2025年第一季度，杭州银行（600926）(600926.SH)坚持"稳中求进，以稳促进"的总基调，立足长期主 义，聚焦主责主业，持续推进高质量发展战略。在复杂多变的市场环境下，该行经营效益继续提升，资 产负债规模稳健增长，资产质量保持优良水平，为实现全年发展目标奠定了坚实基础。经营效益稳步提 升。 大资管板块，同业业务强化货币市场研判，根据市场变化灵活调整负债策略，成功发行100亿元无固定 期限资本债券，推动综合负债成本同比下行；外汇业务成功入围2025年度银行间外汇市场做市商名 单，；期末该行资产托管规模超1.87万亿元。杭银理财稳健经营，期末理财产品余额超4,500亿元，较上 年末增长4.72%。 在复杂多变的外部环境下，杭州银行凭借稳健的经营管理和卓越的风险控制能力，展现出强劲的发展韧 性和广阔的前景。2025年，该行将持续聚焦"轻资本、流量化、国际化、数字化"四大方向，通过深化客 户分层经营、强化风险管理、优化资本结构，推动高质量发展，为股东和客户创造更大价值。 经营业绩稳步提升，盈利能力凸显韧性 2025年1-3月，该行实现营业收入99.78亿元，较上年同期增长2.22%；实现归属于公司股东净利 ...

Core Viewpoint - The company maintains strong profit growth and stable asset quality, with a recommendation to increase holdings based on positive financial performance and operational efficiency [1][4][5]. Financial Performance - In Q1 2025, the company's net profit attributable to shareholders and operating income increased by 17.3% and 2.2% year-on-year, respectively, consistent with preliminary performance reports [1]. - The annualized ROE and ROA improved by 0.64 percentage points and 0.02 percentage points to 20.60% and 1.11%, indicating robust profitability [1]. Credit and Asset Quality - As of the end of March, total assets, loans, and deposits grew by 15.9%, 14.3%, and 21.1% year-on-year, respectively, showing a strong lending environment [2]. - The non-performing loan ratio and provision coverage ratio remained stable at 0.76% and 530%, respectively, reflecting sound asset quality [4]. Non-Interest Income and Cost Management - Non-interest income decreased by 5.4% year-on-year, primarily due to a slowdown in other non-interest income, while fee-based income rose by 22.2%, accounting for 14.1% of total revenue [3]. - The cost-to-income ratio improved by 0.4 percentage points to 23.7%, indicating effective cost management [3]. Capital Adequacy and Valuation - As of March, the capital adequacy ratio and core tier 1 capital ratio were 14.05% and 9.01%, respectively, showing a slight increase from the end of 2024 [4]. - The company is projected to achieve net profits of 195 million, 227 million, and 264 million yuan for 2025-2027, with a target price of 17.66 yuan, reflecting a price-to-book ratio of 0.91 for 2025 [5].

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].