| | 特定对象调研 分析师会议 | | --- | --- | | | □媒体采访 业绩说明会 路演活动 | | | □新闻发布会 | | 投资者关系活动类别 | □现场参观 | | | （投行会议） 其他 | | 参与单位名称及人员姓名 | 境内投资者 | | 时间 | 2025 年 11 月 18 日 | | 地点 | 深圳 | | 形式 | 现场会议 | | | 介绍公司发展战略、经营业绩，回答投资者提问 | | | 1. 请问贵行存款成本优化情况？ | | | 2025年1-9月，我行吸收存款平均付息率1.70%，较去年同期下 | | | 降43个基点，较去年全年下降37个基点。我行强化客户拓展和经营， | | | 加强低成本存款的吸收，存款结构和成本持续优化。 | | | 零售方面，9月末，我行零售存款余额12,796.30亿元，较上年 | | | 末下降0.6%；1-9月个人存款日均余额13,075.79亿元，较去年同期 | | | 增长4.2%，其中个人活期存款日均余额较去年同期增长15.8%；9月 | | | 末代发及批量业务带来客户存款余额3,835.58亿元，较上年末增长 | ...

报告期内，平安银行经营策略转型持续进阶，核心板块协同效果凸显。贷款端，截至今年9月末，该行 住房按揭贷款余额3523.50亿元，较上年末增长8.1%，汽车金融贷款余额3003亿元，较上年末增长 2.2%；财富管理领域，截至今年9月末，该行财富客户达149.11万户，较上年末增长2.4%，其中私行客 户10.33万户，较上年末增长6.7%，私行客户AUM余额1.97万亿元，客户分层经营价值持续释放。 平安银行相关人士表示，该行将持续落实监管要求，提升金融服务实体经济能力，加大对重点领域支持 力度，强化风险管控，践行金融高质量发展。 该行资产负债结构持续优化，服务实体经济力度不减。截至今年9月末，该行资产总额5.77万亿元，发 放贷款和垫款本金总额3.42万亿元，较上年末增长1.3%；吸收存款本金余额3.55万亿元，较上年末增长 0.6%。 前三季度，该行通过强化低成本存款吸收与负债节奏调控，计息负债平均付息率同比下降47个基点至 1.73%；吸收存款平均付息率下降43个基点至1.70%，负债成本优化成效显著。 风险管控方面，平安银行持续优化资产和客群结构。截至今年9月末，该行不良贷款率为1.05%，较 2024 ...

Core Viewpoint - Ping An Bank reported a steady business performance in its Q3 2025 results, focusing on enhancing retail, corporate, and interbank operations while strengthening risk management and digital transformation efforts [1] Business Performance Summary - For the first nine months of 2025, Ping An Bank achieved operating income of CNY 100.668 billion, a year-on-year decrease of 9.8%, primarily due to declining loan interest rates and structural adjustments [2] - The net interest margin was 1.79%, down 14 basis points from the previous year, while non-interest income from bond investments decreased due to market volatility [2] - Net profit for the period was CNY 38.339 billion, a decline of 3.5% year-on-year [2] - Total assets reached CNY 5,766.764 billion, with loans and advances totaling CNY 3,417.753 billion, reflecting a 1.3% increase from the end of the previous year [2] Retail Business - The retail strategy remains a priority, with personal loans totaling CNY 1,729.192 billion, down 2.1% from the previous year [4] - Mortgage loans increased by 8.1% to CNY 352.350 billion, while credit card receivables and consumer loans saw declines [4] - Personal deposits stood at CNY 1,279.630 billion, a slight decrease of 0.6%, but the average daily balance increased by 4.2% year-on-year [5] Corporate Business - Corporate loans reached CNY 1,688.561 billion, up 5.1% from the previous year, with corporate deposits growing by 1.3% to CNY 2,275.325 billion [6][7] - The bank focused on supporting key industries, with new loans in infrastructure, automotive, and public utilities increasing by 11.8% [7] - Strategic customer segments were developed, with the number of corporate clients rising by 9.7% to 935,700 [7] Interbank Business - The interbank business is driven by investment and trading, with a focus on enhancing investment capabilities and capturing structural trading opportunities [8][9] - The number of value clients in interbank institutions reached 1,438, with a significant increase in trading volumes [9] Sustainable Development and Social Responsibility - Ping An Bank is committed to green finance, with green loans totaling CNY 261.280 billion, a 10.0% increase from the previous year [10] - The bank supports rural revitalization with CNY 43.295 billion allocated for related initiatives, contributing to a cumulative total of CNY 195.542 billion [10] - The bank aims to enhance financial services for the real economy, focusing on consumer finance and manufacturing sectors [11]

