Ping An Bank (000001) Annual Report Comments: Steady Development of Retail Business Focuses on Changes in Asset Quality
On February 14, 2020, Ping An Bank released its 2019 results.
Profit before provision increases by 19 per year.
6%, with an expected annual growth of 18 risk assets.
99%: The operating income for the whole year of 2019 was 1,379.
5.8 billion, an annual increase of 18.
2%, realizing pre-provision profit of 957.
6.7 billion, an annual increase of 19.
6%, achieving net profit of 281.
9.5 billion, an annual increase of 13.
The balance of deposits increased by 14 from the beginning of the year.
5%, loan budget increased by 16 compared with the beginning of the year.
3%, with an expected annual growth of 18 risk assets.
In the fourth 深圳桑拿按摩网 quarter of 2019, the net interest margin of the single quarter was flat compared to the third quarter. Although the net interest margin was flat in the third quarter, both the interest rate of interest-generating assets and the average cost rate of the losing end decreased by 14BP and 12BP.
The average yield of a single quarter loan in the fourth quarter was 6.
44%, a decrease of nearly 11 BP from the third quarter.
The decrease in the cost of deposits was mainly due to the decrease in the cost of time deposits on the corporate side.
All new loans came from the retail business: judging from the structure of the new credit and the contribution of loans to interest rate income, it is still the growth of higher-yielding retail business.
From a structural point of view, the growth of retail loans is mainly due to the rapid growth of mortgage and credit card business, which contributed 50% and 35% of the newly added portion, respectively.
The income from the initial purification procedure fee increases by 17 per year.
4%: Non-interest income increased by 14 in ten years.
4%, other non-interest income increased in ten years.
The main source of rapid growth in net fee income is the rapid growth in bank card and agency business income.
Defective rate 1.
65%, continued downward: 10BP earlier.
Single-quarter bad net generation rate in the fourth quarter 3.
33%, an increase of 1 over the third quarter.
From a structural point of view, the low-risk industries and retail loan NPL ratios have been rising.
Profit forecast and investment advice: Under the general idea of light capital development, retail finance continues to expand and asset quality fluctuates slightly.
The net interest margin in the fourth quarter remained flat month-on-month, in line with market expectations, and the company’s current forecast for the 2019-2020 PB estimate is 1.
04 times, 0.
95 times, maintaining the “overweight” rating.
Risk factors: The economic recession is better than expected; the market decline presents systemic risks.