Core Insights - The central bank of Madagascar reported a 13.9% year-on-year growth in bank credit as of June this year [1] Group 1 - The report was released on August 5 by the Bank of Madagascar (BFM) [1] - The annual growth rate of 13.9% indicates a positive trend in the banking sector [1]

湘财证券指出，宽财政推动融资需求增长，在各项融资安排支持下，银行信贷供给充足，有望维持信贷 相对平稳增长。同时，政策稳息差态度积极，银行资产负债两端利率传导效率加强，后续随着存款成本 持续下行，息差或逐渐趋稳，业绩有望保持稳定。地产与城投领域存量风险明显改善，随着稳经济政策 持续推进，银行资产质量将进一步巩固。 基本面上，银行业绩喜报频出。截至目前，共有青岛银行、齐鲁银行、宁波银行、杭州银行及常 熟银行5家上市银行发布上半年业绩快报，归母净利润增速全部实现正增长，其中4家增幅达到了 两位数，资产质量指标保持稳定。 今日沪指早盘低开，随后迅速翻红，银行功不可没。百亿顶流银行ETF（512800）早盘迅速冲高，场内 价格一度涨逾1%，收涨0.59%。全天成交额11.91亿元，环比放量。 | 分割 3日 1分 " | F9 盘前盘后 叠加 九年 画线 工具 @ 2 》 | | | | | 银行ETF ① | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 512800[超扫黑] 10:20 0 0 0 861 388 0.008(0794%) 1988 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 17.66 [8][10]. Core Views - The company demonstrates strong profitability with a year-on-year increase in net profit and operating income of 17.3% and 2.2% respectively for Q1 2025, maintaining a high annualized ROE of 20.60% [1]. - Credit growth remains robust, with total assets, loans, and deposits increasing by 15.9%, 14.3%, and 21.1% respectively as of March 2025 [2]. - Non-interest income continues to grow, with a 22.2% increase in fee-based income, contributing to 14.1% of total revenue [3]. - Asset quality remains stable, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 530% as of March 2025 [4]. - The company is projected to achieve a net profit of RMB 19.55 billion in 2025, reflecting a growth rate of 15.1% [5]. Summary by Sections Profitability and Growth - The company reported a net profit of RMB 19.55 billion for 2025, with a projected growth of 15.1% [5]. - The annualized ROE and ROA for Q1 2025 are 20.60% and 1.11% respectively, indicating strong profitability [1]. Credit and Asset Quality - As of March 2025, total assets, loans, and deposits grew by 15.9%, 14.3%, and 21.1% respectively compared to the end of 2024 [2]. - The non-performing loan ratio stands at 0.76%, with a provision coverage ratio of 530%, indicating solid asset quality [4]. Non-Interest Income and Cost Management - Non-interest income decreased by 5.4% year-on-year, while fee-based income increased by 22.2%, contributing to a higher proportion of total revenue [3]. - The cost-to-income ratio improved to 23.7%, reflecting operational efficiency [3]. Capital and Valuation - The capital adequacy ratio and core tier 1 capital ratio are 14.05% and 9.01% respectively, showing a healthy capital position [4]. - The target price of RMB 17.66 corresponds to a price-to-book ratio of 0.91 for 2025, indicating a premium valuation compared to peers [5].