The total net profit attributable to the parent company of the six state-owned banks increased by 1.24% in the first quarter, and the net interest margin decreased year-on-year
2023-04-29
As of the evening of April 28th, all the first quarter reports of the six major state-owned banks have been disclosed. According to reporter statistics, in the first quarter, the six major banks achieved a total net profit attributable to the parent company of 359.04 billion yuan, a year-on-year increase of 1.24%. Of great concern to the market is that the net interest margin of the six major state-owned banks in the first quarter of this year showed a year-on-year decline compared to the first quarter of last year. In addition, five state-owned banks had net interest margin lower than the full year 2022 level in the first quarter. The net profit growth rate slowed down in the first quarter, and due to factors such as the continuous narrowing of net interest margin, the profit growth rate of state-owned large banks slowed down. In comparison, in the first quarter, the net profits attributable to the parent company of Industrial and Commercial Bank of China, Construction Bank of China, Agricultural Bank of China, Bank of Postal Savings, and Bank of Communications were 90.16 billion yuan, 88.74 billion yuan, 71.55 billion yuan, 57.66 billion yuan, 26.28 billion yuan, and 24.63 billion yuan, respectively, with year-on-year growth of 0.02%, 0.26%, 1.75%, 0.50%, 5.22%, and 5.63%. Specifically, Industrial and Commercial Bank of China stated that in the first quarter, the group achieved a net profit of 90.77 billion yuan, a year-on-year increase of 0.50%; The operating revenue was 218.461 billion yuan, a year-on-year decrease of 3.52%; The net interest income was 168.412 billion yuan, a decrease of 4.79%. The decline in net interest margin is one of the important reasons for the decrease in net interest income. Industrial and Commercial Bank of China mentioned that due to the delayed response of the loan market quoted interest rate (LPR) reduction and the continuation of deposit maturity, the annualized net interest rate (NIM) has decreased to 1.77%. The trend of interest rate spreads has industry and stage characteristics, and the bank will work together on both assets and liabilities to continuously optimize the structure and maintain NIM within a reasonable range. In addition, Agricultural Bank of China mentioned that the group achieved a net profit of 72.115 billion yuan in the first quarter, an increase of 2.83% compared to the same period last year. The annualized average return on total assets is 0.82%, a decrease of 0.12 percentage points year-on-year; The annualized weighted average net return on assets was 12.60%, down 0.79 percentage points year on year. In the first quarter, Agricultural Bank of China achieved a revenue of 189.365 billion yuan, a year-on-year increase of 2.24%. The net interest income was 145.607 billion yuan, a year-on-year decrease of 3.54%. The net interest yield is 1.70%. The net income from handling fees and commissions was 32.549 billion yuan, a year-on-year increase of 2.78%. Regarding the trend of net interest margin, at the first quarter performance briefing held by Agricultural Bank of China on April 28th, Fu Wei, Deputy General Manager of Asset and Liability Management Department of Agricultural Bank of China, predicted that the net interest margin of Agricultural Bank of China will still face some downward pressure in 2023, but the marginal decline is expected to gradually slow down. In addition, Bank of China mentioned that in the first quarter of this year, the group achieved a net profit of 61.725 billion yuan, a year-on-year increase of 2.53%. The average return on total assets (ROA) is 0.83%, and the net return on assets (ROE) is 11.14%. The group achieved a net interest income of 117.334 billion yuan, an increase of 7.688 billion yuan or 7.01% year-on-year. The net interest margin is 1.70%. China Construction Bank stated that in the first quarter, the group achieved a net profit of 89.147 billion yuan, an increase of 2.03% compared to the same period last year. Annualized average
Edit：Hou Wenzhe Responsible editor：Weize
Source：securities dairy
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