Industrial Bank (601166) Third Quarterly Report Review: Performance Growth Improves Asset Quality Improvement

Event: Industrial Bank released three quarterly reports, and achieved operating income of 1,366 in the first three quarters.

0.6 billion, an annual increase of 19.


In the first three quarters, net profit attributable to mothers was 549.

1 ppm, a ten-year increase of 8.


NPL ratio 1.

55%, a decrease of 0 from the previous quarter.

03 shares per share, with a provision coverage ratio of 312%, an increase of 30 instances from the end of the previous quarter.

Revenue in the third quarter and net profit growth picked up from the early second quarter.

In the third quarter, although the half-year growth rate of net profit attributable to the parent company before the provision was lower than the peak in the first quarter, they all rebounded from the earlier quarter.

Realized revenue of 466.

99 ppm, an increase of 13 years

25%, profit before provision increased by 15 in ten years.

49%, net profit attributable to mothers increases by 15 per year.


The growth of net interest and non-interest income increased month-on-month, and the decrease in the scale of impairment loss provision was a continuous increase in the growth rate in 北京夜生活网 the third quarter compared to the second quarter.

The growth rate of net interest income increased earlier in the second quarter, and the net interest margin increased slightly from the previous quarter.

Net interest income in the third quarter was 264.

06 ppm, a six-year increase of 6.

82%, although the growth rate is lower than the first quarter (12.

71%), but compared to the second quarter (6.


It is estimated that the net interest margin in the third quarter rose slightly by 2BP from the previous month.

The improvement in the structure of the asset side (the increase in the balance of loans in total assets) or the main reason is that at the same time, the interbank interest rate remains low, and the Industrial Bank’s liability side also benefits.

The scale of assets contracted month-on-month, and 南宁桑拿 loan balances maintained rapid growth.

At the end of the third quarter, total assets fell by 0.

11%, but loans still maintained a rapid growth rate, loans and advances increased by 4 from the previous quarter.

14%, an increase of 20 per year.

62%, loans accounted for 47% of total assets.

15%, an increase of 1 from the end of the previous quarter.

93 units.

Asset quality further improved and provision coverage increased.

At the end of the third quarter, Industrial Bank did not.

NPL ratio 1.

55%, a decrease of 0 from the end of the previous quarter.

01 averages, a decrease of 0 from the end of the previous year.

02 units.At the same time, the focus category decreased by 0 compared with the end of the previous quarter.

03 averages, a decrease of 0 from the end of the previous year.

2 units.

Since the fourth quarter of 2018, asset quality has been improving.

Provision coverage ratio was 197.

87%, an increase of 4 from the end of the previous quarter.

35 units.

Under the large-scale strict bad identification, the non-performing rate continued to improve and the asset quality was continuously consolidated.

Investment suggestion: Industrial Bank maintains a rapid performance growth rate, asset quality continues to improve, and it is estimated to replace.

Give “Buy” rating.

Risk reminder: the risk of deterioration of asset quality caused by the decline of the macro economy.