人民财讯8月28日电，郑州银行（002936）发布2025年半年报显示，上半年该行实现营业收入66.89亿 元，同比增长4.64%；实现归属于该行股东的净利润16.27亿元，同比增长2.1%。截至6月末，该行资产 总额7197.38亿元，较上年末增长6.41%；不良贷款率1.76%，较上年末下降了0.03个百分点。 ...

2025 年 8 月 28 日 公司研究 盈利增速回升，资产结构优化 ——中信银行（601998.SH）2025 年半年报点评 增持（维持） 当前价：7.98 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 556.45 | | 总市值(亿元)： | 4,440.48 | | 一年最低/最高(元)： | 5.42/8.9 | | 近 3 月换手率： | 15.49% | 股价相对走势 资料来源：Wind | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -9.23 | -9.77 | -9.27 | | 绝对 | -1.72 | 5.92 | 26.55 | | 资料来源：Wind | | | | 要点 事件： 8 月 27 日，中信银行发布 2025 ...

Core Viewpoint - Flagstar Financial, Inc. reported a second-quarter 2025 loss per share of 14 cents, which was wider than the expected loss of 12 cents, and a significant decline in revenues and net interest income impacted the results [1][9] Financial Performance - The net loss available to common shareholders was $78 million, an improvement from a net loss of $333 million in the prior-year quarter [2] - Quarterly revenues were $496 million, down 26% year-over-year, and missed the Zacks Consensus Estimate by 5.6% [3][9] - Net interest income (NII) was $419 million, a decrease of 24.8% from the prior-year quarter, with a net interest margin of 1.81%, down 17 basis points [3] - Non-interest income fell to $77 million, a decline of 32.4% year-over-year, primarily due to the absence of net return on mortgage servicing rights and lower fee income [4] - Non-interest expenses decreased to $513 million, down 27% year-over-year, with adjusted operating expenses at $460 million, a 27.8% decline [4] Efficiency and Asset Quality - The efficiency ratio was 95.3%, slightly up from 95.1% in the year-ago quarter, indicating deteriorating profitability [5] - Total loans and leases held for investment declined 3.7% sequentially to $64.1 billion, while total deposits decreased 5.6% sequentially to $69.7 billion [6] - Non-performing assets increased to $3.2 billion from $2.6 billion year-over-year, although net charge-offs decreased by 66.4% to $117 million [7] Capital Ratios - As of June 30, 2025, the common equity tier 1 ratio improved to 12.33% from 9.54% a year earlier, and the total risk-based capital ratio rose to 15.77% from 12.78% [8]

Financial Performance - Bank of New York Mellon reported second-quarter adjusted earnings of $1.94 per share, a 28% increase from the previous year, exceeding the Street estimate of $1.76 [1] - Revenue rose 9% year over year to $5.03 billion, surpassing analysts' forecast of $4.83 billion [1] Company Transformation - The company is experiencing significant momentum in its ongoing transformation, achieving two consecutive quarters of record sales in the first half of the year [2] - Parts of the company that transitioned to the new operating model last spring have shown faster delivery times, improved service quality, increased innovation, and greater efficiency [2] Stock Performance and Analyst Ratings - Following the earnings announcement, Bank of New York Mellon shares fell 0.8% to trade at $94.44 [3] - Analysts have adjusted their price targets for the stock, with Keefe, Bruyette & Woods raising it from $105 to $113, Morgan Stanley from $95 to $101, Truist Securities from $97 to $100, and Wells Fargo from $96 to $100 [8]

