●长江商报记者 徐佳 全国最大的地级市农商行东莞农商行（09889.HK）业绩与资产质量双重承压。 日前，东莞农商行发布半年报。2025年上半年，该行实现营业收入55.01亿元，同比减少14.02%；归属 于该行股东的净利润（以下简称"净利润"）26.29亿元，同比减少17.07%，净利润连续两年半下降。 长江商报记者注意到，尽管资产规模仍在扩张，但息差收窄成为东莞农商行利润空间萎缩的主要原因。 2025年上半年，该行利息净收入为42.37亿元，同比减少9.92%；净息差1.22%，同比下降0.18个百分 点；非利息净收入12.64亿元，同比亦减少25.41%。 不仅如此，东莞农商行还面临不小的资产质量压力。截至2025年6月末，该行不良贷款率1.87%，较上 年末上升0.03个百分点，自2021年赴港上市以来，该行不良贷款率连续四年半提升；拨备覆盖率 190.56%，较上年末下降17.16个百分点，为上市后首次跌破200%。 截至2025年6月末，东莞农商行个人贷款不良率由上年末的2.29%提升至2.81%。其中，个人经营贷款、 信用卡透支、个人消费贷款不良率分别由上年末的2.57%、6.02%、2.31% ...

Core Viewpoint - The overall non-performing loan (NPL) ratio of listed banks in China remains at an excellent level in the first half of 2025, with most banks showing stable or improved asset quality, while some retail loan segments are experiencing increased pressure on asset quality [1][7]. Group 1: Non-Performing Loan Ratios - Among A-share listed banks, 20 banks reported a decrease in NPL ratios, with declines ranging from 0.01 to 0.12 percentage points, while 15 banks maintained stable NPL ratios [2]. - Sixteen listed banks have NPL ratios below 1%, with Chengdu Bank reporting the lowest at 0.66% [2]. - Xi'an Bank achieved the largest reduction in NPL ratio, decreasing by 0.12 percentage points to 1.6% by the end of June [2][3]. Group 2: Risk Management Trends - The risk management trends highlighted by bank executives include the ongoing clearance of risks in real estate and local government financing platforms, while retail sectors like personal loans are under pressure [1][4]. - Agricultural Bank of China reported a 0.05 percentage point decrease in the NPL ratio for real estate loans by the end of June [4]. - The overall NPL ratio for state-owned banks averaged 1.21%, outperforming the industry average by 0.28 percentage points [3]. Group 3: Retail Loan Quality Concerns - Several banks, including Huaxia Bank and Chongqing Rural Commercial Bank, have seen increases in personal loan NPL ratios compared to the beginning of the year [7]. - Industrial and Commercial Bank of China noted that retail loan asset quality is generally declining due to market conditions, but expects improvements as economic policies take effect [7][8]. - Credit card transactions and personal loans are facing significant challenges due to consumption downgrades and adjustments in the real estate market, as stated by China Merchants Bank [7]. Group 4: Future Outlook - Analysts from Huatai Securities believe that the asset quality of corporate loans is improving, particularly in the real estate sector, with expectations for continued improvement in the second half of the year [6]. - Despite the overall stability in NPL ratios, there are concerns about the underlying asset quality, particularly in retail loans, which may face pressure from the actual economic conditions [8].

Core Insights - The retail business has become a focal point for banks, with significant growth reported by the six major banks, while smaller banks show weaker performance in personal loans [1][4][5] - There is a divergence in opinions among banks regarding the risk trends in retail loans, with some believing the peak of bad loans has passed, while others see ongoing risk increases [1][2][7] Retail Business Performance - The six major banks have shown strong growth in retail business, with notable increases in personal consumption and operating loans, capturing a significant market share [1][4] - Specific growth figures include: - China Construction Bank's personal operating loans increased by 20.38% - Industrial and Commercial Bank of China’s personal consumption loans grew by 10.2% - Agricultural Bank of China’s personal operating loans rose by 17.2% [4] Divergence Among Banks - Smaller banks, including joint-stock and city commercial banks, have experienced sluggish growth in personal loans, with some reporting negative growth [1][5][6] - For instance, Ping An Bank's personal loan total decreased by 2.3%, while China Everbright Bank's retail loan growth was only 1.57% [5] Market Conditions and Future Outlook - The introduction of consumption loan subsidies is expected to create more variables in the retail market for the fourth quarter and next year [3] - Smaller banks are under pressure from larger banks and are focusing on improving their retail loan offerings, particularly in housing and consumption loans [3][8] Strategies for Growth - Major banks are expected to continue focusing on personal consumption and operating loans, leveraging central policies to support growth [8][9] - Smaller banks are looking to enhance their loan offerings by collaborating with local enterprises and improving loan approval processes to compete with larger banks [7][9]

