10月27日，南京银行发布2025年三季度报告。截至2025年9月末，南京银行资产总额达2.96万亿元，较 上年末增长14.31%，逼近3万亿元关口；前三季度，实现营收419.49亿元，同比增长8.79%，净利润 181.41亿元，同比增长8.2%。 南京银行素有"债券之王"之称，截至9月末，该行金融投资资产达1.3万亿元，同比增长21.5%，高于总 资产与贷款增速。2025年前三季度，南京银行金融投资收益受债市波动影响明显，其中公允价值变动收 益从去年同期赚46.8亿元到亏损3.3亿元，而通过兑现部分债券投资浮盈对冲了下滑。 利息净收入增近30% 财报显示，截至2025年9月末，南京银行资产总额达2.96万亿元，较上年末增长14.31%；负债总额2.75 万亿元，较上年末增长14.48%；存款规模1.64万亿元，贷款规模1.41万亿元，较上年末分别增长9.65% 和12.34%。 2025年前三季度，南京银行实现营收419.49亿元，同比增长8.79%；净利润181.41亿元，同比增长 8.16%，营收、净利润维持"双8"增长，但增速较2024年均有所下行。 其中，实现利息净收入252.07亿元，同比增长2 ...

Core Insights - The report indicates that banks are facing increasing pressure on profitability, with net interest income showing negative growth. In H1 2025, listed banks' net profit growth slightly increased to 3.67% from 2.29% in Q1 2025, but remains at a low level, particularly for state-owned banks which reported growth rates of only 0.29% and -0.68% respectively [1][12][18] - Investment income is becoming a more significant contributor to bank profitability, with net investment income for listed banks growing by 24% year-on-year in H1 2025. State-owned banks saw a 46% increase, while joint-stock banks only achieved a 5% increase, likely due to base effects [2][21] - The report highlights a shift in banks' asset allocation, with a continuous increase in the proportion of OCI (Other Comprehensive Income) assets and a decrease in AC (Amortized Cost) assets. This strategy allows banks to manage profits more flexibly [3][11] Group 1: Profitability and Income Sources - The net interest margin (NIM) decline has slowed, with a decrease of only 1 basis point from Q1 to H1 2025. This indicates that banks are increasingly relying on non-interest income sources to support profitability [1][13] - The report estimates that banks will face some pressure to sell bonds in Q4 2025 to realize floating profits, although the scale is expected to be lower than in H1 2025 but higher than the same period last year [4][5] - The average cost of interest-bearing liabilities for banks has decreased significantly, which may allow for lower revenue targets to maintain profit levels [5][12] Group 2: Investment Strategies and Market Conditions - The report notes that banks have significantly reduced their holdings in bond funds in H1 2025, and the impact of subsequent public fund fee rate reforms remains to be seen. However, the pressure to redeem bond funds is expected to ease [6][11] - The investment income structure shows that the proportion of income from disposing of AC financial investments has increased to 24%, while TPL (Trading Portfolio) income has decreased to 59% [2][21] - The report emphasizes that the bond market's performance and interest rate fluctuations will critically influence banks' strategies for realizing profits from bond sales in the upcoming quarters [4][11]

Core Viewpoint - Bohai Bank reported a growth in both revenue and net profit for the first half of 2025, driven primarily by financial investment income, despite facing challenges in asset quality and scale [1][2]. Financial Performance - For the first half of 2025, Bohai Bank's operating income reached 14.215 billion yuan, an increase of 8.14% year-on-year; net profit was 3.830 billion yuan, up 3.61% year-on-year [1][2]. - The growth in net profit was attributed to increased operating income and ongoing cost reduction efforts [2]. Asset Quality and Scale - As of the end of June, the total assets of Bohai Bank amounted to 1.8238 trillion yuan, a decrease of 1.09% from the end of the previous year [2]. - The non-performing loan (NPL) ratio rose to 1.81%, an increase of 0.05 percentage points from the end of the previous year [2]. Revenue Composition - Interest income for the first half was 8.046 billion yuan, a slight decline of 0.43% year-on-year; the net interest margin was 1.20%, up 0.04 percentage points [3]. - Non-interest income reached 6.169 billion yuan, a significant increase of 21.81% year-on-year, primarily driven by a 61.16% rise in financial investment income [3]. Loan Quality - As of June, the non-performing loan balance for corporate loans increased by 468 million yuan, with a non-performing rate of 1.12% [5]. - Personal loan non-performing balance rose by 319 million yuan, with the non-performing rate increasing from 4.15% to 4.43% [5]. Regional and Sectoral Performance - The highest non-performing loan rates were observed in Central and Southern China at 3.10%, with increases noted in the real estate and construction sectors [5]. - The bank disposed of 3.742 billion yuan of non-performing assets through various methods by the end of June [6].