核心观点： 亮点：（1）不良率稳定，不良生成率下降。25Q3 末贷款不良率 1.05%，环比 持平，关注率 1.74%，环比改善 2bp，拨备覆盖率 229.60%，环比下降 8.88pct， 25Q3 公司拨备释放对业绩贡献较多，但拨备覆盖率降幅同比收窄，主要是经过 前期风险偏好的调整，以及风险资产的大力回收，公司的不良生成率明显下降， 25Q1~3 测算不良生成率较上半年下降 90bp，测算不良净生成率（含回收）下 降 9bp。根据公司财报披露，2025 年前三季度，核销贷款 328.93 亿元 ，同比 减少 148 亿元，尤其自 Q2 以来，单季度核销规模分别为 86 亿元、73 亿元， 为近年来最低（24 年单季度均值为 158 亿元）。25Q1~3 收回不良资产 260.20 亿元，其中收回已核销不良资产本金 144.72 亿元（含收回已核销不良贷款 127.34 亿元） ，25Q1~3 收回不良资产/核销规模为 79.10%，较上半年进一步 回升，已达到 23 年以来最高，24 年这一比例均值为 50%，另外，公司披露 不 良资产收回额中 97.9% 为现金收回 ，现金回收比例为近年来最高（24 ...

平安银行（平安银行，深交所000001）今日向深圳证券交易所提交了2025年三季度业绩报告。2025年1- 9月，平安银行坚持党建引领，坚持金融工作的政治性、人民性，坚持"零售做强、对公做精、同业做 专"战略方针，持续升级零售、对公、资金同业业务经营策略，持续强化风险管理，持续深化数字化转 型，整体业务经营保持稳健。 经营业绩主要表现： ■业务经营保持稳健，持续推进降本增效。1-9月，平安银行实现营业收入1,006.68亿元，同比下降 9.8%，一方面受贷款利率下行和业务结构调整等因素影响，1-9月净息差1.79%，较去年同期下降14个基 点；另一方面受市场波动影响，债券投资等业务非利息净收入下降。通过数字化转型驱动降本增效，业 务及管理费276.49亿元，同比下降9.6%；同时，加强资产质量管控，加大不良资产清收处置力度，信用 及其他资产减值损失259.89亿元，同比下降18.8%。1-9月实现净利润383.39亿元，同比下降3.5%。 ■持续优化资产结构，支持服务实体经济。9月末，资产总额57,667.64亿元，其中发放贷款和垫款本金 总额34,177.53亿元，较上年末增长1.3%；企业贷款余额较上年末 ...

Investment Rating - The report maintains a strong recommendation for the company, suggesting active attention due to its solid fundamentals and strong growth potential [4]. Core Views - The company has shown significant growth in total assets, with a year-on-year increase of 16.02% as of Q2 2025, driven by a 20.62% increase in corporate loans and an 18.07% increase in investment assets [2]. - The net interest margin has improved to 1.53%, which is a 2 basis points increase compared to the previous year, indicating a positive trend despite a challenging interest rate environment [2]. - The non-performing loan ratio has decreased to 1.09%, with a provision coverage ratio rising to 343.24%, reflecting improved asset quality [2]. - The company has experienced a 13.64% year-on-year increase in net fee and commission income, outperforming peers in this area [2]. Summary by Sections 1. Performance - In H1 2025, the company reported revenue growth of 5.76%, pre-provision operating profit (PPOP) growth of 6.00%, and net profit growth of 16.48% [1][4]. - The growth in net profit is supported by a decrease in provision expenses and an effective tax rate [1]. 2. Non-Interest Income - The company faced a decline in other non-interest income, with a year-on-year decrease of 24.25% in H1 2025, despite strong growth in net fees and commissions [3][30]. 3. Interest Margin and Asset-Liability Management - The net interest margin has shown resilience, increasing to 1.53% in H1 2025, while the cost of interest-bearing liabilities has improved significantly [2][12]. - The company has effectively managed its funding costs, with a notable reduction in the cost of deposits and bonds issued [2]. 4. Asset Quality - The non-performing loan ratio has decreased to 1.09%, with a significant drop in non-performing loans by 1.23 million yuan [2][12]. - The provision coverage ratio has improved to 343.24%, indicating a strong buffer against potential loan losses [2]. 5. Capital and Shareholders - The company has completed the conversion of 8 billion yuan in convertible bonds, further strengthening its capital base [4]. - The major shareholder is the Commonwealth Bank of Australia, holding a 14.66% stake [4].