Core Viewpoint - Lanzhou Bank, the largest city commercial bank in Gansu Province, reported a slight decline in revenue and a marginal increase in net profit for the first half of 2025, but its asset quality remains a significant concern, with the highest non-performing loan (NPL) ratio among A-share listed banks [2][5]. Financial Performance - As of June 30, 2025, Lanzhou Bank achieved a revenue of 3.921 billion yuan, a year-on-year decrease of 1.86% [2]. - The net profit attributable to shareholders was 0.952 billion yuan, reflecting a slight increase of 0.87% year-on-year [2]. Asset Quality Indicators - The non-performing loan ratio stood at 1.81% as of June 30, 2025, a decrease of 0.02 percentage points from the beginning of the year, but it remains the highest among A-share listed banks [2][3]. - Lanzhou Bank has consistently reported the highest NPL ratio among A-share banks for three consecutive quarters [2][5]. Market Position - Lanzhou Bank holds a significant position in the local financial system, ranking high in market share for deposits and loans in Gansu Province and Lanzhou City [2]. - The bank's total assets reached 509.742 billion yuan, growing by 4.82% since the beginning of the year, with loans and advances amounting to 257.382 billion yuan, an increase of 4.90% [5]. Loan Composition and Quality - The bank's loan portfolio is predominantly corporate, with corporate loans and advances accounting for 76.31% of the total [5]. - The NPL ratio for corporate loans was 1.74%, a decrease of 0.11 percentage points from the end of 2024 [5]. Sector-Specific Insights - The majority of loans are concentrated in five sectors: real estate, manufacturing, leasing and business services, construction, and wholesale and retail, with real estate and construction having NPL ratios of 1.70% and 1.33%, respectively [5]. - The increase in overall NPL ratio is primarily attributed to the personal loan sector, particularly personal business loans and credit cards, which have seen significant increases in their NPL ratios [7][9]. Asset Management Strategy - Lanzhou Bank plans to enhance its asset quality management by focusing on recovery, transfer, write-off, restructuring, and reduction strategies for non-performing assets [11]. - The bank aims to leverage big data to improve its risk control systems and increase the efficiency of non-performing loan recovery efforts [11]. Provision Coverage - As of June 30, 2025, the bank's provision coverage ratio was 207.89%, an increase from 201.60% at the end of 2024 [12].

Core Viewpoint - China Construction Bank (CCB) has demonstrated resilience in a low interest rate environment, achieving stable growth in key operational indicators for the first half of 2025, with total assets reaching 44.43 trillion yuan, a 9.52% increase year-on-year, and operating income of 385.9 billion yuan, up 2.95% [1][4]. Group 1: Financial Performance - As of June 30, 2025, CCB's total assets reached 44.43 trillion yuan, a 9.52% increase from the end of the previous year [4]. - Operating income was 385.9 billion yuan, reflecting a year-on-year growth of 2.95% [1]. - Net commission and fee income rose to 65.2 billion yuan, marking a 4.02% increase [1]. - Pre-provision profit was 290.1 billion yuan, up 3.37% year-on-year [1]. - The provision coverage ratio improved to 239.4%, an increase of 5.8 percentage points from the end of the previous year [1]. Group 2: Asset and Liability Management - CCB is focusing on optimizing asset structure, with a significant increase in loans and bonds, which now account for nearly 90% of total assets [4]. - The average daily growth rate of interest-earning assets was 7.45%, an increase of 1.53 percentage points compared to the first quarter [4]. - Retail loans, including personal consumption and business loans, saw growth rates exceeding 15% [4]. - CCB's loan balance in the manufacturing sector increased by 10.25% from the end of the previous year [4]. Group 3: Non-Interest Income Growth - Non-interest income grew by nearly 26% year-on-year, reaching 99.2 billion yuan, accounting for over 25% of total revenue [8][9]. - Fee and commission income constituted 16.9% of CCB's operating income, leading among peers [9]. - The number of credit card customers surpassed 100 million, with wealth management and private banking clients growing over 20% [9]. Group 4: Risk Management and Asset Quality - CCB maintained a non-performing loan (NPL) ratio of 1.33%, down 1 percentage point from the end of the previous year [10]. - The core Tier 1 capital adequacy ratio stood at 14.34%, indicating strong capital management [10]. - The NPL ratio in the real estate sector decreased by 0.05 percentage points, reflecting effective risk management [10]. - CCB is enhancing its risk management capabilities through a dynamic review of credit policies and credit structure adjustments [11].