Core Insights - The Goldman Sachs Group, Inc. (GS) reported adjusted earnings per share of $10.91 for Q2 2025, exceeding the Zacks Consensus Estimate of $9.43 and up from $8.62 in the same quarter last year [1][9] Financial Performance - Net revenues increased by 15% year over year to $14.6 billion, surpassing the Zacks Consensus Estimate by 8.1% [4] - Net earnings on a GAAP basis rose 22% from the prior-year quarter to $3.7 billion [3] - The Global Banking & Markets division generated revenues of $10.1 billion, a 24% increase year over year, driven by strong performance in Equities and Fixed Income, Currency, and Commodities (FICC) trading [6][9] Segment Performance - Equities revenues surged by 36% year over year to $4.3 billion, while FICC revenues rose by 9% to $3.5 billion [2] - Investment Banking fees increased by 26% year over year to $2.2 billion, supported by strong advisory revenues in the Americas and EMEA [2] - The Asset & Wealth Management division saw revenues decline by 3% year over year to $3.8 billion, attributed to lower net revenues in equity and debt investments [5] Expenses and Capital Management - Total operating expenses rose by 8% year over year to $9.2 billion, with provisions for credit losses increasing by 36% to $384 million [4] - The standardized Common Equity Tier 1 capital ratio decreased to 14.5% from 14.8% year over year, and the supplementary leverage ratio fell to 5.3% from 5.4% [7] Capital Distribution - GS returned $3.96 billion to common shareholders in the reported quarter, including $3 billion in share repurchases and $957 million in dividends [8] - The quarterly dividend was raised by 33.3% to $4.00 per share following the successful completion of the 2025 Fed stress test [10]

Core Insights - Ningbo Bank reported a revenue of 18.495 billion yuan for the first quarter of 2025, representing a year-on-year growth of 5.63% [1] - The net profit attributable to shareholders of the listed company was 7.417 billion yuan, showing a year-on-year increase of 5.76% [1] Financial Performance - Revenue for Q1 2025: 18.495 billion yuan, up 5.63% year-on-year [1] - Net profit for Q1 2025: 7.417 billion yuan, up 5.76% year-on-year [1]

Core Viewpoint - Discover Financial Services (DFS) reported strong first-quarter 2025 results, with adjusted earnings per share of $4.25, exceeding estimates by 28.8% and showing a 31% year-over-year increase [1] Financial Performance - Revenues, net of interest expenses, reached $4.3 billion, a 2% year-over-year increase, surpassing the consensus estimate by 0.7% [1] - Interest income decreased by 3% year over year to $4.8 billion, missing the estimate of $5 billion, while interest expense fell 15% year over year to $1.2 billion, lower than the estimate of $1.4 billion [3] - Non-interest income grew by 3% year over year to $693 million, beating the consensus estimate of $691.2 million but falling short of the estimate of $708.1 million [3] - Total operating expenses were $1.6 billion, up 1% year over year, but lower than the estimate of $1.8 billion [4] - Net income climbed 30% year over year to $1.1 billion [4] Segment Performance Digital Banking - Pretax income in the Digital Banking segment increased by 30% year over year to $1.4 billion, exceeding both the consensus estimate of $1.06 billion and the estimate of $1.04 billion [5] - Provision for credit losses decreased by 17% year over year to $1.2 billion [5] - Total loans decreased by 7% year over year to $117.4 billion, with net interest income increasing by 2% year over year to $3.56 billion [6] Payment Services - The Payment Services segment reported a pretax income of $91 million, an 11% year-over-year increase, surpassing the consensus estimate of $83.5 million but missing the estimate of $99 million [7] - Payment Services volume declined by 4% year over year to $96 billion, with PULSE dollar volume growing by 3% and Diners Club volume advancing by 18% [8] Financial Position - As of March 31, 2025, total assets were $147.9 billion, a 0.2% increase from the end of 2024 [9] - The liquidity portfolio amounted to $30.2 billion, improving by 10.7% from December 31, 2024 [9] - Total liabilities decreased by 0.6% to $129 billion, while total equity increased by 5.8% to $19 billion [10] Merger and Dividend Update - Capital One Financial Corporation secured regulatory approvals for its merger with DFS, expected to close around May 18, 2025 [11] - A quarterly cash dividend of 70 cents per share was sanctioned, payable on June 5, 2025, but DFS shareholders may not receive this dividend due to the merger [11] 2025 Guidance - Management anticipates loan growth to follow pre-pandemic trends, with net interest margin expected to remain consistent with the fourth-quarter 2024 level of 11.96% [12]