession despite current uncertainties, citing strong credit quality and client backlogs [52][62] - The company is prepared for various economic scenarios, including stagflation [53] - Future performance may be impacted by macroeconomic conditions, but management remains optimistic about achieving financial commitments for 2025 [41][42] Other Important Information - The CET1 ratio was reported at 11.8%, indicating a strong capital position [40] - A $1 billion share repurchase authorization was announced, expected to commence in the second half of the year [21][22] Q&A Session Summary Question: How to reconcile the uncertain macro environment with the unchanged guidance? - Management acknowledged the uncertainty but emphasized the strength of the credit book and client backlogs, indicating a cautious optimism [52][53] Question: What is the outlook for C&I loan growth? - Management noted strong C&I loan growth driven by new teams and project-based deals, with expectations for continued growth [76][77] Question: What are the drivers for achieving the 20% net interest income growth? - Management highlighted the impact of previous restructuring actions and robust pipelines, while acknowledging potential risks from economic conditions [80][82] Question: How will the company handle potential CapEx project delays? - Existing projects are expected to continue, but new projects may be delayed until there is more clarity in the market [95] Question: What is the strategy for the share buyback program? - The company plans to maintain flexibility regarding the timing and pace of buybacks, depending on economic clarity [101][102]