Core Viewpoint - Ping An Bank has successfully navigated through the most challenging period of its retail business reform, laying a solid foundation for future growth and development [1] Retail Reform Achievements - In the first half of the year, Ping An Bank has deepened its retail strategic transformation, enhancing loan, deposit, and wealth management services while solidifying its digital and comprehensive financial platforms for sustainable development [2] - As of June 30, the personal loan balance reached 1.73 trillion yuan, with mortgage loans accounting for 64.3% of personal loans; credit card customer acquisition increased year-on-year, and auto finance loans amounted to 295.62 billion yuan, a 0.6% increase from the end of the previous year [2] - The bank's personal deposit balance was 1.33 trillion yuan, a 3.1% increase from the end of the previous year, and wealth management fee income rose by 12.8% to 2.466 billion yuan [3] Measures to Strengthen Retail - Ping An Bank has effectively curbed the rise in retail loan non-performing rates, with a continuous decline in non-performing loan generation rates over six consecutive quarters [4] - The bank's retail loan scale has stabilized, with a significant improvement in asset quality; as of June 30, the retail non-performing loan rate was 1.27%, down 12 basis points from the end of the previous year [4] - The bank's retail strategy has become clearer, focusing on channel selection, customer management, and risk control to adapt to market changes [5] Future Development Path - Ping An Bank plans to accelerate the implementation of retail reform initiatives, enhance the capacity of its self-operated teams, and further optimize interest rates while improving its centralized and flat risk control system [6]

Core Viewpoint - Ping An Bank is shifting its retail strategy from high-risk, high-return products to medium-risk, medium-return products, resulting in a temporary decline in retail loan balances as the new products are being positioned [1][3][9]. Retail Business Strategy - The bank's retail asset balance has shown a slowdown in the rate of decline year-on-year and quarter-on-quarter, with a focus on optimizing the structure of its assets [3][5]. - The phrase "efficiency first, scale second" reflects the bank's approach to retail business amidst challenging macroeconomic conditions [3][4]. Loan Performance - As of June, retail financial assets accounted for 28.2%, down from 29.4% at the end of the previous year, with personal loan balances decreasing by 2.3% to approximately 17.26 trillion yuan [5][6]. - The bank's mortgage loans have seen a steady increase, with a growth of 20.1 billion yuan, while credit card receivables have decreased significantly [6][7]. Risk Management - The bank has actively reduced high-risk retail products, with "New Yi Loan" balances dropping from over 150 billion yuan to just over 10 billion yuan, and credit card balances decreasing from over 500 billion yuan to 390 billion yuan [9][10]. - The non-performing loan (NPL) ratio for personal loans improved to 1.27%, down from 1.39% at the end of the previous year, indicating effective risk management [10]. Interest Margin Management - The bank's net interest margin remains relatively stable at 1.8%, compared to the industry average of 1.56%, providing a competitive advantage [11][12]. - Cost control measures have led to a 9% reduction in operating expenses, while the retail interest rate has decreased by 27 basis points, helping to alleviate pressure on the interest margin [12].

Core Viewpoint - Ping An Bank is shifting its retail strategy from high-risk, high-return products to medium-risk, medium-return products, leading to a temporary decline in retail loan balances as the new products are being positioned [1][3][4]. Group 1: Retail Strategy Adjustments - The retail asset balance of Ping An Bank has shown a slowdown in the decline of both year-on-year and quarter-on-quarter figures, indicating a structural optimization with high-risk products being cleared out [3][5]. - The bank's retail financial assets accounted for 28.2% as of June, down from 29.4% at the end of the previous year, with personal loan balances decreasing by 2.3% to approximately 17.26 trillion yuan [5][6]. - The bank's management emphasizes the need to adjust the asset structure to enhance profitability, focusing on core loans and medium-return loans [5][7]. Group 2: Performance Metrics - Key metrics indicate that credit card receivables account for over 95% of the decline in loan scale, while mortgage loans have increased by 20.1 billion yuan [6][8]. - The non-performing loan (NPL) ratio for personal loans decreased to 1.27%, reflecting a significant improvement in asset quality [10]. - The bank's retail non-performing generation has declined for six consecutive quarters, with a notable reduction in the second quarter [10]. Group 3: Risk Management and Asset Quality - The bank has actively reduced high-risk retail products, with "New Yi Loan" balances dropping from over 150 billion yuan to just over 10 billion yuan, and credit card balances decreasing from 500 billion yuan to 390 billion yuan [8][9]. - The bank is transitioning to a self-operated team for medium-risk products, aiming for a market scale of 200-300 billion yuan in the next few years [9]. - The bank's credit and other asset impairment losses have decreased, indicating a stabilization in retail operations [9]. Group 4: Interest Margin Management - Ping An Bank's net interest margin remains relatively stable at 1.8%, compared to the industry average of 1.56%, providing a competitive advantage [11][12]. - The bank has implemented cost control measures, reducing operating expenses by 9% and optimizing liability costs, which has helped mitigate the pressure on interest margins [11][12].

