平安银行爬“坑”！对公输血，零售止血

Core Viewpoint - Ping An Bank is undergoing a significant transformation in its retail banking strategy, shifting from high-risk, high-reward operations to a more balanced approach focused on medium risk and medium returns, which has resulted in substantial financial pain and challenges [1][2] Financial Performance - In the previous year, Ping An Bank's retail business generated an operating profit of 49.219 billion yuan, but faced credit and asset impairment losses of 48.729 billion yuan, leading to a net profit of only 289 million yuan, a 94.8% decrease year-on-year, representing just 0.6% of total profits [1] - As of the end of Q4 2024, the retail non-performing loan (NPL) ratio was 1.39%, a decrease of 4 basis points quarter-on-quarter, indicating improved asset quality [5] Retail Strategy and Adjustments - The bank's management has confirmed that it will continue to focus on retail banking, with a new strategy emphasizing risk control and a unified management approach, moving away from high-risk products [3][4] - The core of the retail reform is to develop medium-risk, medium-return products, particularly in the consumer and small business sectors, with ongoing internal testing and pilot programs [4][5] Management Changes - Key personnel changes have occurred, including the reassignment of the assistant president in charge of retail, reflecting a strategic shift in leadership to better align with the bank's new direction [4] Corporate Banking Performance - As of the end of 2024, personal loan balances decreased by 10.6% to 1.767168 trillion yuan, while corporate loan balances increased by 12.4% to 1.606935 trillion yuan, indicating a shift towards corporate banking [7] - The bank aims to maintain strong corporate lending growth in 2025, focusing on high-quality enterprises and specific industries, with a significant portion of new loans directed towards infrastructure and technology sectors [8] Interest Margin Management - The net interest margin for 2024 was 1.87%, a decrease of 51 basis points from the previous year, with a focus on reducing funding costs and improving asset quality to stabilize margins [9][10] - The bank aims to maintain a net interest margin above 1.7%, which is higher than the industry average by 30-40 basis points, despite overall pressure on margins in the banking sector [10]