Core Viewpoint - Under the low interest rate environment, China Construction Bank (CCB) has demonstrated resilience by achieving stable and positive mid-term operational indicators for the first half of 2025, with key performance metrics showing growth despite challenges [1][4]. Group 1: Financial Performance - As of June 30, 2025, CCB's total assets reached 44.43 trillion yuan, an increase of 9.52% compared to the end of the previous year [1][5]. - Operating income for the first half of 2025 was 385.9 billion yuan, reflecting a year-on-year growth of 2.95% [1]. - Net income before provisions was 290.1 billion yuan, up 3.37% year-on-year, with a provision coverage ratio of 239.4%, an increase of 5.8 percentage points from the end of the previous year [1][10]. Group 2: Asset and Liability Management - CCB has focused on optimizing its asset structure, with loans and bonds accounting for nearly 90% of its total assets [5]. - The bank has improved its net interest income by narrowing the decline, with average daily interest-earning assets growing by 7.45% year-on-year [5]. - The proportion of demand deposits exceeded 40%, contributing significantly to the stability of deposit growth and cost reduction [8]. Group 3: Non-Interest Income Growth - CCB's non-interest income saw a remarkable growth of nearly 26% year-on-year, reaching 99.2 billion yuan, accounting for over 25% of total revenue [9]. - The bank's fee and commission income represented 16.9% of operating income, leading among peers [9]. - The growth in wealth management and private banking clients exceeded 20%, indicating a shift towards light-asset and light-capital business models [9]. Group 4: Risk Management and Asset Quality - CCB maintained a stable asset quality with a non-performing loan (NPL) ratio of 1.33%, down 1 percentage point from the end of the previous year [10]. - The bank's core Tier 1 capital adequacy ratio stood at 14.34%, reflecting strong capital management [10]. - In the real estate sector, the NPL ratio decreased by 0.05 percentage points, demonstrating effective risk control while meeting reasonable financing needs [10][11].

Core Viewpoint - The establishment of the Digital Operations Center by Bank of Communications is a significant reform aimed at enhancing the bank's retail business capabilities through digital empowerment and centralized management [1][3]. Group 1: Digital Operations Center Functions - The Digital Operations Center aims to strengthen direct operations, creating a new growth engine by enhancing online direct management of retail credit business, resulting in a 153% year-on-year net increase in online consumer loan balances in the first half of the year [3]. - It focuses on shared foundational capabilities to accelerate the integration of online and offline development, implementing a marketing model of "online reach, offline follow-up," which led to a net increase of 9.5 billion yuan in personal operating loans [4]. - The center also emphasizes centralized operations, utilizing digital technologies to manage retail asset risks and improve operational efficiency, with the quality of centralized operations showing steady improvement [4]. Group 2: Financial Performance - As of June 30, the total customer loan balance of Bank of Communications reached 9 trillion yuan, an increase of approximately 443.4 billion yuan, reflecting a growth rate of 5.18% [6]. - The bank's net interest margin for the first half of the year was 1.21%, with expectations of further downward pressure, although future conditions may stabilize margins [6]. - The bank's total assets reached 15.44 trillion yuan, a growth of 3.59% compared to the previous year, with operating income of 133.368 billion yuan and net profit attributable to shareholders of 46.016 billion yuan, representing year-on-year growth of 0.77% and 1.61%, respectively [6].

Core Viewpoint - The State Council's recent implementation of personal consumption loan interest subsidy policies and service industry operating entity loan interest subsidy policies is expected to lower credit costs for residents and financing costs for service industry entities, thereby stimulating consumption potential and enhancing market vitality [1] Group 1: Impact on Banking Sector - The personal consumption and operating loan interest subsidy policies are anticipated to stimulate economic recovery and consumption growth, benefiting banks' net interest margins and overall fundamentals, especially for banks with a high proportion of these loans [1] - Ping An Bank has the highest proportion of personal consumption and operating loans among joint-stock banks, at 29.82% [1] Group 2: Financial Products and Services - Ping An Bank has introduced the "Orange e-loan" product, increasing the maximum loan amount from 200,000 to 300,000 yuan and extending the loan term from 4 to 7 years, with interest rates as low as 3% for qualified customers [3] - The bank has also launched the "Orange business loan" product for small and micro enterprises, with a maximum loan amount of 10 million yuan and similar interest rate benefits [3] - Ping An Bank's retail credit business now covers four major customer groups, focusing on various financial needs including business, consumption, and housing [3] Group 3: Achievements in Inclusive Finance - As of March 2025, Ping An Bank's inclusive small and micro enterprise loan balance reached 496.328 billion yuan, with a year-on-year growth of 6.22 billion yuan and a 22.5% increase in new loans issued in the first quarter [4] - The bank has implemented innovative products and services in inclusive finance, including expanding collateral options and introducing low-risk pledge models [4] Group 4: Future Strategies - Ping An Bank plans to continue aligning with national strategies to expand domestic demand, aiming to lower credit costs for residents and financing costs for service industry entities, thereby enhancing consumption potential and market vitality [5]