Core Viewpoint - Ping An Bank is shifting its retail strategy from high-risk, high-return products to medium-risk, medium-return products, indicating a focus on stability and quality over sheer volume in its retail banking operations [1][2][3] Group 1: Retail Strategy Adjustments - The bank's retail loan balance has seen a temporary decline as it transitions to medium-risk products, with a notable reduction in high-risk product offerings [1][4] - As of mid-2023, the retail financial assets proportion decreased to 28.2% from 29.4% at the end of the previous year, with personal loan balances dropping by 2.3% [4][5] - The bank's management emphasizes the importance of optimizing the structure of retail loans, focusing on core loans and medium-yield loans to enhance profitability [4][6] Group 2: Performance Metrics - Key metrics indicate a stabilization in retail loan performance, with a significant reduction in the decline of retail loan balances in the second quarter compared to the first quarter [5][6] - The bank's mortgage loans have increased by 201 billion, with a notable improvement in asset quality, as evidenced by a drop in the non-performing loan (NPL) ratio from 0.47% to 0.28% [5][8] - The overall retail loan NPL ratio stood at 1.27%, showing a reduction of 5 basis points from the previous quarter and a decrease of 12 basis points from the end of the previous year [9][10] Group 3: Risk Management and Asset Quality - The bank has actively reduced high-risk retail products, with "New Yi Dai" balances dropping from over 150 billion to just over 10 billion, and credit card balances decreasing from over 500 billion to 390 billion [8][9] - The bank's strategy includes replacing intermediary channels with a self-operated team to enhance the quality of medium-risk, medium-return products, aiming for a monthly issuance of 50-60 billion in new loans [9] - The reduction in high-risk assets has led to a significant decrease in retail NPL generation, with a reduction of nearly 10 billion in the first half of the year compared to the previous year [9][10] Group 4: Interest Margin Management - The bank's net interest margin remains relatively stable at 1.8%, compared to the industry average of 1.56%, providing a competitive edge [11][12] - Cost control measures have been implemented, with operating expenses down by 9% year-on-year, and a reduction in provision for bad debts by 16% [12] - The bank aims to maintain a higher interest margin compared to peers, targeting a competitive position within the industry [12]

Core Viewpoint - Ping An Bank reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, alongside a stable asset quality and a focus on optimizing its asset structure [1][2]. Financial Performance - In the first half of 2025, Ping An Bank achieved operating revenue of 69.385 billion yuan and net profit of 24.870 billion yuan [1]. - As of June 30, total assets reached 5,874.961 billion yuan, a year-on-year increase of 1.8%, while total liabilities grew by 1.7% to 5,364.899 billion yuan [1]. - The non-performing loan ratio stood at 1.05%, a decrease of 0.01 percentage points from the end of the previous year, with a provision coverage ratio of 238.48% [1]. Dividend Distribution - The bank announced a mid-year profit distribution plan, proposing a cash dividend of 2.36 yuan per 10 shares, totaling 4.580 billion yuan, which represents 18.42% of the net profit attributable to shareholders [1]. Asset Structure Optimization - Ping An Bank has been optimizing its asset structure by increasing financing support for key sectors such as advanced manufacturing, green finance, and rural revitalization [2]. - Corporate deposits reached 23,671.33 billion yuan, up 5.4% year-on-year, while corporate loans increased by 4.7% to 16,825.20 billion yuan [2]. - New loans issued in infrastructure, automotive, public utilities, and real estate sectors amounted to 239.777 billion yuan, reflecting a year-on-year growth of 19.6% [2]. Retail Business Development - The bank is advancing its retail strategy, enhancing loan, deposit, and wealth management services to ensure sustainable growth [2]. - New inclusive loans for small and micro enterprises surged by 33.6% year-on-year [2]. - The credit card new customer acquisition scale saw a year-on-year increase, while automotive finance loan balance reached 2,956.24 billion yuan, a 0.6% increase from the end of the previous year [2]. Wealth Management and Customer Engagement - Wealth management fee income rose to 2.466 billion yuan, a 12.8% increase, with personal insurance agency income growing by 46.1% to 666 million yuan [3]. - As of June 30, the number of registered users on the Ping An Pocket Bank App reached 177.5986 million, a 2% increase, with monthly active users at 38.745 million [3]. - The contribution of comprehensive finance to net new wealth customers accounted for 57.3%, with new customer acquisition at 50.8% [3].

