Bank Of Chongqing(601963) 申万宏源证券·2025-04-26 11:42Investment Rating - The report maintains a "Buy" rating for Chongqing Bank [2] Core Views - The bank's revenue growth accelerated, with a notable increase in net interest income, which is expected to support sustainable profit recovery [7][8] - The bank's loan growth has significantly improved, particularly in corporate loans, which doubled year-on-year [7][10] - Asset quality continues to improve, with a decrease in the non-performing loan (NPL) ratio [8][12] Financial Performance Summary - In Q1 2025, Chongqing Bank achieved revenue of 3.6 billion yuan, a year-on-year increase of 5.3%, and a net profit attributable to shareholders of 1.6 billion yuan, also up 5.3% year-on-year [5][12] - The bank's NPL ratio decreased by 4 basis points to 1.21%, while the provision coverage ratio increased by 2.5 percentage points to 248% [5][8] - The bank's total loans reached 471.2 billion yuan, reflecting a year-on-year growth of 16.4% [12] Loan and Deposit Growth - The bank's loan growth was driven by a 31% increase in corporate loans, with new corporate loans amounting to 41.4 billion yuan in Q1 2025 [7][10] - Total deposits increased to 509.8 billion yuan, marking an 18.6% year-on-year growth [12] Interest Income and Margin - Net interest income in Q1 2025 rose by 28% year-on-year, contributing significantly to revenue growth [7][9] - The net interest margin (NIM) improved to 1.52%, up 19 basis points year-on-year [8][12] Future Earnings Forecast - The report forecasts a net profit growth of 7.6% for 2025, 8.5% for 2026, and 10.5% for 2027 [8][12]