Core Viewpoint - Zhejiang Webank has rapidly developed into a medium-sized commercial bank over the past decade, leveraging its unique online-only model and focus on small and micro enterprises, while maintaining a strong relationship with Ant Group [4][22]. Group 1: Company Overview - Zhejiang Webank, established in 2015, is one of China's first private banks, initiated by Ant Group and several private enterprises, headquartered in Hangzhou [1]. - By the end of 2024, Webank's total assets reached 471.035 billion, an increase of 7.66 times since 2016, with operating income of 21.314 billion and net profit of 3.166 billion, marking increases of 8.08 times and 10.02 times respectively [4][8]. Group 2: Business Model - Unlike traditional banks, Webank operates without physical branches, relying on a high proportion of technology personnel (67%) and focusing on online services [3]. - The bank's liability structure is primarily based on deposits, with a deposit ratio of 77.15% by the end of 2024, similar to major state-owned banks [9]. Group 3: Loan Structure - Webank has maintained a focus on serving small and micro enterprises, with personal loans consistently accounting for over 60% of its loan portfolio, reaching 68.44% by the end of 2024 [13][15]. - The bank's loans are predominantly business-related, with personal loans primarily for business purposes, contrasting with other banks that may focus on consumer loans [15][18]. Group 4: Financial Performance - Webank's net interest margin stood at 3.60% in 2024, significantly higher than the overall commercial banking sector's average of 1.52%, attributed to its unique deposit structure [11][20]. - However, the bank's non-performing loan ratio reached 2.30% by the end of 2024, higher than the industry average of 1.50%, indicating increased risk associated with its focus on business loans [18][20]. Group 5: Strategic Positioning - Webank's strategy emphasizes supporting "business entities," aligning with Ant Group's mission to facilitate business operations, which is crucial for stimulating grassroots economic activity [22]. - The bank's approach has led to significant growth, positioning it among medium-sized banks while facing challenges related to the inherent risks of business lending [22].

Core Viewpoint - Retail banking is a crucial focus for commercial banks' transformation, facing challenges in 2024, but remains a key growth engine under policies promoting domestic demand and consumption [1] Retail Customer Situation - In 2024, 29 listed banks reported over 4.6 billion retail customers, an increase of 120 million from 2023, indicating intense competition in personal financial services [2] Retail Deposits and Loans - By the end of 2024, household deposits reached 152.3 trillion yuan, a 10% year-on-year increase, with 57 listed banks reporting retail deposits totaling 109 trillion yuan, accounting for 71.5% of the industry [5] - All 57 banks reported an increase in personal deposit scale, with the highest growth exceeding 30%. For instance, the average cost rate of retail customer deposits for China Merchants Bank was 1.44% [5] - The total amount of household loans was 82.8 trillion yuan, growing by 3% year-on-year, with retail loans from 57 listed banks totaling 64 trillion yuan, representing 77% of the industry [7] Retail Loan Structure - Among 59 sample banks, 29 saw an increase in personal housing loans, with some banks like Zheshang Bank and Guizhou Bank exceeding 10% growth. Consumer loans also saw significant increases, with some banks reporting over 40% growth [10] Retail Business Income - Of the 55 banks reporting retail line performance, 24 experienced year-on-year growth in retail business income, while 19 saw profit increases. However, half of the banks reported increased credit impairment losses, with the highest increase reaching 180% [12] - Interest income remains the primary source of retail business revenue, averaging 90% of total income, with many banks relying on inter-departmental interest income to support retail loan growth [12] Retail Business Risk - Most listed banks reported retail business non-performing loan ratios between 1% and 3%, with some city commercial banks nearing 5%. Housing loans showed the best asset quality, while risks in operating loans from regional banks need attention [14]