Core Insights - Ping An Bank reported a decline in revenue and net profit for the first half of 2025, with operating income at 69.385 billion yuan, down 10% year-on-year, and net profit attributable to shareholders at 24.87 billion yuan, down 3.9% [1][2] - The bank continues to implement a mid-term dividend, distributing 2.36 yuan per 10 shares, totaling 4.58 billion yuan [1] Group 1: Financial Performance - The bank's basic earnings per share for the first half of 2025 was 1.18 yuan [1] - As of June 30, the personal loan balance was 1.725978 trillion yuan, a decrease of 2.3% from the end of the previous year, with mortgage loans making up 64.3% of personal loans [1] - The non-performing loan ratio for personal loans was 1.27%, a decrease of 0.12 percentage points from the end of the previous year [1] Group 2: Deposit and Wealth Management - Personal deposit balance reached 1.327338 trillion yuan, an increase of 3.1% from the end of the previous year [2] - The average daily balance of personal deposits was 1.317087 trillion yuan, up 5.6% year-on-year, with an average interest rate of 1.92%, down 37 basis points from the previous year [2] - Wealth management fee income for the first half was 2.466 billion yuan, a year-on-year increase of 12.8%, with personal insurance agency income growing by 46.1% to 666 million yuan [2] Group 3: Strategic Outlook - The bank indicated that some key performance indicators have shown positive trends in the first half of 2025 [2] - Plans for the second half include refining business strategies and enhancing professional capabilities to stabilize and improve overall performance [2]

Core Viewpoint - Ping An Bank reported a steady performance in the first half of 2025, focusing on digital transformation, risk management, and supporting the real economy while navigating challenges such as declining interest rates and loan restructuring [1][2]. Financial Performance - Revenue for the first half of 2025 was CNY 69.385 billion, a year-on-year decrease of 10.0%, primarily due to lower market interest rates and adjustments in loan business structure [2] - Net profit reached CNY 24.870 billion, down 3.9% year-on-year, with the decline narrowing compared to the first quarter [2] - Total assets amounted to CNY 5.874 trillion, a 1.8% increase from the end of the previous year [2] Deposit and Loan Growth - Total liabilities were CNY 5.365 trillion, up 1.7% from the end of the previous year, with total deposits reaching CNY 3.694 trillion, a 4.6% increase [3] - The average interest rate on interest-bearing liabilities was 1.79%, down 46 basis points year-on-year [3] - Corporate loans increased by 4.7% year-on-year, with a total loan balance of CNY 1.683 trillion [7] Risk Management - The non-performing loan ratio was 1.05%, a slight decrease from the end of the previous year, with a recovery of non-performing assets totaling CNY 18.556 billion, up 13.8% year-on-year [3] - The provision coverage ratio stood at 238.48%, indicating strong risk mitigation capabilities [3] Capital Adequacy and Dividends - Core Tier 1 capital adequacy ratio was 9.31%, with overall capital adequacy ratio at 13.26%, both showing slight increases from the previous year [3] - The bank announced a mid-term dividend of CNY 2.36 per share, totaling CNY 4.580 billion [3] Retail Business Strategy - The bank is committed to enhancing its retail strategy, focusing on optimizing loan structures and improving customer experience [4] - Personal loan balance was CNY 1.726 trillion, with a 2.3% decrease year-on-year, while personal deposits grew by 3.1% to CNY 1.327 trillion [5][6] Corporate Banking Focus - The corporate banking segment emphasizes precision in industry, customer, and product offerings, with significant support for advanced manufacturing, green finance, and technology sectors [7][8] - The number of corporate clients increased by 6.5% to 909,100, with strategic client loans growing by 15.8% [8] Sustainable Development Initiatives - The bank is actively promoting green finance, with green loan balances reaching CNY 251.746 billion, a 6.0% increase [10] - Support for rural revitalization included CNY 31.259 billion in funding, with a total of CNY 183.506 billion allocated to rural initiatives [11]