Depth * Company * Bank of Shanghai (601229): Stable Growth Provisions Consolidate No Worries
Bank of Shanghai’s revenue continued to increase rapidly in the first half of the year, and its profitability was further enhanced. The non-performing ratio remained low. Provisions were solidified. We maintained the main points of the Bank of Shanghai’s overweight rating support level. Revenue maintained rapid growth, and the bank maintained a low levelHalf-year net profit increased by half a year.
3%, the growth rate remained basically stable in the first quarter (2019Q1, +14.
Operating income increases by 27 each year.
The growth rate continues to maintain a rapid growth rate of 4%, and is still expected to be at the forefront of the industry. We judge that the high revenue growth is mainly due to the second quarter fee income continued to improve in the first quarter and the company’s expanding interest rate support.
The company’s annualized ROE increased by 0 for the first time.
4 up to 14.
6%, profitability is further improved.
In terms of asset quality, as of the end of 四川耍耍网 the second quarter, the Bank of Shanghai’s non-performing loan ratio was 1.
18%, a decrease of 1BP from the previous quarter, and the level of non-performing rate remained low.
The company’s provision coverage ratio in the second quarter was 334.
1%, a higher level in the industry, an increase of 5 from the previous quarter.
With 34 averages, the level of provisioning has been further improved, and there is no worry.
The scale of assets grew steadily, and deposits kept growing rapidly until the second quarter of 2018, and the total assets of the Bank of Shanghai increased for ten years.
8% growth rate compared to the first quarter (2019Q1, +12.
63 units, an increase of 5 from the previous month.
The company continued to maintain rapid credit releases. Until the end of the second quarter, 无锡桑拿网 the value of loans and advances was fully extended18.
6%, an increase of 4 from the previous month.
4%, the proportion of customer loans and advances to total assets was 42.
8%, basically remained stable with the first quarter; from the negative point of view, the company’s deposits in the first half of the year still maintained rapid growth, an increase of 15 in the same period.
6% / 5.
03%, year-on-year growth rate increased by 0 compared with the first quarter.
We estimate that the Bank of Shanghai’s annual revenue for 2019/2020 will be 1 respectively.
46 yuan 1.
63 yuan, corresponding to the previous net profit growth of 15 respectively.
3% / 11.
6%, currently expected to correspond to a 2019/2020 market surplus of 6.
07 times / 5.
44 times, the city’s net carbon dioxide is 0.
81 times / 0.
73 times, maintaining the overweight level.
Major Risks Facing Ratings Expansion of Asset Quality Exceeds Expectations, Sino-US Trade Frictions Escalate