Ping An Bank (000001) Annual Report Performance Review: Retail Loan-Driven Performance Net Interest Margin is Better than Month
I. Event Overview Ping An Bank released its 2018 annual report.
Net profit attributable to mothers in 2018 was 2.48 million yuan, an increase of 7 in ten years.
0%; operating income of 116.7 billion yuan, an increase of 10 in ten years.
3%; Yield 1.
Second, analyze and judge loan-driven performance. The high growth of personal loans proves that the transformation effect is significant. The growth of corporate loans (year-on-year: 17%) is the main reason for the expansion of interest-generating assets.
In the loan structure, the growth of personal loans was strong (year-on-year: 36%), the proportion of which increased from 54% in 2Q18 to 58%, which is the main force of loan growth, proving that the company’s retail strategy has achieved staged results.
Approximately, the reduction in public loans decreased by 38.6 billion.
Non-interest income boosted revenue growth. The trend of net interest margin changes in the fourth quarter. Non-interest income was the second factor that boosted performance and also contributed to the company’s revenue growth.
3% make a major contribution.
The increase in non-interest income was mainly due to bank card handling fees, which increased by 6.8 billion per year (year-on-year: 37%).
In terms of interest income, the initial net interest margin for 2018 was 2.
35%, a year down 2BP, mainly due to the tight funding in the first half of 2018.
However, in the more lenient environment in the second half of the year, the cost of interest payment denied was controlled, and the company continued to optimize its business structure to achieve a net interest margin of 2 in the fourth quarter.
5%, distorted the gradual trend, and the net interest margin rose month-on-month.
Affected by the external environment, the non-performing rate increased, and the company increased its collection and disposal efforts. The non-performing rate of the company1.
75%, higher than 1 in the second quarter.
68%, mainly affected by external financial and economic budgets.
The company also adjusted the industry and scale of corporate loans.
For the bad stocks, the company strengthened the collection and disposal efforts and improved the bad recognition standards (the ratio of “bad and overdue for more than 90 days” is 1.)
03, compared with 0 in the middle of the year.
8), the suspicious loans that meet the write-off 青岛夜网 conditions are reduced to the loss category in a timely manner.
At the same time, the company’s previous write-off of 45.8 billion, an increase of 6.2 billion, and the write-off progress in the second half of the year accelerated.
The coverage ratio of loan provisions overdue for more than 90 days has increased by 54 substitutions compared with the end of the previous year, and the replacement ratio of non-performing loans has been replaced by less than 1. The risk resistance ability has been significantly enhanced.
Third, the investment proposal is optimistic about Ping An Bank’s group financial ecological advantages and provides comprehensive solutions around customer needs.
The retail strategy is expected to further improve performance.
The company’s valuation is at the historical average, but it is slightly higher than 武汉夜生活网 the average level of the banking sector. It is recommended with caution.
The BVPS is expected to be 13 in 19-21.
3 yuan, corresponding to PB are 1.
4. Risk warnings: The unexpected downturn in the economy has caused serious deterioration in asset quality; major policy changes have taken place.