The earnings per share of Shanghai Pudong Development Bank in 25 reached .635 yuan, making it the darling of the fund. Today, the 25 annual report released by Shanghai Pudong Development Bank shows that the top ten tradable shareholders of the company are occupied by funds and insurance companies, among which the SSE 5 Trading Open Index Securities Investment Fund ranks first with 28,146,562 shares.
As the performance report has been published before, investors have got to know the main financial indicators of Shanghai Pudong Development Bank, which seems to be basically consistent with the audited financial report data disclosed today. According to the financial report, in 25, the total assets of Shanghai Pudong Development Bank reached 573.67 billion yuan, an increase of 117.534 billion yuan or 25.8% over the beginning of the year. The balance of local and foreign currency loans was 377.222 billion yuan, a net increase of 66.318 billion yuan or 21.33% compared with the beginning of the year; The balance of various deposits of the company was 55.576 billion yuan, a net increase of 19.65 billion yuan or 27.68% compared with the beginning of the year. The income from main business was 21.467 billion yuan, and the pre-tax profit was 4.231 billion yuan, a net increase of 1.182 billion yuan or 38.77% compared with the same period. The after-tax profit was 2.485 billion yuan, an increase of 555 million yuan, a year-on-year increase of 28.78%. Shareholders' equity was 15.526 billion yuan, earnings per share was .635 yuan, net assets per share was 3.97 yuan, and the return on net assets reached 16.1%. The company's capital adequacy ratio is close to the bottom line, which is 8.4%. The board of directors of the company put forward the distribution plan of 1.3 yuan RMB (including tax) for every 1 shares of common stock dividends.
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = > The NPL ratio of Shanghai Pudong Development Bank decreased to 1.97%
□ United Securities Zhang Dawei
Shanghai Pudong Development Bank (6 The after-tax profit was 2.485 billion yuan, an increase of 555 million yuan, a year-on-year increase of 28.78%. Earnings per share is .635 yuan, net assets per share is 3.97 yuan, and the return on net assets reaches 16.1%.
Capital constraint becomes the biggest constraint on development
After the refinancing plan was frustrated in p>25, the bottom line of capital adequacy ratio approaching 8% became an important constraint on the development of Pudong Development. Compared with Minsheng Bank, although the capital adequacy ratio is close to the bottom line of 8%. However, the capital constraint of Minsheng Bank is far less than that of Shanghai Pudong Development Bank. Because, by the end of 25, the core capital adequacy ratio of Minsheng Bank was 4.8%, and there is still room to supplement tier 2 capital by issuing mixed capital bonds. At present, Minsheng Bank has planned to issue 4.3 billion mixed capital bonds, and it is expected that the capital adequacy ratio of Minsheng will increase to around 9.5% after the issuance of mixed capital bonds. However, the core capital adequacy ratio of Pudong Development Bank is only 4.1%, and there is little room for further issuance of mixed capital bonds. Under the current core capital adequacy ratio, at most 75 million bonds can be issued, raising the capital adequacy ratio to 8.26%. Therefore, due to the tight core capital of Pudong Development Bank, the capital constraints currently faced are more severe.
Fortunately, the reform of non-tradable shares has already started, and refinancing will not be too far away. Once the pace of refinancing is delayed for a long time again, in order not to hinder further development, Pudong Development Bank can only supplement its capital by applying for special approval and issuing additional shares to Citigroup.
further strengthening of risk control has become a bright spot
in p>25, Pufa further strengthened risk control. Where a vertically managed audit organization system has been established, the Compliance Department has been established. Set off an "internal control storm" in terms of system, process and personnel management.
the strengthening of risk control and the collection of previous defects reduced the defect rate from 2.45% to 1.97%. While the NPL ratio has decreased, it still maintains the most prudent accrual policy in the industry. Different from Minsheng Bank's standard of drawing 1.2 billion general reserves from profits and reducing loan losses, Pudong Development Bank once again drew 1.3 billion general reserves from profits, instead of reducing the proportion of normal loans, it further raised the standard of drawing attention to loans from the original prudent 4% to 5%, which further increased the company's risk reserves, with a provision coverage ratio as high as 142.16%, and further enhanced its ability to resist risks.
General provision is withdrawn in one step
According to the Administrative Measures for the Withdrawal of Bad Debt Provision of Financial Enterprises and the Notice on Relevant Issues Concerning the Withdrawal of Bad Debt Provision, financial enterprises should withdraw general provision from their net profit as an integral part of owners' equity. The withdrawn amount shall not be less than 1% of the ending balance of risky assets. The relevant regulations will take effect on July 1, 25, but they can be fully implemented in about three years. Compared with other banks, Pudong Development Bank has made a general provision of 2 billion yuan in the past. At present, the net weighted risk assets of Pudong Development Bank are 353.6 billion, with the original 2 billion and the new 1.3 billion, which basically meets the requirements for general preparation in one step. In the future, it only needs to be withdrawn in a small amount, which leaves a large space for future profit distribution.
The proportion of intermediary business income has increased rapidly
As an important part of business transformation, bank cards and intermediary business have achieved rapid development. The number of Oriental cards issued increased by 4.93%, while the income of intermediary business increased by 35.6% compared with 24. Although the proportion of intermediary business income is still small, the trend of rapid improvement has been reflected.
Market value management is put on the agenda
In the company's business objectives in 26, the company thinks that it is more appropriate to seek the core indicators directly linked to the market value or determining the market value as the basis for evaluating the performance of banks, and proposes to maximize the market value as the future business objectives.
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Comments on the Annual Report of Shanghai Pudong Development Bank
In p>5, EPS was .635 yuan, BVPS was 3.97 yuan, and ROE was 16.7 yuan. The growth rate of profit before provision was reduced to 2.5% due to the slowdown of loan interest income. However, the company lowered the provision ratio by 8 percentage points, which increased the growth rate of net profit to 28.78%, 5.5 percentage points higher than that in 24. The contribution of the company's provision potential to the stable growth of performance began to be reflected.
loans increased by 21.33%, and the structural discount growth replaced part of the long-term loan growth. We think it may be mainly due to the slowdown in the growth of real estate consumption loans. The increase in the average interest rate of medium and long-term loans has continuously widened the spread between deposits and loans and increased the loan yield.
Non-performing loans dropped by 2.2%, accounting for 1.97%, down by .48 percentage points; The overdue rate of 2.2% is basically in line with the non-performing rate, and the credit risk is determined cautiously; Overdue loans increased by 27.39%, which is worthy of attention. The balance of bad debt reserve reached 1.57 billion, and the coverage rate of non-performing loans was 142.7%, far higher than that of peers.
the capital adequacy ratio is 8.4%, which will further curb the loan growth and business transformation expenses without the issuance of 7 million A shares; Fortunately, the company can still maintain its performance growth by reducing the provision ratio or releasing the original provision. Without considering the issue of BVPS4.65 yuan in 26 and dynamic PB2.62, the share reform will be reduced to 2.2 after paying the consideration, which is 9%-14% more than the reference PB of 2.2-2.3 times.