Industrial Bank (601166) Semi-annual Report Comment: Provisions intensified in the first half of the year
On August 28, 2019, Industrial Bank announced the key points of its 2019 interim results: pre-provision profit growth increased by 25.
42%, and expected risk assets to grow by 10 per year.
1%: In the first half of 2019, operating income will increase by 22 per year.
51%, realizing an annual increase in profit before provision of 25.
42%, the net profit attributable to mothers increased by 6 per year.
Deposit surplus increased earlier.
08%, loan budget increased by 10 compared with the beginning of the year.
78%, with risk assets expected to grow by 10 per year.
The financial report data shows that NIM will continue to rise in the first half of 2019: From the perspective of daily average data, the continued rise in net interest margin is still benefiting from the expansion of the resistance cost of the resistance peers.
In 武汉夜网论坛 addition, on the asset side, the yield on retail loans is still rising.
The proportion of loans continued to rise, and the proportion of bond investment continued to decline: from the perspective of the structure of new credit, the new proportion of corporate and retail loans was 55% and 45%.
The increase in corporate investment was mainly invested in real estate, infrastructure and leasing, and business services; the increase in retail loans was mainly concentrated in housing mortgage loans and credit card loans.
The share of bond investment has fallen 2 compared to the initial period.
7 digits, accounting for 40 as of the end of June 2019.
Net fee income is increasing by 17 per year.
05%: From the perspective of itemized growth, bank card, agency, guarantee commitment and trust fee income increased, payment 深圳SPA会所 settlement, transaction, custody, consultant and lease fee income decreased significantly.
In the first half of the year, the provisioning strength increased: the non-performing loan ratio decreased by 1BP from the end of the year, and the proportion of attention-oriented loans decreased by 19BP from the beginning of the year.
The non-performing ratio of infrastructure-related loans in corporate business increased; the non-performing ratio of credit card loans in retail business increased.
As the company increased its disposal of non-performing assets in the first half of the year, it wrote off $ 19.1 billion in loans.
Earnings forecast and investment recommendations: Based on the above analysis, in the first half of the year, on the basis of increasing provisions, net profit attributable to mothers was still achieved6.
The company took the initiative to optimize the structure of assets and liabilities, and the interest margin remained high.
The company currently expects the corresponding 2019-2020 PB estimate to be zero.
76 times, 0.
69 times, maintaining the “overweight” level.
Risk factors: The economic recession is better than expected; the market decline presents systemic risks.