Group 1: Financial Performance - In Q1 2025, the bank's revenue was CNY 33.709 billion, a year-on-year decrease of 13.1% [2] - Net profit for Q1 2025 was CNY 14.096 billion, down 5.6% year-on-year [2] - The bank's operating expenses were CNY 9.055 billion, a decrease of 13.2% year-on-year [2] Group 2: Dividend Distribution - For the year 2024, the bank plans to distribute a cash dividend of CNY 6.08 per 10 shares, totaling CNY 11.799 billion, which is 28.32% of the net profit attributable to ordinary shareholders [3] - The interim dividend for 2024 is CNY 2.46 per 10 shares, amounting to CNY 4.774 billion [3] - The final dividend for 2024 is CNY 3.62 per 10 shares, totaling CNY 7.025 billion [3] Group 3: Asset Quality - As of March 2025, the non-performing loan (NPL) ratio was 1.06%, unchanged from the end of the previous year [5] - The provision coverage ratio was 236.53%, with a provision-to-loan ratio of 2.50% [5] - In Q1 2025, the bank wrote off loans amounting to CNY 17.065 billion and recovered CNY 9.425 billion in non-performing assets [5] Group 4: Interest Margin - The net interest margin in Q1 2025 was 1.83%, a decrease of 18 basis points year-on-year [4] - The bank anticipates continued downward pressure on the net interest margin in 2025, but at a slower rate [4] Group 5: Wealth Management - Wealth management fee income in Q1 2025 was CNY 1.208 billion, a year-on-year increase of 12.5% [6] - Personal insurance income grew by 38.7% to CNY 0.344 billion, while personal fund income increased by 5.7% to CNY 0.522 billion [6] Group 6: Capital Adequacy - As of the end of 2024, the bank's capital adequacy ratios were 9.12% for core tier 1, 10.69% for tier 1, and 13.11% for total capital [8] - The bank plans to balance internal and external capital replenishment to maintain adequate capital levels [8] Group 7: Deposit Growth - As of March 2025, personal deposits totaled CNY 1,330.883 billion, a growth of 3.4% from the end of the previous year [9] - The average daily balance of personal deposits in Q1 2025 was CNY 1,316.631 billion, up 6.5% year-on-year [9] Group 8: Loan Growth - As of March 2025, personal loan balances were CNY 1,729.046 billion, a decrease of 2.2% from the end of the previous year [10] - Housing mortgage loans increased by 4.1% to CNY 339.434 billion, while credit card receivables decreased by 7.9% to CNY 400.638 billion [10]

Core Viewpoint - Ping An Bank reported a decline in both revenue and net profit for Q1 2025, while also announcing plans to issue capital bonds totaling up to RMB 100 billion to strengthen its capital structure [2][3]. Financial Performance - For Q1 2025, Ping An Bank achieved operating revenue of RMB 33.709 billion, a year-on-year decrease of 13.1%, and a net profit of RMB 14.096 billion, down 5.6% year-on-year [2]. - The net interest margin fell to 1.83%, a decrease of 18 basis points compared to the same period last year [2]. - The non-performing loan ratio remained stable at 1.06%, unchanged from the end of the previous year [2]. Retail Business Adjustments - The bank's retail loan scale continued to shrink, with personal loan balances at RMB 1,729.046 billion, down 2.2% from the end of the previous year [3]. - High-risk loans decreased, with credit card receivables down 7.9% to RMB 400.638 billion and consumer loans down 3.2% to RMB 459.315 billion [3]. - The quality of retail assets improved, with the personal loan non-performing rate at 1.32%, a decrease of 0.07 percentage points from the end of the previous year [3]. Corporate Lending Growth - Corporate loans increased to RMB 1,682.667 billion, a growth of 4.7% from the end of the previous year [4]. - The bank's focus on four major industries (infrastructure, automotive ecosystem, public utilities, and real estate) resulted in new corporate loans of RMB 123.571 billion, a year-on-year increase of 13.3% [5]. - New loans in emerging industries reached RMB 73.956 billion, growing by 32.7% year-on-year [5]. Cost Management and Efficiency - The bank's operating costs decreased, with business and management expenses at RMB 9.055 billion, down 13.2% year-on-year [5]. - Credit and other asset impairment losses were RMB 7.430 billion, a reduction of 20.9% compared to the previous year [5].